Some philanthropic businesspeople and celebrities think that money should be earned rather than passed down. One of them is Simon Cowell.

Having rich parents may provide enormous rewards and leave significant legacies. However, not all billionaires aim to leave their fortune to their offspring.

They all adore their kids but, like Cowell, do not believe in passing down generational riches. They’d rather educate their children on how to make their own money.

Despite his poor temper as a child, he managed to break into the music industry in the mid-1970s because of his father’s influence as an EMI executive.

He left the EMI label in the early 1980s. After a few moderately successful projects in the late 1980s, he went to BMG and signed Westlife, Teletubbies, and other artists.

After selling the program’s concept to ITV in 2001, he became a judge on the British talent show «Pop Idol,» followed by its US counterpart «American Idol.»

In the early 2000s, he established «The X Factor,» a talent competition program with an unusual intuition. In 2004, Cowell earned his seat at the judges’ bench along with Sharon Osbourne and Louis Walsh.

The show’s popularity in the United Kingdom was instantaneous. It went on to become one of the longest-running television programs of all time, producing stars like Leona Lewis.

One of the best things to come out of «X Factor» was the formation of One Direction in 2010. Even though they came in third, they went on to become one of the most popular boy bands of the 2000s.

Their achievement was made possible by Cowell’s supervision and coaching, who followed them from start to finish.

The group ascended the international ranks by establishing themselves as a sensation, particularly among teenagers, until 2016, when the members decided to split up.

The popularity of «X Factor» has led to its spread into other areas such as the United States, Australia, Israel, and others.

But in July 2021, they said that there were no plans for any more seasons of the UK version of «X Factor.»This announcement comes after 17 years of uncovering exceptional talent.

Other talent programs Cowell has established include «America’s Got Talent,» «Britain’s Got Talent,» «Australia’s Got Talent,» «Italia’s Got Talent,» and the game show «Red or Black?»

In 2005, the business entrepreneur founded Syco and separated the brand into music, television, and movies. In 2010, he announced his departure from «American Idol.»

Cowell has a tremendous ability to overcome challenges. Even though he had lost everything at some point in his life, he knew he wouldn’t remain down for long.Cowell is the happy father of Eric, an 8-year-old son from his lovely love affair with Lauren Silverman. She also has a 16-year-old son, Adam, from a prior relationship.

When Cowell and Silverman announced their relationship, it made headlines. The announcement, however, surprised everyone since no one anticipated him engaging in a serious relationship.

Silverman first met Cowell in 2006 in Barbados. Their encounter was made possible thanks to her then-husband, Andrew Silverman.

Following that, Cowell often joined them throughout the holidays. It wasn’t until a few years later that Cowell and Silverman began an affair. Silverman’s pregnancy with Simon was revealed in July 2013.

She was still married at the time, and her ex-husband filed for divorce a few days afterwards. Despite his grief at the betrayal, he felt compelled to do what he thought was best for their kid.

Silverman and Cowell welcomed their baby Eric on Valentine’s Day, 2014. When Simon heard that she was in labor, he flew from London to New York and got there just in time to see his son being born.

Even though Cowell had never considered himself a parent, his friendship with Silverman altered his mind. The proud father stated:

«He’s the most incredible thing that has ever occurred to me.» «I just admire him.»

Cowell said that connecting with their kid was difficult at first, but they’ve grown closer since then, and he even shares his secrets with his son.

They are unsure if the family will grow, but for the time being, they cherish their connection and recall as an anecdote everything they lived to be together.

There is little question that Cowell has earned a modest fortune for his retirement since he has built a reputation for himself over the years. However, being a diligent worker, he has said that the prospect of retiring scares him.

He has an estimated net worth of $600 million based on annual earnings of $50–$100 million, but he intends to work until he is old and decrepit.

With such earnings, he was named the 35th wealthiest celebrity in the world on Forbes’ 2020 list. His success with money is all because of how smart and determined he is as an entrepreneur.

Cowell stated that his child would not receive an inheritance after working hard to amass his fortune. He said that he does not believe in the notion of transferring money from generation to generation.

He argues that once a kid receives money, he or she loses the motivation and desire to increase it or work hard. He refuses to take such a chance with his kid.

He thinks that everyone should be allowed to work for themselves. He intends to give the money he has worked for to groups that help children and pets.

He owns two dogs, so he is naturally concerned about them. Even though he is not leaving money to his children, he plans to leave a good legacy.

Giving individuals the chance to accomplish well for themselves, their time, and teaching them what he knows will be their legacy.