These famous people will not raise spoilt brats Bill Gates These famous people will not raise spoilt brats A number of millionaires and billionaires across professions have pledged their money to charities and other areas rather than leave it their kids Recently, it was reported that actor Philip Seymour Hoffman didnt leave his fortune to his children — intentionally — because he did not want them to grow up as trust fund kids. The same goes for child stars. For every Ryan Gosling who was a child star and managed to grow up and keep himself grounded, there is a Lindsay Lohan and a Macaulay Culkin who grew up surrounded by fame and now make news for the wrong reasons. Perhaps, this is why many self-made millionaires and billionaires across various fields — from rockstars to mayors — want their offspring to have as normal a childhood as possible, so that they realise what it is like to earn for themselves, learn the value of money and build their own career. And if theyre lucky, make their own fortunes. Bill Gates Business magnate, programmer Americas richest man isnt going to direct his funds to his kids. A massive chunk of the moolah has been parked in his fund for charity. Fortune: $78.9 billion Warren Buffett Business magnate, investor He is one of the richest people in the world, but is also known for being extremely down-to-earth. However, he has already pledged away 99% of his fortune. He could choose to give it away, while alive or after his passing. A lot of his money is already promised to the Bill and Melinda Gates Foundation. He also encourages other tycoons to give their money to charity. He reportedly said that he would provide his kids with just enough so that they would feel that they could do anything, but not so much that they feel like doing nothing. Fortune: $63 billion Michael Bloomberg Politician and entrepreneur Almost all of his net worth will be signed off to non-profit organisations and charities across the globe. None of it will go to his kids or anyone in his family, for that matter. The best financial planning ends with bouncing the check to the undertaker, he once famously said, giving credence to the old saying that when you go, you dont take anything with you. Fortune:$34 billion George Lucas Film director, screenwriter, producer and entrepreneur His name is synonymous with the Star Wars film franchise that millions of people enjoyed as kids and have grown up watching. But Lucas has said that his children will not be the sole beneficiaries of his wealth. Half of his money will go to charity and the rest, to other non-profit organisations. He reportedly warned his children that their inheritance will be meagre. Fortune: $5.2 billion Ted Turner Media tycoon He has already channelled millions of dollars to the United Nations Foundation and many more charities. No part of his current fortune will go to any of his five children from three marriages. So, rather than leave them with anything, Turner had stated that the only money that should remain in the family after he dies, should be just enough to cover his own funeral expenses. Fortune: $2.2 billion Andrew Lloyd Webber Music composer The man behind the music of Phantom Of The Opera and Cats would rather use his wealth to discover and nurture fresh talent. He would rather encourage the arts rather than raise brats. (A will) is one thing you do start to think about when you get to my age. I dont think it should be about having a whole load of rich children and grandchildren, he had once said. Fortune: $1.2 billion Gene Simmons Musician Regarding his wealth, the Kiss bass player had said, In terms of an inheritance and stuff, theyre gonna be taken care of, but they will never be rich off my money. Because every year they should be forced to get up out of bed, and go out and work and make their own way. Fortune: $300 million Sting Musician Sting said in an interview, I certainly dont want to leave them trust funds that are albatrosses around their necks. They have to work. All my kids know that and they rarely ask me for anything. Obviously, if they were in trouble Id help them, but Ive never really had to do that. Fortune: $300 million Jackie Chan Actor Chan said that half his fortune will go to charity when he dies and the rest, elsewhere. That means, his son gets no piece of the financial pie. His reasoning was that if his son has the intelligence to make it, he would anyway. And if he didnt, then it would be a waste of his inheritance. Fortune: $140 million Philip Seymour Hoffman Actor The actor was insistent that his kids wont grow up spoiled. Hoffman, who died in February, aged 46 of a heroin overdose had once said to his attorney that he didnt want to raise trust fund kids. Instead, he left the fortune to his partner Mimi ODonnell. Fortune: $35 million Nigella Lawson Chef, TV host The celebrity chef, in an interview to a UK daily, said that having money without having earned it could cause someones ruin. I am determined that my children should have no financial security. Not having to earn money ruins people, she said. Fortune: $15 million
Posted on: Fri, 22 Aug 2014 18:39:15 +0000
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