Let’s Talk About It! Are Parents Helping Kids by Leaving No Inheritance?

It is their money after all, right?

For the past few years, we have heard of billionaires including Bill and Melinda Gates, as well as Warren Buffett have revealed that they will not be leaving a chunk of their billions to their children.

At a TED Talk in March 2014, Bill Gates said that “They need to have a sense that their own work is meaningful and important.” If you missed it, read it here

Celebrity chef Nigella Lawson a few years ago, said “I am determined that my children should have no financial security. It ruins people not having to earn money”

Just a few days ago, one of the most successful rock stars of all time Sting in an interview with Daily Mail UK made it clear that his children will also have to earn their own ways and should not expect to benefit from his £180 million earnings.

Sting said;

“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.

Obviously, if they were in trouble I would help them, but I’ve never really had to do that. They have the work ethic that makes them want to succeed on their own merit.”

Yes, the conversation has been discussed on BN, but we will like to know if parents are truly helping their children by leaving no inheritance? Let’s Talk About It!

Photo Credit: Dreamstime.com/Tsu Shi Wong