On TV talent competitions, Simon Cowell is renowned for being a strict, brutally honest, and occasionally cruel judge. The X Factor and America’s Got Talent creator, producers, and media company owners have made a good living for themselves.
Despite all of this, he is known on television as a tough guy. Now a proud father, Simon Cowell declared that his son Eric would not receive any of his $600 million fortunes. All of it will go to charity, he says.
In both the UK and the US, reality talent shows are judged by Simon Cowell, a thriving entertainment industry entrepreneur, producer, and TV personality. However, he can now include a new position on his resume:
He is a father to a son. Cowell claims that becoming a father in 2014 changed him. Nevertheless, Eric declared in an interview before the birth of his child that his child would not inherit any of his $600 million net worth. He said that he disbelieved in transferring wealth to subsequent generations.
“I’m going to leave my money to somebody. In 2013, he suggested “Maybe a charity — kids and dogs.” I don’t think things should be passed down from generation to generation”.
Instead of a sizable sum of money, Cowell claims he would leave his son his legacy. Something that will enable his son to pursue a fantastic career in whichever field he chooses. He is supposed to use his position and accomplishments to assist his son in making a fortune.
“Your legacy should be that you gave enough people a chance to succeed, gave them your time, and shared your knowledge with them. ” He declared.
It is thought that Simon Cowell is worth about $600 million. He says all the money would be given to a good cause. Although he has not chosen a charity, he thinks it will help children or dogs.
Simon Cowell has yet to declare that their money will be donated to charity rather than used to support their children. Cowell’s comments are similar to those of well-known television anchor Anderson Cooper. In 2020, a surrogate gave birth to Cooper’s child.
He said, “I don’t believe in passing on large amounts of money.”. “I don’t care much about money, but I don’t want to leave my son with some sort of golden pot either. I’ll take what my parents said, “College will be paid for, and then you must start’.
Bill Gates, the creator of Microsoft and one of the wealthiest men in the world, has also declared that his children will not inherit his wealth. The majority of Bill Gates’ and his ex-wife Melinda Gates’ future will be invested in the Bill and Melinda Gates Foundation. The mission of this foundation is to end world hunger, poverty, and disease.
Among the famous people who have rejected inherited wealth are Jackie Chan, Mark Zuckerberg, Warren Buffet, Gordon Ramsey, Ashton Kutcher, Mila Kunis, and Sir Elton John.
Mark Zuckerberg, the creator of Facebook and his wife wrote on Facebook, “We have a moral duty to all children in the coming generation.”. Individualised learning, the treatment of diseases, human connections, and community development will be our initial focus areas. “.
The idea of leaving sizable sums of money to their children after they pass away is no longer popular among wealthy people and celebrities.
Their motivations are constant: they want their kids to succeed and recognise the value of perseverance. Children who are entitled and lazy are not what these people want. They desire instead that their kids develop into mature adults.
Many people are also aware of the many advantages of successful, connected parents, including having no student loan debt and the frequently available opportunities. Millions of kids worldwide do not have that chance.
As an alternative, they would donate their fortune to charities supporting underprivileged people and children worldwide. Many think their kids already enjoy the extraordinary benefit of being born into the family.
Many highly wealthy people worry that giving their kids too much money will sap their desire to work hard and motivate them.
Many famous people have promised to pay for their children’s education, greatly easing the financial burden on young people in America.
Of course, they’ll make sure their kids are taken care of. As a result, many will receive shares or rights to specific company areas. Only a little money, no.
Building trust with their children is an additional choice. This ensures that cash is released gradually rather than all at once in a wad of money.
With this gradual release, they can provide for their children’s needs without going overboard and preventing them from working and earning their own money.
Whether you have millions of dollars to pass on or only a small amount, how you do it is entirely up to you, every parent wants to raise honourable, hardworking kids who understand the value of money and privilege. You decide to demonstrate that by withholding your money from them.
