Imagine Sting is your dad. He’s worth £180 million (around $306 million), and is one of the most successful musicians in history. You would think you’re set for life, right?
According to this Daily Mail interview with the aging rockstar, you would be wrong. Here’s what he says regarding his children and his money:
‘I told them there won’t be much money left because we are spending it! We have a lot of commitments. What comes in we spend, and there isn’t much left. ‘I certainly don’t want to leave them trust funds that are albatrosses round their necks. They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate.
He goes on to explain that he’d help them financially if they were in trouble, but that he believes his three daughters and three sons, ranging in age from 18 to 37, are perfectly capable of success on their own. Read the entire interview here.
While he may sound miserly, Sting is far from the first extremely wealthy person to decide that his kids would have to earn their money on their own. Some, like oil man T. Boone Pickens, believe inherited wealth “does more harm than good;’’ Actor Jackie Chan has said his son Jaycee can make his own money if he’s capable, and that he doesn’t want him wasting free money if he isn’t. Of course there are a few, like Australian billionaire Gina Rinehart, who just plain don’t think their kids deserve it.