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  1. #16
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    Quote Originally Posted by Fandango View Post
    I can't lie, if I were his kid I would be a bit disappointed by this decision. No more yahct parties in Ibiza I guess.
    Same here but I think they might also recognize that they'll probably value much more what they accomplish on their own.

  2. #17
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    I would imagine that his kids have been given a few opportunities from their access to dad, along with a small inheritance by rich people's standards, which is still probably far greater than what most of us will inherit. I don't feel all that sorry for them.

  3. #18
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    Quote Originally Posted by MKHawk View Post
    I don't think it's right to leave your kids with nothing. I certainly get the idea of a rich parent(s) leaving them a very small percentage of the fortune, but having the ability to help them out and spitting in the face of it is wrong.

    For example, leave enough money so they don't have to worry about their kids' education.
    Thats what i would hope for.
    "Stop doing the wrong things. Stop promoting competition and choice as answers to the very inequality that was created by competition and choice."
    ~ Diane Ravitch, Reign of Error

  4. #19
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    Hasn't Buffett said that his kids will get $1mil each? That is plenty to give you and your family a good start, but not enough that you won't have to work to build something. Although, I think his daughter is already running his charitable foundation for about $250k per year.
    "And if there is nothing that can so hide the face of our fellow-man as morality can, religion can hide from us as nothing else can the face of God." -- Martin Buber

    "You do not like religion; we started from that assumption. But in conducting an honest battle against it, which is not completely without effort, you do not want to have fought against a shadow like the one with which we have struggled." -- Friedrich Schleiermacher

  5. #20
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    Yeah, a nest egg and a head start on a job/career etc. is plenty.

    I plan on leaving my kids with debt collections and active police investigations.

    <---Father of the year.
    Μολὼν λαβέ
    Η ζωή ενός σκλάβου είναι όλοι καταλαβαίνετε, δεν ξέρεις τίποτα από την ελευθερία. Γιατί αν το κάνατε, θα μας ενθάρρυνε να πολεμήσουν, όχι μόνο με το δόρυ μας, αλλά και με ό, τι έχουμε.

  6. #21
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    Quote Originally Posted by Fandango View Post
    I imagine they will still get "F-you" money (which I classify as anything over $10 million), I just don't think that they will get Paris Hilton money.
    If i remember correctly Papa Hilton said he is passing absolutely nothing on to the kids. Nicki and Paris were certainly raised as spoiled rich kids while they were spending daddy's money, but nowadays they have 100% their own money. Reality TV money, clothe designer money, movie money, music video/song money, etc. Hell for a while there Paris Hiltons was getting flown to clubs around the world, free night at the hotel or whatever free drinks all n8ght, and still getting 5 figure appearance fees to he seen at their club so the owners could say look how trendy they were. Not bad work for a 20 something if you can get it.

    Plus haven't both Hilton girls married and then divorced much richer men? I'm sure there were prenuptials and Lawyers involved, but I'm also sure they left with more than they started with.

  7. #22
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    Quote Originally Posted by Big Pink Monkey View Post
    Hasn't Buffett said that his kids will get $1mil each? That is plenty to give you and your family a good start, but not enough that you won't have to work to build something. Although, I think his daughter is already running his charitable foundation for about $250k per year.
    Possibly, the only thing concrete number wise I have heard is that he is giving away 99% of his money. Which still leaves way more than 1 million each, 1% of somewhere around 50 billion is still 500 million. Still F you money. Still grandkids are set for life money. But not unfathomable and impossible to ever even out spend the interest you are making kind of money.

  8. #23
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    Quote Originally Posted by Niner Empire View Post
    jackie chan isnt leaving his son anything either
    Bill Gates isn't leaving his kids more than a sliver of his fortune, although I imagine they'll still get a whole lot of money -- perhaps more than Sting's kids.

    Somebody used the line "Enough money to do anything, but not enough to do nothing".
    APF doesn't come in screaming at others about how stupid they are. APF doesn't spam NST with the same tired topic 30 times a month. APF doesn't link to some kook in his mom's basement telling you how to, "Be afraid. Be very afraid" of the world falling down around you. And, when APF is proven wrong, he acknowledges he made a mistake and moves on, rather than harping about "sheeple."

    -- Cory Bonini

    Welchie summarized

  9. #24
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    A tiny fraction of the Gates Estate is still likely more than all of the Keaton family wealth since the beginning of time...
    Cherish your children for who they are, not who you'd like them to be.

  10. #25
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    Quote Originally Posted by AndromedaPatFan View Post
    Bill Gates isn't leaving his kids more than a sliver of his fortune, although I imagine they'll still get a whole lot of money -- perhaps more than Sting's kids.

    Somebody used the line "Enough money to do anything, but not enough to do nothing".
    I thought of that line too. I first remember hearing it in The Descendants
    "Personal foul, 69, offense. He was giving him the business."

  11. #26
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    Quote Originally Posted by Big Pink Monkey View Post
    Hasn't Buffett said that his kids will get $1mil each? That is plenty to give you and your family a good start, but not enough that you won't have to work to build something. Although, I think his daughter is already running his charitable foundation for about $250k per year.
    This is true, and at the same time Buffet has pledged to give away 99% of his fortune. I believe Buffet donated something like $10B of his Berkshire stock wealth to the Bill Gates foundation. He rationalized it well - that Gates already had a large and successful organization and infrastructure doing many of the same things Buffet would have done himself. Rather than set up his own, redundant organization he simply donated to Gates. he set up stipulations for Gates to continue receiving the money in annual installments. It made sense.

    http://www.forbes.com/sites/alexmorr...her-charities/
    Buffett, who has pledged to give away 99% of his fortune, gave $1.5 billion to the Gates Foundation in July 2012, and two months later pledged $3 billion of stock to his children’s foundations. Forbes calculates that Buffett has now donated at least $11.5 billion in shares of Berkshire Hathaway to the Bill & Melinda Gates Foundation.

    The legendary investor’s latest donation puts his lifetime giving at nearly $20 billion, making him the second most generous person on the planet, below his good friend Bill Gates, whose given away $28 billion.
    Last edited by KickSave; 06-23-2014 at 07:45 PM.
    "What's so funny about peace , love and understanding?" - Elvis Costello

  12. #27
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    Jul 2005
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    First of all, I love what Sting is doing here. Like Bridgeburner said, Sting isn't going to leave his kids with nothing. He is probably, and wisely I'd say, preparing them for the fact that he is going to give away A LOT (50-75% or more, I'd guess) of his money to charity when he dies. Like SB said, this is exactly how you avoid your children becoming aimless, out-of-touch celebutantes. Giving them too much takes away a child's drive to achieve and may cripple their ability, or willingness, to support themselves.

    I've seen it in happen to a former friend of mine, albeit on a much smaller scale. Bob was a sales associate at Staples, and his wife, Claire, was a secretary at a car lot. They lived a lower income lifestyle and rented a house in a rougher part of town. Then, Bob's mother divorced his working-class dad and remarried a well-to-do Houston lawyer. Suddenly, Bob and Claire had a new house in one of the better parts of town, the rents buy them new carpet and furniture every few years, and until recently, paid their gas and cell phone bills. How many 30-year olds do you know that still brag about their "birthday money"? (how sad is that?).

    Fast forward 8 years, and Bob has been fired from 3 different jobs over the last 5 years, all for being lazy. He then drew unemployment as long as the government would pay it, before he bothered to find another job, leaving his poor wife to change jobs a few times to make more full time money, not to mention provide insurance for her, him and their small child (under mom's pressure, they decided to have the child while he was unemployed). Bob's long term plan is to have a job only when he has to and then wait for his mother and step dad to die. The guy has no drive b/c every time he is unemployed (often for more than a year at a time), his mom and step dad pay his bills and mail them gift cards.

    I think we'll see Sting leave his kids more than enough money to pay off a multimillion dollar house and send their kids to a private college. He just isn't going to leave them so much money they (and their children) never have to work again. I love APF's borrowed line on this—enough money to do anything, but not enough to do nothing.

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