Trust Fund Kids

By Caitlin (Age 13, Hong Kong International School)

Gwyneth Paltrow and Nigella Lawson, two famous celebrities, have decided not to give their children a trust fund. Nigella thinks that her children should have no financial security, and instead will donate the money to cancer charities due to her past experiences of losing her relative.

I have to agree with Paltrow and Lawson. Although leaving a fortune for your child may help them relieve stress and guarantee them a "safety net", it will certainly not help them gain any experience in life. Most teenagers may think that inheriting money from their parents will ease their struggles in school and guide them in life, but really, that's just the beginning of being too dependent on your parents. Gwyneth Paltrow graduated from university and struggled to earn a stable income and had no modes of transportation. But that's what drove her passion. She worked hard to get auditions and now she's an extremely successful actress!

If more parents decide not to leave a trust fund for their child, then maybe there would be more hardworking people with strong, true passions in the world. Practicing this trend may allow new generations to go for their goal and set high standards. This could lead teenagers to become better people and in the future, raise a less spoiled generation. Another reason why leaving money for children may not be the best idea is because of the attitude the children would have towards their standards and goals in life. If a child knew that there was going to be a large sum of money left for them by the time they turned eighteen or twenty-one, they wouldn't focus on their studies and lower their high standards. They could set their standard to getting accepted into an Ivy League college, but then lower it to getting into an average college, just for basic knowledge and education. Children without trust funds could have a whole different aspect on life and know that if they didn't achieve their goals and get a good-paying job, they wouldn't have a comfortable, stable life ahead of them. 

Instead of having a trust fund for their child, the parents could decide to put the money to good use and donate it to a specific charity. For someone like Nigella Lawson, who has lost relatives to cancer, they might decide to donate their money to a cancer charity in order to help promote a more efficient way of fighting cancer. The money could be sent to a good cause and help make the world a better place. It could help fight poverty or diseases. It could be put to a much better use. 

Not leaving a trust for your child is a good lesson for them to know that having a lot of money might be good for a few years, but sooner or later, if they don't start earning some more money, they could be in for some trouble.