When I read that Joe Swash and Stacey Soloman don’t intend to give their kids any inheritance, I was surprised to say the least.
Not because I think the celeb couple are wrong for keeping their £6.5 million fortune for themselves, but simply that this was such headline news.
Like them, I’m also a skier – the acronym given to people who ‘spend the kids’ inheritance’ – and I’ve made it perfectly clear to my kids that they won’t get a penny from my partner and I.
And frankly, I think that’s the greatest gift we can give them.
I always knew that we would be skiers, as it’s the advice I have always given my own parents. They came to the UK in the 70s and worked incredibly hard for everything they have.
I remember Dad doing relentless night shifts while my mum worked in the day time. Then, when I was eight years old my parents relocated us to Scotland where they purchased and ran a business.
For as long as I can remember they taught us, their four kids, the value of hard work and money. We often worked in the business with them but it was always seen as a privilege, not a chore – we actually really enjoyed it.
Personally, I loved knowing that I’d played a part in paying our bills or putting food on the table, it gave me a sense of pride and achievement.
So, when I became a parent, I knew that I wanted to instill that same feeling and drive in my kids, just like Joe and Stacey want to instill it in theirs.
Like Stacey – who said she wants her children to earn their pocket money and inherit her work ethic – my children have both done chores since they were able to.
When they were little that looked like tidying their toys, but as they got older that included things like emptying the dishwasher, being responsible for their own bedrooms, or washing their bedsheets.
Perhaps the only difference between the Swash-Soloman household and mine though is that we have never paid them for their chores. Instead, we have always instilled a ‘teamwork makes the dream work’ mentality in them, which has hugely benefited us in the long run.
Now we live in a house of four adults all working and studying, and each and every one of us pulls our weight to keep on top of things at home.
On the financial side of things, we’ve always tried to help them understand the value of money in other ways.
For example, if they were given £20 in a card on their birthdays, we used to let them spend five and bank the other 15. We never wanted them to take having money for granted – saving for a rainy day or simply for the future is what’s best.
And, because we taught them this, we are very proud to say that they continued this method not only with money gifted to them, but also with their earned money.
Now, they tend to save a certain percentage of their salary and only have a wee treat every month when the money first goes into their accounts.
In turn, that means they have never been in debt or overdrawn, never taken out loans, and are both in a strong financial position while still managing to have a lovely lifestyle.
Best of all though, as a parent, it means I don’t feel like I have to worry about their financial futures now.
I don’t feel like it’s up to me to leave them hundreds or thousands of pounds because they have already proven that they are responsibly preparing for their own future.
I understand that people think that, as Swash and Soloman have millions, their choice not to leave it to their children is ‘selfish’ but I couldn’t disagree more.
Like Stacey said, it’s not like they ‘have inherited wealth that [they] can pass down for generations’, they’re grafters and have worked very hard for their money so why shouldn’t they get to enjoy it themselves?
I think by not leaving their kids anything, they are, in actual fact, giving their kids everything.
I’ve heard of so many kids growing up and blowing their inheritance because they never understood the value of earning those funds in the first place. And I do truly believe you are less likely to squander money if you have worked hard for it.
That’s not to say that, if my kids ever fell on hard times we wouldn’t help – in that scenario of course we would swoop in, because they are good, hardworking, honest people – but it’s nice to not have to worry.
Anyone who disagrees with mine or Joe and Stacey’s decision should just keep their opinions to themselves though.
Our choice to not leave any inheritance behind, is nobody’s business but ours. As long as we, all four of us, are happy about it, then that’s all that is of importance to us – and luckily our kids are fully aware of, and happy with it.
They see how hard we work, and want us to enjoy our money just like I always encourage my parents to, too.
That’s why we don’t think twice about spending our money on luxury holidays and fine dining restaurants, and long may that continue.
Do you have a story you’d like to share? Get in touch by emailing jess.austin@metro.co.uk.
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