Simon Cowell is recognized for being a severe, brutally honest, and occasionally cruel judge on TV talent shows. The producer, media firm owner and creator of popular series like The X Factor and America’s Got Talent has done well for himself.
All of this despite his tough-guy TV reputation. Now a doting father, Simon Cowell stated that none of his $600 million net worth would go to his son, Eric. He intends to donate it all to charity.
Simon Cowell is a highly successful entertainment business entrepreneur, producer, and TV personality who judges reality talent shows in both the United Kingdom and the United States. He may now, however, add another role to 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.
“I’m 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.”
Cowell says he would give his son his legacy rather than a large sum of money. Something that will assist his son in pursuing a great career in whatever sector he chooses. The plan is for him to use his job and accomplishments to help his son build his fortune.
“Your legacy needs to be that you gave enough people a chance to succeed, and you gave them your time and taught them what you know.” He stated.
Simon Cowell’s net worth is estimated to be approximately $600 million. He claims that all of the money would be donated to a charity. He has not yet decided which charity to contribute to, but he says it will most likely be related to children or dogs.
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.”
Many celebrities and other wealthy people are discarding the idea of leaving large quantities of money to their children after they die.
Their motivations are consistent: they want their children to establish themselves and understand the importance of hard work. These people do not wish entitled, lazy children. Instead, they want their children to grow into responsible people.
Many also know that having no school debt and the possibilities that generally come with having successful, well-connected parents will benefit their children greatly. Millions of children around the world do not have that opportunity.
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.
Many celebrities have stated that their children’s education will be paid for, a tremendous financial relief for American youngsters.
Naturally, they will ensure that their children are well cared for. Due to this, many of them will inherit shares or rights to certain aspects of their company. No, not huge sums of money.
Another option is to establish trust for their children. This guarantees that money is released gradually rather than being dumped with a wad of cash simultaneously.
With this gradual release, it is sufficient to ensure their children’s well-being without providing so much that the youngsters do not need to work and earn their own money.
Finally, whether you have millions of cash to pass on or only a few, how you do it is entirely up to you; the goal of every parent is to create humble, diligent children who appreciate the value of money and privilege. It is up to you if you want to teach them that by not giving them your money.