Over the years, the idea of diminishing family wealth by the third generation has been a source of concern for ultra-wealthy individuals, forcing many of them to evaluate conventional inheritance practices. The phenomenon, referred to as “shirtsleeves to shirtsleeves in three generations,” has now become a major threat to the family fortune, thus making affluent people adopt alternative approaches to securing their wealth without overpampering their kids.
Among those embracing this new shift is Food Network star Guy Fieri, who recently joined the growing list of wealthy parents who value financial independence over entitlement. In a revealing interview, Fieri shared the strict conditions he has set for his children to inherit any part of his wealth.
Guy Fieri says his kids must earn two degrees to get any of his wealth
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The Emmy Award-winning television presenter recently shared his unique philosophy on parenting and inheritance during a conversation with Fox News. Inspired by basketball legend Shaquille O’Neal, Fieri explained that he has told his two sons, Hunter and Ryder, that they will not receive any inheritance unless they earn it through hard work and education. He stated clearly that his wealth would not simply be handed down to them, instead, they have to prove that they deserve it by earning at least two degrees. The philosophy seems to work, as Hunter, his first son, is set to graduate with an MBA from the University of Miami later in the year, while the youngest, Ryder, is also pursuing his undergraduate studies at San Diego State University.
Fieri also humorously noted that Ryder is already trying to pull a fast one on him while trying to bag a more favorable deal. He revealed that the 19-year-old had previously asked whether exceptional academic performance could be considered instead of earning multiple degrees.
The Food Network star is not the only wealthy person rejecting wealth inheritance
Guy Fieri is not alone in his thoughts about kids earning wealth. Several billionaires have made it clear that their kids are not entitled to their wealth. Bill Gates, who has a net worth of approximately $160 billion, openly stated in a recent podcast that his children will only get a measly fraction of his wealth. He argued that access to a huge inheritance could kill their urge to create their own paths to success.
Similarly, Elena Nuñez Cooper, founder of Chicago-based PR company Ascend, emphasized the importance of financial education for younger generations. She suggested that teaching children about prudent money management is far more valuable than leaving them with a substantial handout.