Add Anderson Cooper to the list of the rich and famous who publicly announce that they will not leave their fortune to their children.
The CNN host and son of the late Gloria Vanderbilt says he won’t leave a “pot of gold” for his son when he’s gone. Instead, Cooper will follow the lead of his mother, who once said she told him, “College will pay off, and then you have to start.”
“I don’t believe in spending large amounts of money,” the 54-year-old said in the latest episode of “Morning meeting“podcast, where he promoted his New book at the Vanderbilts. “I’m not that interested in money … I don’t intend to have some kind of pot of gold for my son.”
Cooper, who became a father in April 2020 and who reportedly earns about $ 12 million a year from CNN, according to Yahoo FinanceHe had previously said on Howard Stern’s radio show that he believes large inheritances kill a person’s drive to succeed.
“I think he is a fan of the initiative,” he said. said in 2014. “I think it’s a curse.”
Cooper is far from alone in his opinion on inheritances: A recent survey of American millionaires found that nearly 70% were concerned about leaving too much money for their heirs, fearing that wealth would be “used irresponsibly.” or that it was “used irresponsibly.” make the beneficiaries lazy. “
O’Shares investor and ETF chairman Kevin O’Leary shared Cooper’s perspective in a recent interview with CNBC Make It. “You curse a child when you take the risk out of their lives” by leaving them too much money, O’Leary said.
“There is no free lunch,” he added. “It’s just the wrong thing to do.”
Actor of “James Bond” Daniel Craig and famous investor Warren buffett both also voiced opposition to leaving large amounts of money with their children, and Craig said he finds the practice “unpleasant.”