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Add Anderson Cooper to the list of the rich and famous who publicly announce that they will not leave their fortunes to their children.
CNN presenter and son of the late Gloria Vanderbilt says he won’t leave a “pot of gold” behind for his son when he’s gone. Instead, Cooper will follow the lead of his mother, who he says once told him, “College will be paid for, and then you have to get on with it.”
“I don’t believe in transferring huge sums of money,” the 54-year-old said in the latest episode of the “Morning Meeting” podcast, where he was promoting his new book on the Vanderbilts. “I’m not that interested in money… I don’t plan on having some kind of pot of gold for my son.”
Cooper, who became a father in April 2020 and is said to make around $ 12 million a year from CNN, according to Yahoo Finance, previously told Howard Stern’s radio show that he believed big inheritances were killing the will. of a person to be successful.
“I think it’s a sucker for initiative,” he said in 2014. “I think it’s a curse.”
Cooper is far from the only one with his opinion on inheritances: A recent survey of American millionaires found that nearly 70% worried about leaving too much money to their heirs, fearing that the wealth is “used irresponsibly” or that it “makes beneficiaries lazy.”
O’Shares ETF investor and chairman Kevin O’Leary shared Cooper’s outlook in a recent interview with CNBC Make It. “You curse a child when you risk their life” by leaving them too much money, O’Leary said.
“No free lunch,” he added. “It’s just the wrong thing to do.”
“James Bond” actor Daniel Craig and famous investor Warren Buffett have also voiced their opposition to leaving large sums of money to their children, with Craig saying he finds the practice “unpleasant”.
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Don’t miss: Nearly 70% of millionaires fear leaving “too much” money for their children, according to a survey
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