Sir Elton John says he doesn’t plan on leaving his children a vast fortune – because he expects them to work for success in life.
The veteran singer has son Zachary and Elijah with his husband David Furnish, and has recently hinted he will “phase out” his career to spend more time with his family as he gets older.
But despite Sir Elton’s famously expensive taste and lavish parties, he doesn’t want his kids to grow up entirely spoiled, and expects them to earn a living themselves when they grow up.
He cited entrepreneur-turned-philanthropist Warren Buffet as his inspiration – but didn’t clarify whether he would give away his own wealth.
“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.”
“Of course I want to leave my boys in a very sound financial state
“But it’s terrible to give kids a silver spoon. It ruins their life.”
He continued: “Listen, the boys live the most incredible lives, they’re not normal kids, and I’m not pretending they are.
“But you have to have some semblance of normality, some respect for money, some respect for work.”
David Furnish added: “We’re still working out the details and it’s about finding the balance.”
“Warren Buffet, the third wealthiest man in America, has a really cool model in that he leaves his children enough money so that they have a house, a car and all their basic needs covered and cared for so they never need worry.
“But it’s not crazy, silly, go-wild money so that they could be buying Picassos or private jets.
“Anything beyond the basic, they have to go out and earn it themselves.
“If they want a Picasso, they have to go out and earn it. I think there’s real sensibility in that.
“The greatest joys, everything Elton and I have created, have come from hard work and that’s where your self-esteem comes from.”