Gwyneth Paltrow: No trust funds for her kids

Filed under: Work Life, Celeb Kids, Celeb Parents

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.

Gwyneth Paltrow(click thumbnails to view gallery)

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AdviceMama Says:
Start by teaching him that it is safe to do so.