Gwyneth Paltrow: No trust funds for her kids

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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my mother did not give me any money, and i struggled, and workedand had a terrible time raising 2 daughters..it would of made a big difference in our lifes, if she helped, but shedident!... it dident make me a better person, the only lesson i learned was to resent her, and my children feel the same way..now we are all doing well, because the only way to make it isschooling and working hard..she is still alive, but is throwing away her money gambling, so shedoesnt leave any with us... which is fine, we dont need her moneyanyway.. its terrible what money does to some people...if i won the lottery, i would share it with my loved ones, and give therest away to charity..i would not hord it, and use it as control..

What is Ms. Paltrow talking about? That she made it on her own? In fact her mother, a famous actress with a lot of pull in Hollywood, and her father, a director also with considerable influence, fought LIKE MAD to find acting jobs for Ms. Paltrow, recomended her name, used I.O.U.s, telephoned producers, invited them to dinner and otherwise pushed, struggled and insisted until their daughter was given privileges that very few other "struggling" and perhaps potentially better, actresses would ever possess. Now Mr. Paltrow and Ms. Danner's girl made it on her own! What a funny old world this is!

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.

Good for both women, good example of trust fund kids are spoiled are the hiltons, quinns, benatars daughter, and many others. Yes, when I go my kids already know that if their father is alive he gets it all then after his passing they are to sell everything pay off any debts and the divide anything left equal, and same if it was reversed.

If I had money to give my child, I would give it to her, no question. Who is Gwyneth trying to fool? I refuse to believe that her children will grow up without any influence (money) from the parents. Easy to say when you've had a life like hers.

Gwyneth...It is important that kids get involved in the savings process, so I made an investment in the Monetta Young Investor Fund. I encourage my kids to save and play educational games that I hope will create good financial habits. Isn't the key teaching them how to manage the money they are given or earned?Anotherwords, give someone a fish and feed him for the day, teach them how to fish feed them for a lifetime.....same is true for money management.

If anyone wants to quit smoking I would advise them to go to hospital and see a person who is dying of throat cancer. My Mother died of throat cancer and it was not pretty. Gweneth can smoke all she wants, it's a free country; but she will have to pay the consequences. Early wrinkles, black lungs, burned out throat and esophagous, etc.

There's a difference between selfish and selfless. Gwyenth Paltrow is providing her children with a future where they will have more opportunities than most because she will be able to give them the BEST education, the BEST nutrition and the BEST security. Good for her that she's not gonna leave them anything - put the money into something where it is needed because if her kids are well educated, well-fed, smart and able-bodied than they'll be able to take care of themselves. There are so many others out there who are mentally or physically disabled and are unable to take care of themselves or economically disadvantaged and in poor schools that are unable to provide every advantage or in poor living situations where their education is not a priority to their parents/guardians/etc... I hope she leaves her money for these people, the ones who need it the most.

BOo hoo. Her father made it clear "the day she left university" that she was on her own. yes, after he paid for an education that could have gotten you a high paying job (not acting) if needed and that you can still fall back on. I wish is that my parents had enough money to send me to "university" adn then put me out on my own...

I don't understand her philosophy...the bible says, "A good man leaves an inheritance for his children." It also says, "Raise your children in the way that they should go and they will not depart from it."

Hmmmm....money doesn't cause children to act irresponsibly it's the lack of training and discipline that causes them to act irresponsibly. There is nothing wrong with blessing your children with a financial future but that has absolutely nothing to do with teaching them values and how to responsibly handle money.

If you have instilled in them some values...then they will understand and grow up to be hard working, compassionate and responsible adults. But if you don't pour that into them...you get the spoiled, obnoxious kids that you see today.

You never know what could happen to your children. They can go to school, but not be able to get a good job. Children can become disabled and not be able to work. Some people who have inherited money do many good deeds in charity work. There are hard-working people who have lost their homes due to a medical crises. Having some money does not necessarily take motivation away. Donald Trump was born into a rich family, but aimed to be even richer. If you can pass money to your children, then please do so. You never know when they will need a much-needed safety cushion despite strong efforts on their part.

I think it's a sign of hostility to leave your kids nothing. It certainly shows no love. Let them become successful, but in this day and age when life is not such a free ride, let them have what they can have from you. The money game is such a power trip.