Growing up Buffett

What's it like when your father is Warren Buffett, one of the world's richest men? The ride wasn't always free for his son Howard.

Growing up Buffett

It might seem surprising that Warren Buffett, the billionaire founder of Berkshire Hathaway, wants his son Howard, a farmer with no college degree, to succeed him as non-executive chairman of the company. But it's easier to understand Warren's choice when you hear how Howard was raised in this 60 Minutes Overtime feature.

Warren and Howard Buffett , 60 Minutes Overtime, 60 Minutes

While Howard and his siblings Peter and Susie were certainly comfortable during their Omaha childhood years, Lesley Stahl tells Overtime that Warren just "wasn't going to have spoiled kids." They all attended public school, did chores around the house, and in order to get his first car, Howard had to give up three years of Christmas and birthday presents. "[Warren Buffett] had a philosophy of child raising, which I find interesting and respect, frankly," Stahl says.

To see Lesley Stahl's 60 Minutes profile of Howard Buffet, produced by Karen Sughrue and Julie Holstein, click here