On TV talent programs, Simon Cowell is known for being a harsh, brutally honest, and sometimes nasty judge. The creator of hit shows like America’s Got Talent and The X Factor, as well as the owner of a media company, has made a good living for himself.
All of this in spite of his reputation as a rough person on TV. Simon Cowell, who is now a loving parent, declared that his son Eric will not receive any of his $600 million fortune. He plans to give it all to a good cause.
Simon Cowell is a well-known TV personality, producer, and entrepreneur in the entertainment industry who judges reality talent shows in the US and the UK. However, he can now include another position on his resume:
He has a son. Cowell became a father in 2014, which he claims changed him. Yet, before the birth of his baby, Eric stated in an interview that none of his now $600 million net worth would be passed down to his kid. He said he does not believe in passing down fortunes to future generations.
“Im going to leave my money to someone. “Maybe a charity — kids and dogs,” he stated in 2013. “I don’t believe in passing down from generation to generation.”
According to Cowell, he would rather leave his son his legacy than a huge inheritance. Something that will help his son pursue a successful career in any field he decides on. He is supposed to use his career and achievements to help his kid amass wealth.
“You should leave a legacy of having given enough people a chance to succeed, as well as sharing your knowledge and time with them.” “I said,” he said.
According to estimates, Simon Cowell is worth around $600 million. According to him, a charity would receive all of the funds. Although he hasn’t chosen yet, he believes the charity he would donate to will probably have something to do with dogs or children.
Simon Cowell is not the only celebrity who has stated that their money will be donated to charity rather than spent on their children. Anderson Cooper, a well-known television anchor, has commented similarly to Cowell. Cooper’s child was born through surrogacy in 2020.
“I don’t believe in passing on large sums of money,” he explained. “I’m not too interested in money, but I don’t aim to have some pot of gold for my son. I’ll take what my folks stated… ‘College will be paid for, and then you must start.’
Microsoft founder Bill Gates, one of the world’s wealthiest people, has likewise stated that his children will not inherit his fortune. Most of his future and that of his ex-wife Melinda Gates will be invested directly in the Bill and Melinda Gates Foundation. This foundation works to eradicate poverty, hunger, and disease worldwide.
Jackie Chan, Mark Zuckerberg, Warren Buffet, Gordon Ramsey, Ashton Kutcher, Mila Kunis, and Sir Elton John are among the superstars who have said no to inherited wealth.
“We have a moral duty to all children in the coming generation,” Facebook founder and wife Mark Zuckerberg wrote on Facebook. “Our initial focus areas will be individualized learning, disease cure, people connection, and community building.”
The idea of leaving enormous sums of money to their offspring after death is becoming less popular among celebrities and other wealthy people.
They always have the same goals in mind: they want their kids to succeed and realize the value of hard work. These folks don’t want entitled, slothful kids. Rather, they want their kids to become responsible adults.
Many are also aware that their children will gain a great deal from having no school debt and the opportunities that typically accompany having prosperous, well-connected parents. That opportunity is denied to millions of children worldwide.
They would instead give their fortune to organizations that assist poor children and individuals worldwide. Many believe their children already benefit from the extraordinary advantage of being born into the family.
Many highly affluent people are concerned that leaving their children with too much money may undermine their motivation and drive to work hard.
Numerous celebrities have promised to pay for their kids’ education, which is a huge financial relief for American kids.
They will, of course, make sure their kids are taken care of. As a result, a large number of them will receive shares or rights to specific areas of their business. No, not enormous sums of cash.
Creating trust for their kids is an additional choice. This ensures that funds are disbursed gradually instead than being thrown out all at once.
It is enough to guarantee their children’s welfare with this progressive release, without giving them so much that they don’t need to work and earn their own money.
Ultimately, it is completely up to you how you pass on wealth, whether you have millions or just a few. Every parent wants to raise devout, modest kids who understand the importance of privilege and wealth. You can choose to teach them that by refusing to give them your money.
