Sting could have made a very good decision by not leaving his fortune to his children. Instead, he has decided that he will spend every penny, so there will be very little to inherit after his death. It is a controversial decision, and there are some who have questioned whether it is fair on his children.
The first thing to point out is that he has a £180 million fortune, which is around $306 million at the current conversion rates. That is a lot of money for the 62-year-old to spend over the next few decades. However, he is determined to do it because he wants to live a comfortable and luxurious lifestyle. He has earned that money, and fully deserves to spend it the way that he would like.
Instead of his six children inheriting the money, the former Police front man wants them to earn it. Those who earn their money are more likely to appreciate it, and they are more likely to understand the troubles of finding jobs and making enough to cover all the outgoings. While these troubles may not be anything like everyday people since their name will help them get by, they will have more of an appreciation than if they were simply given a few million to start with.
This is a mentality that the singer’s children have grown up with, and they have become people their father respects. Sting explained that they have never asked him for anything, so not leaving his fortune to his children could be a very good decision to make. It is not like it is a shock, after all, since they have grown up making their own way.
His six children, aged between 18 and 37, have not grown up like the typical children of rich parents. They have earned money by themselves, and very rarely asked for financial help from their parents. Sting made it clear that he never wanted his children to be typical trust fund babies, and he has stuck to that method of parenting.
This does not mean parents who do leave money to children are doing it wrong. However, it is important for children—and adults—to learn the value of money. There is a risk that knowing there is a multimillion trust fund to fall back on will lead to taking big financial risks or not even bothering with trying to find work. Parents who are leaving fortunes to their children should at least teach those children about making it in the world financial. Even a year without access to a trust fund will offer a good start.
By not leaving money behind, it also stops financial disputes after Sting’s death. While one would hope the six children would agree to go along with their father’s last will and testament, money does horrible things and breaks even the most loving families up. The Police singer will be able to rest in peace, knowing that his children are surviving on their own and remain a loving and caring family.
This will not be a surprise to the six children. According to the Fields of Gold singer, he has told them not to expect any money. Sting could be making the best decision by not leaving his fortune to his children.
Opinion by Alexandria Ingham