He is one of the world’s most successful rock stars. He rose from an impoverished childhood to amass a huge fortune. And he is a self-made millionaire who has made it clear to his children, that they will also have to earn their own way and should not expect to benefit from his $244 million earnings. Find out who and why here…
Sting, who is the former lead singer of The Police and solo artist now makes no bones about the fact that he expects his three sons and three daughters to work, support themselves with no financial help from him, despite his extreme wealth. Sting obviously plans to spend all his money now too, telling the kids that there would not be much left to inherit anyway.
I recently read an article in Forbes magazine that said the biggest gift a wealthy parent can give their kids, is to make them pay for their own college education! I have always believed that kids should pay their own way, just like I did with student loans and have a personal vested interest in their college too. And I totally believe in helping our kids to ‘help themselves’ so we do not give our kids money, we make them earn it. I think this really teaches kids responsibility and gives them a sense of self accomplishment that cannot be ‘given to them.’
I know many people will disagree, but the proof is in the pudding, and for the most part all the kids I know who had to totally earn their own way in life, myself included, seem to be far more successful in their careers and life in general.
What do you think about Sting’s approach to spend all of his money and not leave any for his kids?