Guy Fieri and 7 Other Wealthy Celebrities With Strict Rules for Their Kids’ Inheritance
Written by
Terence Loose
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Rebekah Evans
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By now, it’s fairly common knowledge that wealthy Bill Gates, Warren Buffett, Ted Turner and a handful of other billionaires won’t be showering their offspring with gold-laced inheritances, but instead leaving their fortunes to charity.
But they’re not the only ones who want to make sure their kids work for their fortunes. Below are eight celebrities that feel the same way.
Also here’s eight things to do with your money if you become rich.
Guy Fieri
The famous spiky-haired chef and Food Network star has a reported fortune of about $100 million (according to Ecole Ducasse), but if his kids want to see any of his wealth, they’ll have to earn not one, but two college degrees, as reported by the San Francisco Chronicle. That’s his way of ensuring a solid educational base and strong work ethic. Fieri also avoids spoiling them in the here and now. For instance, rather than buy two of his kids a shiny new car, he handed down his own father’s 1990 Chevy pickup.
Gordon Ramsey
The celebrity chef and TV star also won’t be leaving any of his $220 million fortune to his six children, according to Ecole Ducasse. He told Business Insider that he might help them out with a down payment on a home, but that’s it. His goal is to avoid spoiling them. Looks like they’ll be working as hard as contestants in “Hell’s Kitchen.”
Elton John
With a net worth of $650 million, Elton John could leave his two sons, Elijah and Zachary, plenty of silver spoons. But the singer once said he sees that as a terrible thing to do to a child. So, his sons will be left with a healthy respect for money, but not all of dad’s money, according to Business Insider.
Sting
The iconic crooner will not be leaving his money to his six kids. In fact, he said there won’t be anything left to leave; he and his wife plan to spend it all. That’s a tall order — Sting’s net worth is reportedly $550 million, according to CelebrityNetworth.com.
George Lucas
After selling the Star Wars franchise and LucasFilm production company to The Walt Disney Company in 2012 for a reported $4.05 billion, his spokesperson told The Hollywood Reporter that most of the funds would go toward educational philanthropy, not his four children.
Simon Cowell
The man who helped make a generation of American Idols will not be leaving all of his approximate $600 million fortune to his son Eric, according to The Express UK. Instead, said the man known for direct and sometimes harsh criticism, he’ll be giving it to good causes.
Shaquille O’Neal
Although it’s not clear that Shaq will leave nothing to his six kids, he has said that they’ll have to earn his $500 million. As adept at business as he is at dunking, Shaq has told his kids that they need a bachelor’s or master’s degree and if they want his money, they need to give him a business proposal, according to BuzzFeed. He might or might not, invest.
Ashton Kutcher
According to Business Insider, Ashton is on the Shaq train. The Hollywood star and venture capitalist has said that he won’t be creating trust funds for his kids. Instead, they can pitch him business ideas and they’ll be judged on the merits, just like every other hopeful entrepreneur.
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