Sting: No Inheritance for My Children
 

http://celebrity.uk.msn.com/news/sti...for-children-2

"Wealthy pop icon Sting has revealed his children will not inherit his £180 million fortune - and told of his fear that his riches are "albatrosses round their necks".

But in an interview with the Mail on Sunday magazine Event, he revealed he has told his six children not to expect to inherit much money because he does not believe in trust funds.

He 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."

Continued http://celebrity.uk.msn.com/news/sti...for-children-2

How about trust funds that are a leg up in life?
What's the point of that level of wealth if you are not leaving a legacy that lasts generations?

http://i.imgur.com/D2YB6FM.png

Looks different without his wrestling makeup, doesn't he????

I really do not understand how these people think this helps their kids at all.

Makes the kid stand up on their own two feet instead of sitting around waiting for the inheritance to come. I've seen some pretty nasty shit come from "inheritances".

My parents (who are pretty well off) told me not to expect anything. It's my hope that every last dime is spent while they still have the mental and physical health to enjoy it.

I agree. My Son (My Blood) & my Grandson (Again... Blood) will benefit 100% from everything I leave behind one day...

Like Petra says though, I wont 'save my money' for them, but I will enjoy it.... Yet place NO restrictions on their inheritance....

Money DOES NOT BUY YOU HAPPINESS (I agree 100%)


But it DOES MAKE the 'Journey thru life a LOT easier with it, than without it.... :2 cents:

Ah well such examples are rare one way or another,most of parents spoil their kids,rich or no rich.And in most cases,people who are not rich usually dont have much to leave beside real estate property.

Good for him, people that have never worked since they had rich parents are annoying. Rich people should just fully pay for their kids master degrees, then give the rest to chariest when the die.

He must have a bunch of recurring income from royalties and investments. Who will he leave those to?

That comes from good parenting.

This type of control says more about shitty parenting skills. Ie why would this egomaniac announce this to the world?

And eventually a starting capital if they want to start their own business.For example i saw Larry Page was funding a company of his cousin,tho didn't gived him much.

Warren Buffett has expressed the same opinion. He's leaving his kids a few million out of the billions he's worth.

I'd like to think that his kids are smart enough to learn from their dad so that the millions they receive, could one day become multiples of that.

To a rooibos plant in South Africa ...

nice to see sting thinks so highly of his own children that he thinks they couldn't deal with the cash.

stay classy sting.

I gotta say I agree with him.

but he will build a fortress around their heart. lol
ds

Who knows, perhaps he say's that there will be no inheritance, so that his kids don't rely on it, but in the end, leave a portion to them anyways. That would be the smart thing to do.

That is absurd, lol. Wealthy people who have level headed children where education and responsibility were made a priority are fine no matter if they are left with 1mm or 10 billion. People who are irresponsible with there money and haven't instilled good values in there kids are the problem.

You often see uneducated celebrities and musicians who came into great wealth and let their kids run amok while they were growing up, not expecting them to get an quality education, not expecting them and teaching them to be responsible with their wealth. Those kids have issues.....

My guess is if you look at the top 100 richest athletes, musicians and actors kids vs. the top 100 wealthiest CEOs kids you will see a HUGE difference in the way they turn out. Educated, responsible people create an environment where those values are expected of their children. Not saying that they don't have fucked up kids too, but as a WHOLE Id bet that those 2 lists would look quite different.

2c

What a jackass. I hope his kids end up being drug addicts and homeless just to taint his legacy.

Such a non-story, anyone really think he gonna leave them penniless.

A few years ago we had neighbors. Years prior their young son was badly hurt and won a large settlement, which sat in an account until he was 18. He went from working fast food and going to and from work on a skateboard to owning a top end BMW over night. It was horrible - the kid couldn't drive and every week he would have an accident; The car spent more time in the shop than on the road.

He burned through his money and within two years he had blown through half a million dollars and had nothing to show for it.

Yes, that's what I was thinking too Rebel :thumbsup

I'll see your boring irrelevant story, and raise it this boring irrelevant story:

My 19 year old friend won £1.25m (~$2m) around 9 years ago on our national lottery. He was wise with his cash, now owns his own home, business, and has a great wife and kids.

Sting has six "kids"...two from his first marriage, and four from his second.

The oldest is Joe (37 years old), who plays bass in the London-based band Fiction Plane:

http://upload.wikimedia.org/wikipedi...ner_2007_2.jpg

Fuchsia "Kate" is 32, and a movie actress ("Saving Mr Banks"):

http://famousdude.com/images/fuschia-sumner-08.jpg

Brigette "Mickey" is 30, and is also an actress:

http://www2.pictures.zimbio.com/gi/M...mT3ER5jzcl.jpg

Jake, 29, is a London filmmaker:

http://slamxhype.com/wp-content/uplo...jakesumner.jpg

Eliot "Coco", 23, is a lead singer in the band, I Blame Coco:

http://upload.wikimedia.org/wikipedi...Blame_Coco.jpg

Giacomo, 18, is also an aspiring actor (on left):

http://static.wixstatic.com/media/de...0_0.00_jpg_srz

All actors and musicians...all practically adults already.

http://i.dailymail.co.uk/i/pix/2014/...52_634x446.jpg

Seems like Sting raised his kids okay (and they have benefited from his fame)... :)

:stoned

ADG

sad to say the girl that looks like her father is cute. that other one no dice

So it is absurd of me to think that it is poor parenting to let the world know that your kids aren't getting a dime because you think they are shitbags or will inevitably turn into shitbags if they think they will be getting an inheritance.

Right got it :thumbsup

They will have full access to his contact list... which is worth more than any money he might leave them. Generational wealth is not about the dollars.. it's about the connections.

You call up a friend of your father's who worked with him for a decade and earned millions from doing business together. That friend happens to be worth a billion dollars. Then you call a few more on the list... each worth 100s of millions or billions. If it takes you more than a few weeks to make millions of dollars with that as your starting point... you are a complete failure (and it had nothing to do with your inheritance amount).

His kids sure look like a bunch of untalented hacks ...

only a few million? hard times ahead of them. :1orglaugh

:1orglaugh:1orglaugh

Theres no sure Answer to this...
Some children from wealthy families do very well carrying on while others turn to blow and hookers or hippies while other do it all while carrying on the legacy.

Its a crap shoot with children and god parenting doesnt work on all children while neither does bad parenting albeit it has far more success or ruining lives.

Ps I would set it up with a rewards system monitored by multiple impartial judges.... of they do well they get full control if not they can be losers on their own.

Thats how im doing it with my fortunes.

Sting used to me my fav wrestler back in the day. The stinger splash or the scorpion deathlock!

That'd be a very cool thing to do.

Best answer. :thumbsup

That's exactly how I feel. My parents are pretty well-off as well and I told them the exact same thing. I don't really want to think about their cash. They should be enjoying it.

There will never be the same appreciation for money or wealth between kids who have worked for everything they have, and kids who have received everything. Sting is wise to require that his children are successful and satisfied by their own accomplishments.

I never realized Margaritaville brought in so much cash.





















:)

Mine too, but when he sang 'Fields Of Gold' I went right off him... :2 cents:

If Sting leaves his children nothing for an inheritance, they're going to put "Stingy" on his headstone.

When Bill and Melinda Gates had their first child, Bill announced he was setting up a $100 million trust for his daughter and that he didn't want to give more to avoid spoiling her.

Bill Gates follows almost the same views. He will leave 10million dollars for each of his children and he will donate the rest of his wealth for different organizations

I learnt the value of money by being broke and was far more motivated when I didn't have a lot of money, so my kids will not have any money from me unless they work for it. Everything will go into a trust that will manage all my assets and award worthy descendants with the influence wealth brings. The trust will pay for my descendants education as long as they perform above average, it will also cover all their medical and dental expenses.

He should give it back to the people who had to deal with his crap OS,

So how do you make millions in a week by calling them? Asking to invest in you? Do they know/trust you?

:1orglaugh:1orglaugh:thumbsup

:thumbsup that!