Sting says his kids wont receive any of his fortune, he will spend it all instead

[Deberg_1990]

No money for you!!!!




http://www.independent.co.uk/news/pe...l-9555973.html



Sting’s six children know not to expect any sizable inheritance from their father, because he plans to spend it all before he dies.

The musician – who is thought to have a fortune of £180million – doesn’t believe in trust funds and (perhaps unnecessarily) worries that his financial assets are “albatrosses round their necks”.

“I told them there won't be much money left because we are spending it,” said Sting. “We have a lot of commitments. What comes in we spend, and there isn't much left."

The former Police frontman says he won’t allow his status to get in the way of his children getting jobs.

“I certainly don't want to leave them trust funds that are albatrosses round their necks,” he told the Mail on Sunday.

They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate."

Sting has two children from his first marriage – Joseph, 37, and Kate, 32 – and four children from his second with Trudie Styler - Brigitte Michael, 30, Jake, 28, Eliot Pauline, 23, and Giacomo Luke, 18.

"People make assumptions; that they were born with a silver spoon in their mouth, but they have not been given a lot,” he said.

“Obviously, if they were in trouble I would help them, but I’ve never really had to do that. They have the work ethic that makes them want to succeed on their own merit.’”

Sting employs more than 100 people on his payroll, overseen by his wife. He is currently in the process of selling his nine-bedroom townhouse near Buckingham Palace for over £15million because it’s “just too big”.

“The kids have all gone and there are just so many empty bedrooms. We’re just rattling around. But we are not leaving. I love England. I’m still English.”

[Rain Man]

It's kind of a tough thing as a parent. You want your kids to be happy and secure, but you also want them to be successful and accomplished. Where do you draw the line on giving them stuff, particularly if you're capable of completely changing their life's direction?

[Donger]

I bet the Russian's give their kids everything.

[KCUnited]

That's gotta sting.

[BullJunkandIron]

My parents would give it all to the girls.

[Pepe Silvia]

I thought it was Sting the Wrestler for a second.

[98 SR20]

Originally Posted by KCUnited

That's gotta sting.

[Eleazar]

Amnorix is in favor of his stance against dynastic family wealth

[Hog's Gone Fishin]

Originally Posted by Rain Man

It's kind of a tough thing as a parent. You want your kids to be happy and secure, but you also want them to be successful and accomplished. Where do you draw the line on giving them stuff, particularly if you're capable of completely changing their life's direction?

Do what I do and tell your kid they gotta make their first million before you give them a pig farm !

[Rain Man]

Originally Posted by Armadillo Skin

My parents would give it all to the girls.

You mean like threesomes with hookers?

['Hamas' Jenkins]

Seems like he could still teach his children the value of work and saving money while potentially leaving them a touch of a security blanket should something awful befall them.

[displacedinMN]

Originally Posted by 'Hamas' Jenkins

Seems like he could still teach his children the value of work and saving money while potentially leaving them a touch of a security blanket should something awful befall them.

Yes. I am sure they will get 'something' but not everything.

[BWillie]

Ha, good. I don't understand old people that keep all this money tucked away when they are old, just to sit around and watch Matlock all day, look straight ahead, and wait to die.

Get out there, continue to live life, spend that money. Don't understand why reverse mortgages aren't more popular either.

[Tombstone RJ]

Originally Posted by Deberg_1990

No money for you!!!!




http://www.independent.co.uk/news/pe...l-9555973.html



Sting’s six children know not to expect any sizable inheritance from their father, because he plans to spend it all before he dies.

The musician – who is thought to have a fortune of £180million – doesn’t believe in trust funds and (perhaps unnecessarily) worries that his financial assets are “albatrosses round their necks”.

“I told them there won't be much money left because we are spending it,” said Sting. “We have a lot of commitments. What comes in we spend, and there isn't much left."

The former Police frontman says he won’t allow his status to get in the way of his children getting jobs.

“I certainly don't want to leave them trust funds that are albatrosses round their necks,” he told the Mail on Sunday.

They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate."

Sting has two children from his first marriage – Joseph, 37, and Kate, 32 – and four children from his second with Trudie Styler - Brigitte Michael, 30, Jake, 28, Eliot Pauline, 23, and Giacomo Luke, 18.

"People make assumptions; that they were born with a silver spoon in their mouth, but they have not been given a lot,” he said.

“Obviously, if they were in trouble I would help them, but I’ve never really had to do that. They have the work ethic that makes them want to succeed on their own merit.’”

Sting employs more than 100 people on his payroll, overseen by his wife. He is currently in the process of selling his nine-bedroom townhouse near Buckingham Palace for over £15million because it’s “just too big”.

“The kids have all gone and there are just so many empty bedrooms. We’re just rattling around. But we are not leaving. I love England. I’m still English.”

My respect for Sting just went way up. Oh, and Zenyatta Mondatta is still one of my all time favorite albums, love the old Police songs...

[Rain Man]

So Sting is 62 years old right now. Let's make the following assumptions:

1. He lives to the age of 85.
2. His current wealth is about $307 million based on the article. Spending that down has no tax burden since it's already been taxed.
3. He gets a 3% annual return on his wealth, which is taxable. Let's assume a 45% tax rate. I know nothing about England's tax structure, but based on wikipedia this might be in the ballpark: http://en.wikipedia.org/wiki/Taxatio...United_Kingdom
4. As a really rough guess, based on this article, assume that he makes $2.92 million per year off residuals, and it's taxed at the same rate. To be conservative, let's assume that it doesn't rise with inflation and is constant. http://www.celebritynetworth.com/art...-one-hit-song/

Sting – "Every Breath You Take" (1983). Estimated earnings: $20.5 million

This one song was responsible for 1/4 of all the money The Police's entire catalogue has ever earned. Sting himself earns a reported $2000 EVERY DAY ($730,000 per year) thanks to the song which received a huge boost in popularity thanks to P Diddy's remix tribute to Notorious BIG.

Taking all that into account, he needs to spend $17,201,033 every year for the next 23 years, or $47,126 per day 365 days per year. A normal human being would have trouble spending that amount. He may have to resort to tossing it out of helicopters or something.