Despite the wealth and fame, singer-songwriter Elton John and partner David Furnish stick to the basics when it comes to providing for their two sons. The "Circle of Life" singer said giving children only the things they need will help them in the future.
"Of course, I want to leave my boys in a very sound financial state," John told Mirror. "But it's terrible to give kids a silver spoon. It ruins their life."
He explained that he will not leave all of his £200million earnings for the two. He said they should be able to survive on their own. "Listen, the boys live the most incredible lives, they're not normal kids, and I'm not pretending they are. But you have to have some semblance of normality, some respect for money, some respect for work," he added.
In drafting their will, the couple said they make US mogul Warren Buffet as their inspiration. Buffet is leaving half of his wealth to charity. "We're still working out the details and it's about finding the balance," said Furnish.
"Anything beyond the basic, they have to go out and EARN it themselves," he explained. "The greatest joys, everything Elton and I have created, have come from hard work and that's where your self-esteem comes from."
Furnish also explained with Today that he also earned his fortune through perseverance and determination and he wants his kids to do the same. "I came from a very working class family and was born in a council estate house. I EARNED everything I did from hard work and that's the way they've got to do it as well," he added.
The couple said that 5-year-old Zachary and 3-year-old Elijah are already doing simple chores at home like washing the dishes, cleaning their rooms and gardening. Elton said both kids enjoy doing these things and they know that it is part of growing up.
