Elton John: Leaving kids a fortune would 'ruin their lives'
SIR Elton John doesn't want his children to inherit his entire fortune.
The 'Your Song' hitmaker may be worth an estimated £200 million (AUD$390 million) - wracked up from his five decades in the nitty-gritty music industry - but he and his husband David Furnish are adamant their sons Zachary, five, and Elijah, three, won't be getting their paws on their cash when they're older.
Sir Elton said: "Of course I want to leave my boys in a very sound financial state. But it's terrible to give kids a silver spoon. It ruins their life."
The couple, who have been together nearly 23 years, are currently in the process of drafting their wills and, although they want to leave their boys in a solid financial state when they pass, they believe it's important they understand the value of money from a young age to help set up their future.
David explained: "We're still working out the details and it's about finding the balance. Anything beyond the basic, they have to go out and earn it themselves ... The greatest joys, everything Elton and I have created, have come from hard work and that's where your self-esteem comes from."
And, although they're still young, Zachary and Elijah - who were born via surrogate mother - are already starting to learn the meaning of hard work through simple chores.
Sir Elton, 68, told the Daily Mirror newspaper: "They have to do chores in the house - take their plates to be cleaned, help in the kitchen, tidy their rooms and help in the garden, and each time they do they get a little star to put on these charts they've made. They understand they need to do these things. And they enjoy it."