Legendary singer Sir Elton John is worth a fortune—about $450 million. But it didn't stop him from making a financial decision that he believes will impact his own children in the most positive way. They will get much less, so that they can become much more in life.
Sir Elton has sometimes spoken about how he managed to curb his extravagant spending habits. And he revealed that this only became possible after he had kids. They changed his perspective on life.
He explained how everything changed in his life after having children. He was able to learn that the simplest things in life – like having a minute with his kids– are far more important than any material possessions or Career achievement—no matter how valuable. No matter how huge, no painting, photograph, house or hit record, can compare to the joy of his children.
Things were drastically different before he had kids though.
“Before we had the children we just had our lives, and would spend money because we didn’t have anything else to focus on. We have really toned things down because we have enough stuff. There is nothing else we need.”
Even though they own gargantuan wealth, they do not want their kids influenced by it. They want them to grow up as grounded as possible.
Now don't get him wrong, its not like he wants to leave them as paupers just so they learn the value of life! On the contrary, he intends to leave them in a sound financial state.
But there is a place to draw the line, and he knows just were it is.
“But it’s terrible to give kids a silver spoon. It ruins their life. He said.
The singer admits that his children live incredible lives that come from being a part of celebrity and wealth. But he insists there has to be a
semblance of normality and some respect for money and work.
“The greatest joys have come from hard work" he says. "And that’s where your self-esteem comes from.”
The celebrity couple are taking some inspiration from US billionaire entrepreneur Warren Buffett, who Inspite of being the world's third richest man, is leaving about half his £53 billion fortune to charity and much less to his children.
Sir Elton said they are still working out the details and trying to find a balance for their kids future.
Buffett's Idea is to leave his kids enough money to own a house, car and all their basic needs to the point where they won't need to worry about any of that ever again. But he won't be leaving them the kind of money they can throw around and buy jets and super cars and diamonds.
|Elton John isn't planning on giving all his $450m Fortune to kids|
Elton feels if his kids want much more than the basics, then they just have to go out there and earn it themselves. Just like he did.