The reality TV star - who divorced from glamour model Katie Price in 2009 - admits that he cannot handle the pressure of the fame game and is giving serious thought to calling it quits in the next couple of years.
Peter, 38 said: "I`m not made for this industry because I`m not thick-skinned. If you put yourself out there, you`re going to get battered.
"I take failure hard. It`s my downfall. I can say two or three years from now I might walk away." But for now he will continue to balance his career with raising kids Harvey, nine, Junior, six, and Princess Tiaamii, four, who he shares custody of with Katie.
Peter has a UK tour planned for later this year and recently opened a coffee bar in East Grinstead, West Sussex. However, he insists that despite his foray into business, he does not believe that a healthy bank balance is the key to happiness.
He added: "Money isn`t everything. Health is also important."
Addressing students at Oxford Union, the `Mysterious Girl` singer also revealed that his famous six-pack came about after being bullied as school.
According to The People newspaper, he said: "I wanted abs like Bruce Lee. So I joined the gym."