The rock star Sting will not
be leaving the bulk of his £180 million fortune to his kids, according to
recent reports.
He is one of a growing number of celebrities who want to give their money to charitable foundations and good causes, while allowing their children the freedom and independence to earn their money themselves.
Controversial views
There are some families who would strongly disagree with Sting’s point of view, and appear to spoil their children to such an extent that the child grows up with an unrealistic feeling of self-entitlement. If a parent wants to spend their money on themselves, downsizing their home and looking for new homes for sale from McCarthy & Stone without consulting their children, they can do so without feeling guilty.
It’s all a matter of communication. Explain the motives behind your decision to your family and they are sure to understand and support you.
Wealth has its assets
If your child has been brought up with money, they will have had a good education and they’ll also have met many contacts and family friends who will be able to help them for the rest of their lives.As Bill Gates said, “(they) will be given a good education to help them develop their own abilities and deter them from relying on their parents”.
Bill Gates is the world’s richest man. He will leave a massive $76 billion on his death and most of this will go on his charitable work, which is active in the fight against malaria, HIV and numerous other important projects.
Gates has said that he will leave the bulk of his money to the Bill and Melinda Gates Foundation. When asked about his children, Gates responded that, “they need to have a sense that their own work is meaningful and important”.
Money can deter independence
A quick look at news features over the last few years will show many celebrities in trouble as a result of receiving funds too young in life or relying on a future trust fund to furnish their material desires.
It is as a result of these horror stories that Gates, Sting and other wealthy parents (including the Obamas) want ensure that their kids have the best of all opportunities but learn how to exploit these independently of financial contributions from parents.
Wasting talents
Many hard working parents want nothing more than to leave their children a comfortable nest egg for their futures. However, there is a difference between the average inheritance and the potential for self-destruction that the super rich might leave their children.
Writing in The Daily Telegraph, the author Theresa Lloyd said: “They don’t want to leave them so wealthy that they’ll be likely to waste their talents.”
If children have grown up in an altruistic wealthy family, they should be aware of the need to spend money wisely and continue with the family’s charitable ambitions long after their parent’s deaths. Now that’s a great inheritance!
