--- description: Peter Buffett shares what it was like to grow up under the 'Oracle from Omaha'. title: How Warren Buffett Kept His Family Grounded image: https://static.time.com/v3/assets/bltea6093859af6183b/blt90e4ee4deb54f64f/69887444bc6cfc44453dab93/warren-buffett.jpg?branch=production&width=3840&quality=75&auto=webp&crop=16:9 ---  * [Living](/tag/time-section-living/) ## Living Update your preferences in [Account Settings](/account/preferences/) Close # How Warren Buffett Kept His Children Grounded by [Kathleen Elkins / Business Insider](/author/business-insider/) ## Kathleen Elkins / Business Insider Update your preferences in [Account Settings](/account/preferences/) Close Dec 8, 2015 10:23 PM CUT  Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., during an interview in New York City on Sept. 8, 2015. Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., during an interview in New York City on Sept. 8, 2015.Chris Goodney—Bloomberg via Getty Images by [Kathleen Elkins / Business Insider](/author/business-insider/) ## Kathleen Elkins / Business Insider Update your preferences in [Account Settings](/account/preferences/) Close Dec 8, 2015 10:23 PM CUT When people first find out that Peter Buffett’s father is Warren Buffett — investing legend and the third richest man in the world — they’re shocked. They’ll often say, “But you’re so normal!” Peter tells Stephen Dubner on a [2011 _Freakonomics_ podcast](http://freakonomics.com/2011/05/13/growing-up-buffett-new-freakonomics-radio-podcast/ "undefined"). This normality that people tend to gawk over is unsurprising once you hear about what it was actually like being raised by the “Oracle from Omaha.” “Growing up, we really didn’t know what my dad did. It was quite mysterious,” the youngest of the three Buffett children tells Dubner. “In fact, when my sister filled out a form, in fourth or fifth grade, about what our parents did, she put ‘security analysis,’ and it was assumed that what he did was check alarm systems,” continues the composer, musician, and author. “To a kid, it was like, ‘What do all the numbers on the page mean? And what exactly is the New York Stock Exchange, and buying and selling and all that?’ So we really didn’t know.” The Buffett household maintained modesty and normalcy — “I walked to public school … I had the same English teacher that my mother had,” Peter explains — despite the financial successes that were going on behind the scenes. And how would Peter and his siblings know what their father did and how financially successful he was, considering they grew up in [a modest five-bedroom in Omaha that Buffett bought for $31,500](http://www.jamesaltucher.com/2011/03/8-unusual-things-i-learned-from-warren-buffett/ "undefined")? It took a quarter century until Peter fully grasped what his father did: “\[Finding out\] was very gradual … I was probably about 25\. The truth is, it just wasn’t around … We didn’t grow up around the exposition of wealth.” Buffett is [famously down to earth](http://www.businessinsider.com/facts-about-warren-buffett-2015-9 "undefined") — he still lives in the same $31,500 home, and chooses a flip phone over a smart phone. He also prefers to spend the majority of his day reading, a habit older than his 57-year-old son: “He read a lot, which he still does,” Peter says. “And I will say, if you walk in the house today you will see the same thing that I saw in 1965\. He’s just this consistent human being in spades. It was incredible.” _This_ [_article_](http://www.businessinsider.com/warren-buffett-son-describes-childhood-2015-12 "undefined") _originally appeared on_ [_Business Insider_](http://www.businessinsider.com "undefined") _More from Business Insider:_ * [The 10 best tips about money Warren Buffett has ever shared](http://www.businessinsider.com/warren-buffetts-best-tips-about-money-2015-12 "undefined") * [22 mind-blowing facts about Warren Buffett and his wealth](http://www.businessinsider.com/facts-about-warren-buffett-2015-9 "undefined") * [15 quotes from Warren Buffett that take you inside the mind of a legendary investor](http://www.businessinsider.com/warren-buffetts-greatest-quotes-2015-10 "undefined") * [18 books billionaire Warren Buffett thinks everyone should read](http://www.businessinsider.com/warren-buffett-favorite-books-2015-10 "undefined") * [Warren Buffett’s 20-Slot Rule will help you be more successful at work and in life](http://www.businessinsider.com/this-tip-from-warren-buffett-will-help-you-be-more-successful-at-work-and-in-life-2015-7 "undefined") ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/4139799/warren-buffett-family/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/4139799/warren-buffett-family/"},"headline":"How Warren Buffett Kept His Children Grounded","datePublished":"2015-12-08T22:23:52.000Z","dateModified":"2026-04-13T08:57:33.339Z","description":"Peter Buffett shares what it was like to grow up with the 'Oracle from Omaha'","url":"https://time.com/4139799/warren-buffett-family/","keywords":["Living","Parenting","Family","Warren Buffett","advice","People"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/blt90e4ee4deb54f64f/69887444bc6cfc44453dab93/warren-buffett.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"Kathleen Elkins / Business Insider"}],"articleSection":"","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/blt90e4ee4deb54f64f/69887444bc6cfc44453dab93/warren-buffett.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., during an interview in New York City on Sept. 8, 2015.Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., during an interview in New York City o","caption":"Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., during an interview in New York City on Sept. 8, 2015.","creditText":"Chris Goodney—Bloomberg via Getty Images","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/tag/time-section-living/","name":"Living"}},{"@type":"ListItem","position":2,"item":{"@id":"https://time.com/4139799/warren-buffett-family/","name":"How Warren Buffett Kept His Children Grounded"}}]},{"@context":"https://schema.org","@type":"VideoObject","name":"Melinda Gates: How My Children Spend Their Allowance","description":"Melinda Gates talks about how she raises her kids to share her philanthropic values","thumbnailUrl":"https://cdn.jwplayer.com/v2/media/r8wuO4tt/poster.jpg?width=720","uploadDate":"2014-11-21T16:52:46.000Z","contentUrl":"https://cdn.jwplayer.com/manifests/r8wuO4tt.m3u8","embedUrl":"https://time.com/4139799/warren-buffett-family/","duration":"PT48S","potentialAction":{"@type":"SeekToAction","target":"https://time.com/4139799/warren-buffett-family/?jw_start={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"}}] ```