Sting says kids won't inherit his $306 million fortune
Sting's first hit as a solo artist was "If You Love Somebody, Set Them Free," and, apparently, that's the philosophy the musician has when it comes to his kids and money. In a new interview with the Daily Mail, the 62-year-old rock star confessed he's not planning on leaving his estimated $306 million fortune to his six children.
"I told them 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." The rocker went on to say his children barely ask him for anything anyway. They're all older than 18 and have strong work ethics.
And don't worry - Sting and his wife of 21 years, Trudie Styler, don't spend all the money on themselves. According to CBS a large chunk of it goes toward their charitable work, which they told Katie Couric in 2010 focuses on saving the rainforest. Plus, Entertainment Tonight reports the couple employs more than 100 people.
And as the 'Today' show points out, Sting and Trudie aren't alone in this type of decision. Yes, Bill Gates has pledged most of his $76 billion-fortune to The Bill and Melinda Gates Foundation. And Warren Buffett did give his children billions, but they have to invest it into their own charitable causes.
They've inspired other "one-percenters" to do the same. Gates and Buffett started The Giving Pledge in 2010, a campaign to encourage the wealthiest people in the world to make a commitment to give most of their wealth to philanthropic causes. Big names like Richard Branson, Michael Bloomberg, Mark Zuckerberg and Spanx creator Sara Blakely have all made the pledge.