Celebrity chef Gordon Ramsay recently made headlines after he told The Telegraph that he won’t be leaving his fortune to his four kids.
In 2015, he told the business publication he had “more money than I’ll ever need.”
Yet, his kids — 18-year-old Megan, 17-year-olds Jack and Holly, and 15-year-old Matilda — shouldn’t plan on having their dad’s money one day roll into their bank accounts.
“It’s definitely not going to them, and that’s not in a mean way; it’s to not spoil them,” he told The Telegraph.
Ramsay also said he doesn’t let his kids fly first class with him and his wife, Tana.
“They haven’t worked anywhere near hard enough to afford that,” he said. “At that age, at that size, you’re telling me they need to sit in first class? No, they do not. We’re really strict on that.”
Ramsay doesn’t even let them indulge at his fancy restaurants.
“Last time we went to Royal Hospital Road [his three Michelin-starred flagship restaurant in London] was for Megan’s 16th birthday, and that was the first time we’ve ever eaten there with the kids,” he said.
Ramsay, who says he had a rough upbringing, said he’s never been “turned on about the money.” He said he worked hard to get beyond the life he had and is lucky to have the success he’s earned.
Though Ramsay doesn’t want his kids getting hand-outs in life based on his fame and fortune, he isn’t completely hard on them. He and his wife agreed they’ll put 25% down on homes for each kid, though he stressed he wouldn’t be buying the homes outright.
Right now, the kids receive a weekly allowance of £100 ($125.94) for his oldest daughter who attends university and about £50 ($62.97) each for the rest.
“And they have to pay for their own phones, their bus fare,” Ramsay said. “The earlier you give them that responsibility to save for their own trainers and jeans, the better.”
Start Teaching Your Kids About Money Now
While it’s safe to say the majority of us aren’t rolling in the dough like Ramsay, he does make some valid points about the importance of teaching kids financial independence.
It’s OK to introduce the topic of money at an early age. Here are five things your 5-year-old should know about money. Teach your little ones about compound interest using these four creative methods.
This book club teaches kids ages 4-10 about personal finance and helps parents learn how to have positive money discussions with their children.
Do you have teens and you don’t want to send them out into the world unprepared? Try these unique ways to get teens interested in money management, or use these tips from a woman who started a personal finance blog at age 16.
You don’t have to be good at money yourself to teach your kids the basics. But if you desire more expert advice, read on:
- Personal finance columnist and author Ron Lieber shared these tips on how not to raise spoiled kids
- Personal finance guru Suze Orman shares smart advice on what your kids should do with the money they get as gifts
Your Turn: Are you spoiling your kids financially?
Nicole Dow is a staff writer at The Penny Hoarder. She plans to teach her daughter about financial independence but also plans to make enough money in her lifetime to leave some behind.