The GEM Debate:
Should Sting’s Kids Inherit His Fortune? (POLL)
Assuming Sting has any money left when he dies (he’s worth roughly $306 million), he says that his children won’t be able to count on his royalties. In a conversation with the Daily Mail, the 62-year-old said: “There won’t be much money left because we are spending it! We have a lot of commitments. What comes in we spend, and there isn’t much left. I certainly don’t want to leave them trust funds that are albatrosses round their necks. They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate. Obviously,” he added, ” if they were in trouble I would help them, but I’ve never really had to do that. They have this work ethic that makes them want to succeed on their own merit. People make assumptions, that they were born with a silver spoon in their mouth, but they have not been given a lot.”
Sting earned his money himself and he has every right to do whatever he wants to do with it. He can put it in a big pile, light a match to it, and make his kids watch it burn. That’s his choice. It sounds like he and his children’s mothers have raised them so that whenever they really need something, they figure out a way to get it for themselves instead of running to mommy and daddy. I give them lots of credit for that because it must be difficult to have that kind of money and raise kids who are grounded and don’t expect it.
On one hand, while I would certainly want my children to work hard and not have every little thing handed to them, I work hard so that they can struggle a little bit less than I did. Don’t get me wrong—hard work, grit, and determination never hurt anybody, but those qualities and wealth are not mutually exclusive.
I think there’s something to be said for generational wealth. If I had Sting’s kind of money, I would be generous with organizations that do the kind of work I support, but I would want some of my money and any land or businesses that I own to be passed down the lineage instead of giving it to a charity with six-figure salary CEOs. I would have stipulations in my will that include checks and balances to ensure that nobody is making money just because they’re breathing.
Ultimately, I don’t think it’s necessary to start in the hole if you don’t have to. What’s the point of eating Ramen noodles and competing with equally qualified people for limited college scholarships if you don’t have to? Just to say you did? Again, having to bow and scrape doesn’t mean that a person will be better for it. Who people really are at heart depends on many factors, upbringing being one of them.
Sting’s kids are not in the hole and they never have been. Even if he never hands them another penny, they will have doors open to them that you and I can only dream of. Perhaps that’s why he’s not leaving anything for them. He knows very well that his kids are at the top of an uneven playing field just by being his children. Even without his money, they will never have to beg, borrow, or plead for anything.
What do you think? Is Sting being stingy or do you agree with his position? Take the poll and sound off below.