Should children be fed with a silver spoon or made to face the harsh financial realities of the world on their own? It's a question that the majority of high net worth individuals face on a daily basis.
Recently, world-renowned journalist and CNN anchor Anderson Cooper turned more than a few heads when he announced that he doesn't plan on leaving his son an inheritance. This has led many to ask whether Anderon is setting his son up for failure or grooming him for success?
Anderson began his career all the way back in 1995 working as a correspondent for ABC News. In January of 2002, he was hired on by CNN and was eventually promoted to news anchor.
Over the last 25 years, Anderson has covered some of the biggest and most newsworthy stories of the 21st century — everything from Hurricane Katrina, the death of Pope John Paull II, and the election of President Barack Obama.
"Even as we mourn the loss of loved ones, we're also blessed with new life and new love," Anderson shared via Instagram. "So, I just wanted to take a moment and share with you some joyful news of my own: On Monday, I became a father."
Anderson went on to say how as a gay kid growing up in the world, he never imagined himself having children. He also professed his love and gratitude for the surrogate who bore his son Wyatt.
Anderson's new tell-all venture is titled "Vanderbilt: The Rise and Fall of an American Dynasty." This in-depth historical account tells the tale of the Vanderbilts in America (Anderson's family) and what he describes as "the greatest fortune ever squandered."
The renowned anchor maintains firmly that excessive amounts of wealth quite literally destroyed his family and says that he's staunchly opposed to leaving behind an inheritance for his son for this exact reason.
He said that money doesn't really interest him and that "I don’t intend to have some sort of pot of gold for my son.” Instead, Anderson plans on following in the footsteps of his mother — whom he remembers once saying “College will be paid for, and then you gotta get on it.’”
True to her word, Anderson was disinherited from a $200 million fortune. Nowadays, he's one of the highest-paid TV personalities — making well over $12 million a year.
Back in 2014, Anderson appeared as a guest on The Howard Stern Show. When he was asked to give his opinion on generational wealth, Anderson answered "I think it’s an initiative sucker. I think it's a curse.”
Anderson isn't the only one worried or concerned about leaving behind too much money, either. According to a recent survey on The Motley Fool — nearly 2/3 of high net worth individuals feel the same way.
According to The Motley Fool, "The wealthiest 1% of Americans receive an average inheritance of $719,000, while the bottom 50% averages $7,900." The discrepancy is staggering,
These days, more and more people are leaving stipulations or contingencies in their will. This added measure works as a safety net to avoid an inheritance being blown or squandered away. It's an idea that world-renowned investor/entrepreneur Kevin O'Leary fully supports.
“No free lunch,” he continued. “It’s just the wrong thing to do.” Kevin's sentiments have also been echoed by other high-profile celebrities like Daniel Craig, and even investment tycoons such as Warren Buffet.
Hey, to each their own!
