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Sting’s gift to kids won’t be cash

By Judy Martel · Bankrate.com
Wednesday, July 2, 2014
Posted: 6 am ET

The rich are indeed getting much richer, thanks to a bull stock market, but their children won't necessarily reap the rewards.

Sting says his six children will have to earn their own living, as he did.

Sting says his six children will have to earn their own living, as he did.

According to the Capgemini/RBC Wealth Management World Wealth Report, global wealth among those with at least $1 million in investable assets is forecast to grow 22 percent from 2013 to 2016 and reach a new high of $64.3 trillion.

The fear of creating lazy rich kids

With the explosion in wealth, experts are buzzing about a huge transfer of fortunes in the next 20 years. While children of the rich certainly will benefit, many parents fear they'll instill laziness in their children if they give them too much money. That's led many to pledge a large chunk of their fortunes to charity.

Sting, former lead singer of Police, is the latest celebrity to publicly say his six children will have to do as he did and earn their own living.

In an interview with the Daily Mail, the 62-year-old said he expects to spend most of his fortune as an employer to the approximately 100 people on his payroll. But even if there were a pile of cash, it wouldn't go to the kids.

"I certainly don't want to leave them trust funds that are albatrosses round their necks," he said.

Allow them to succeed on their own merit

Sting joins a list of self-made celebrities and businessmen, including billionaire investor Warren Buffett, Microsoft founder Bill Gates and Chef Nigella Lawson, who have prepared their kids for the fact that they won't inherit much beyond a work ethic.

The preparation is the key. Springing the fact on a child who has expected to inherit doesn't do him or her any favors.

As Sting said: "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," he added, "but I've never really had to do that. They have the work ethic that makes them want to succeed on their own merit."

Meet eight rich tycoons who won't leave their wealth to their kids.

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5 Comments
Robert
July 09, 2014 at 7:48 pm

While I understand the no trust fund thing, his kids have become accustomed to living a certain lifestyle. While I'm sure he cares about his kids, and loves them, it seems to me to be a bit harsh to leave them out in the street, since they will be hounded the rest of their lives because of him. His fame will cost them in their lives, maybe cost them more than they benefit. if they are trying to live normal lives. his logic is extremely short sighted.

Greg F.
July 09, 2014 at 5:46 pm

As a Christian,(a true follower of Jesus Christ), if I was rich, would give my Christian child(s) the bulk of the money so that it would be used for ministry and also charitable organizations. All who are truly born again and manifest that, as well as know who are born again in their family, know their child is a new creature in Christ (2 Corinthians 5:17) who knows they could be trusted to be a faithful steward for God in using the gift of the resources that He in reality provided. (James 1:17, Luke 14:33) They would use the money for helping build new churches, send people out to the mission field to try to help rescue lost souls with the gospel of Jesus Christ, create and purchase the resources for sharing free sermons, articles, gospel tracts, as well as contribute to Christ-centered charitable organizations.

Karen689
July 09, 2014 at 10:30 am

These kids (being the offspring of celebrities) have already entered the world with a leg up. They'll (if they haven't already) mingle with the countless millionaires, celebs, etc, and most likely will continue to be encapsulated by those with the resources that make success far easier than you or I, or our kids will ever have it.

Sting is inarguably doing what's right by his kids, and himself for that matter. Watching your trust fund kids laze around (Kardashian style) would be tragic for any parent.

Mike629
July 09, 2014 at 8:46 am

I would certainly leave my kids at least a million dollars each if I were as rich as these celebrities. How can you not want to give your own children a leg up. Instead they would rather leave it to a charity that will miss use and steal the money for themselves. Money is best share with those closest to you. What greater pleasure is there than watching your children having fun, smiling and laughing.

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