Gwyneth Paltrow: No trust funds for her kids
Categories: Money & work, Celeb kids, Celeb parenting
When celebrity chef Nigella Lawson announced that she wasn't planning to leave her children a penny of her considerable fortune, she was roundly criticized. Convinced that financial security ruins people, she says she wants her kids to learn the value of money by actually working for theirs. You can add actress Gwyneth Paltrow to the list of wealthy celebrities determined not to let their kids have a free financial ride. Like Lawson, Paltrow believes kids need to learn to work and that a guaranteed trust fund fortune looming the the future can inhibit the desire to do that.
"My father made it very clear that the day I left university I was on my own," Paltrow said. "He didn't give me any money and I really struggled and I waitressed and bought cigarettes out of tips and tried to get to auditions with no gas. The worst thing you can do is give a child a trust fund. They know they'll get it when they're 18 or 21. And it just kills passion."
I think what Paltrow says makes sense. Unlike Lawson, she's not saying she will never give Apple and Moses any money, she just isn't going to hand it over to them the moment they become adults. But I do hope she will be willing to chip in for the name-change expenses Apple is surely going to require should she choose a career outside of Hollywood.
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Reader Comments (Page 1 of 6)
Jan Bay 5-19-2008 @ 5:34PM
Oh Gwyneth, I didn't criticize you when others were having plenty to say about a celebrity mom naming her baby after groceries, but I can't let the statement about buying cigarettes out of tips go.
Why on earth would someone who says that they were struggling think that they should buy cigarettes? Couldn't Gwyneth have put some gas in her car rather than to blow her cash on tobacco and inhale poisonous, toxic substances into her lungs?
Jan from http://www.unique-baby-gear-ideas.com/
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Donna 5-20-2008 @ 3:04PM
Oh, Jan, we've heard it over and over again. Give it a rest. She knows what is "correct" and what is not. She was trying to make a point regarding her past, not the political ideology of today. You people who want to criticize and "direct" people on what they should or should not do with their money need to take care of your own life.
Rhopnd 5-20-2008 @ 3:15PM
It's not that deep; she was young.
Jan 5-20-2008 @ 3:57PM
Im glad your perfect.
MBurger 5-20-2008 @ 3:58PM
How about raising your kids properly and letting them use their share of your wealth to invest or start a business.
It's sad when a parent would deprive their children of their inheritence because of their own retardation.
Pamela 5-20-2008 @ 5:17PM
Could you BE any more judgmental? For heaven's sake--you're missing the point of the story. I applaud Gwyneth for trying to allow her children not to grow up spoiled. I think parents with far less money than she has could take a leaf from her book.
joe kohley 5-20-2008 @ 5:16PM
IT SURE SEEMS THAT YOU HAVE NO HABIT WITH SMOKING.
HOW ABOUT BEER, OR COFFEE, OR SODA... MAYBE EVEN
FOOD. PEOPLE BUY WHAT THEY NEED... SOMKING MY BE BAD, BUT IT CAN SURE CALM SOMEONES NERVES..(LIKE WHEN THEY ARE LOOKING FOR A JOB)
MY THOUGHT... LIGHTEN UP.
lessonfamily 5-20-2008 @ 6:37PM
I see nothing wrong letting your children know that you can and will help them with money if they need it. I would pay for someone's education if they maintained a b average or better. The money can't just be handed over. They don't appreciate things if they haven't worked and saved for them. I also see nothing wrong with telling young children "sorry we can't afford that" or "I am not spending money on that junk". They need to know that there are limits and what the limits are. Children don't need half the stuff they have. What 12 year needs to text someone? What 12 year old needs highlights in their hair?
Jan Bay 5-20-2008 @ 7:07PM
I don't direct people as to what they should do with their money. If they choose to smoke, that's their business so long as the rest of us don't have to breathe it. I was just making an observation that (well, and maybe I was a little judgemental in that comment. Maybe I should've left out the toxic, poisonous part.) if gas is necessary and she couldn't afford it, then why not skip the cigarettes which are NOT necessary and buy the gas she needed?
I applaud her for making a stand on not spoiling her children, but isn't buying junk rather than the essentials the epitome of spoiled behavior?
vic 5-20-2008 @ 7:26PM
Jan - baby - the story s not about cigarettes. And gas prices were not high when Gwen was struggling.
A 5-23-2008 @ 11:36AM
You are halarious!
Meg 5-24-2008 @ 4:50PM
Well aren't you perfect!! Does anyone live up to your expectations? I don't think Gweneth really cares what you think. I know I don't.
Carrie 5-19-2008 @ 5:42PM
Yeah, the cigarettes comment aside, I totally agree with her. Gwynnie Pooh is one smart mama. Only, if she dies, can I have Chris?
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Dr.Tom 5-20-2008 @ 6:31PM
Get over it...almost all wait staff in food service smokes as well as kids her age when she graduated University,,,,
ame s 5-19-2008 @ 9:42PM
I'm not well off, but if I can I would love to leave my children enough money to pay off their mortgages, settle any medical or other debts, or send their own children through college. I do what I do for my children, not so I can leave everything I have to a charity so I can have my name on a building or plaque on the wall.
That's just me, though ;)
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shari 5-20-2008 @ 2:10PM
she did not say that she would not leave money to her children in her estate--- she said she was not going to give them a silver platter--LIKE TOO MANY PARENTS DO TODAY!!!! I admire that --she has seen what happens to "adults" at age 18 or even 21 who are HANDED more money than small countries have--- it RUINS most of them!!!!
Good for you Gwyneth--- YOU have common sense!
Suzie 5-20-2008 @ 3:45PM
Every parent wants to make life a little easier for their kids but we're talking trust funds--huge trust funds w/lots of money. I'm sure when Gwenyth and Nigella go, their kids will be well taken care of. In the meantime, they have to work like the rest of us and I think these 2 women are brillant and strong. My parents did that to us and although we did not inherit a "lot" of money, we were okay after we lost our parents. Hell, they worked hard for their money and I'm glad they enjoyed it for as long as they possibly could.
tallkkmoore 5-20-2008 @ 4:14PM
Gwyneth's idea of not setting up a trust-fund for her kids is an example of a responsible parent! Look at all the "spoiled rich kids" we see in the tabloids! She's just trying to make sure she's not raising another Paris Hilton. You're confusing a selfless plan geared towards raising responsible adults with the selfishness of having a "name on a building". Most people who donate to charities do so anonymously, and I'm pretty sure Gwyneth Paltrow's not worried about people remembering her name.
j saunders 5-20-2008 @ 4:34PM
and not a very good one at that
ninainindia 5-20-2008 @ 8:49AM
It might not make any sense to us, but I always see "poor" people smoking, which to me means they are not poor.
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