Marie Osmond wants her seven children to have their own fortune, according to a new report.
The country singer believes that individuals who just “get money” often end up lacking drive and ambition, and she wants her children to explore their interests on the way to creating meaningful careers. As a result, Osmond told Us Weekly that she is not going to leave an inheritance to her children.
“Honestly, why would you let your child not try to be something? I don’t know anyone who becomes anything if they just give them money,” Osmond told the tabloid. “For me, the greatest gift you can give your child is the passion to find who they are inside and work. I mean, I’ve done a lot of things after designing dolls. [and much more]. I like to try [and] I want to try everything. I’m a graduate.”
In contrast, inheritances “make lazy and entitled,” she added, noting that she plans to spend the money she earns with her husband, Stephen Craig, with whom. he married twice.
Osmond expressed similar views on leaving wealth to the next generation on The Talk in 2020, saying she believes inheriting large sums of money is a “great disservice” to children. At the time, he said he intended to donate his fortune to charity.
Warren Buffett’s advice
The late actor Kirk Douglas also donated most of his $61 million fortune to charity after his death in 2020, according to Fox Business. The Douglas Foundation, his co-founded charity, focuses on ensuring more equitable access to education, healthcare and the arts. Since its inception, the Foundation has awarded more than $118,000,000 to more than 200 organizations.
English musician Sting, who is worth an estimated $300 million, has also spoken publicly about the downsides of children inheriting their parents’ wealth, saying his children will inherit less than he earned.
“I told them there won’t be much money left because we’re spending it. We have many commitments. What comes, we spend, and there is not much left. I certainly don’t want to trust them with funds. which are albatross around their necks. They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate,” she told the Daily Mail in 2014.
Warren Buffett, who has long pledged to give more than 99% of his fortune to charity, also said his children will inherit little of his fortune, which Bloomberg now estimates at $111 billion. As the mentioned investor wrote in 2021: “After many observations of super rich families, here is my advice. leave enough for the children that they can do everything, but not so much that they can do nothing.”