Super Rich Kids: Lessons from Philip Seymour Hoffman’s Will

By Kate Mueller on July 27, 2014

 

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Frank Ocean gave us a glimpse inside the life of some “Super Rich Kids” on his Channel Orange album and shows that the saying ‘money can’t buy happiness’ is true. A silver spoon might feed well, but it doesn’t give you everything.

Too many joy rides in daddy’s Jaguar
Too many white lies and white lines
Super rich kids with nothing but loose ends
Super rich kids with nothing but fake friends

That’s exactly the reasoning behind Phillip Seymour Hoffman’s will.  Hoffman, who died of a heroin overdose, decided to leave his three children out of his will.  Claiming he didn’t want ‘trust fund kids,’ he left his money with his longtime girlfriend and mother of his children.

While Hoffman may not have left any of his fortune directly to his children, the kids weren’t absent from the document.  The will was made in 2004, before his two youngest children were born and when his eldest son was just a year old.  He made specific instructions that his son should live in Chicago, Manhattan or San Francisco, or at least visit twice a year, so that he would experience culture and the arts.

Hoffman isn’t the first celebrity to put out the idea; it’s been a topic of discussion for many other celebrities including Gwyneth Paltrow and Sting.  Yes, there are people who are born into wealth that create their own success, like Paris Hilton.  Yes, there are wealthy parents that are present in their kids’ lives and work to teach them life’s lessons so they’re not spoiled brats. But there are also trust fund kids who have a lack of enthusiasm for everything except spending money and partying.  There are plenty of days where we all wish we were insanely rich and didn’t have to go through life’s struggles.  But here are the top three reasons why Hoffman got it right.

1. Experience

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Everything you do in life teaches you a lesson, whether you like it or not. Not having excessive money makes you appreciate money’s worth.  Those minimum wage restaurant and retail jobs you had in high school and college not only pay your bills, but teach you important skills like respect, communication, cooperation and more. Working paycheck to paycheck may be stressful, but it can also teach you how to save and manage your money. You get a sense of fulfillment when you see the monetary value of your hard work. If everything was handed to you, you wouldn’t experience life the same.

2. Independence

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If your cash flow is endless, there’s a good chance that there’s going to be people out there that don’t respect you or take you seriously.  After all, it’s not money that you earned, but inherited. Creating your own wealth or success humbles you.  You feel a sense of pride and accomplishment knowing that you did it and you don’t owe anyone.

3. Passion

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While in college, you work a lousy job while you explore life’s options and search for your passion.  It’s everyone’s dream to have a job their passionate about.  Say you knew you were going to be given $5 million when you turned 18.  Would you be doing the same thing you’re doing now, in college, working part-time and searching for a career path?  Chances are pretty slim that would be the case.  You’d probably have a car picked out and a long vacation planned.  It’s human; we all want nice things and enjoy spending money, when we have it.  But passion is what matters in life. If you don’t have to worry about money, passion is more likely to decrease.  Having to figure out your life and your goals inspire your passion and push you to go for them because, well, you need the money.  In the end, this passion will bring you a lot more happiness than the superficiality that comes with excessive wealth at a young age.

 

 

 

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