Celebrity chef Gordon Ramsay recently made news after telling The Telegraph that he won’t bequeath his fortune to his four children.
This is a man who earned as much as Beyonce last year — roughly $54 million, per Forbes.
In 2015, he told the business outlet he had “more money than I’ll ever need.”
Still, his children — 18-year-old Megan, 17-year-olds Jack and Holly, and 15-year-old Matilda — shouldn’t count on inheriting their father’s cash flowing straight into their accounts.
“It’s definitely not going to them, and that’s not in a mean way; it’s to avoid spoiling them,” he told The Telegraph.
Ramsay also said he doesn’t let his children 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 splurge at his upscale restaurants.
“The 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 difficult childhood, said he’s never been overly focused on money. He explained he labored to move beyond the life he knew and feels fortunate for the success he’s achieved.
Although Ramsay doesn’t want his children receiving handouts because of his fame and riches, he isn’t completely inflexible. He and his wife agreed to put 25% down on homes for each child, though he emphasized he wouldn’t purchase the properties outright.
At the moment, the children get a weekly allowance of £100 ($125.94) for his eldest daughter who attends university and about £50 ($62.97) each for the others.
“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.”
Begin Teaching Your Children About Money Today
While most of us aren’t swimming in cash like Ramsay, he raises fair points about why teaching kids financial self-reliance matters.
This father uses a written agreement to instruct his daughters about budgeting, saving and negotiating pay. Another mom uses nine clever strategies to raise future thrifty shoppers.
It’s fine to bring up money at an early age. Here are five things your 5-year-old should understand about money. Introduce your youngsters to compound interest with these four imaginative techniques.
This book club educates kids ages 4–10 about personal finance and helps parents learn how to have constructive money conversations with their children.
Do you have teenagers and don’t want them venturing out unprepared? Try these inventive ways to spark teens’ interest in money management, or follow tips from a woman who launched a personal finance blog at 16.
You don’t have to be a money expert to teach your kids the fundamentals. But if you want more professional guidance, read on:
- Personal finance columnist and author Ron Lieber offered these pointers on how not to raise entitled kids
- Money expert Suze Orman shares sensible guidance on what kids should do with cash gifts
And while we’re all adults now, some of our staff Savinly Readers got allowances as children. Here’s what they thought about it.
Your Turn: Are you financially spoiling your kids?
Madeline Hart is a staff writer at Savinly. She intends to teach her daughter about financial independence but also plans to earn enough in her life to leave a legacy.
