Simon wants to teach his son the right values

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Simon Cowell won’t set up baby son Eric with a huge trust fund.

The X Factor judge, who welcomed his first child with girlfriend Lauren Silverman in February, knows from his own experiences that it’s important he teaches Eric to appreciate the value of money.

[He won’t be] handed everything on a plate,’ says Simon, 54.

I was never left money. It wouldn’t have helped me. In fact, I think it would have been a disaster.

Making it was where the fun was – all the hustle, the struggle, teaches you the value of what you’ve got.

He won’t be broke, but I don’t believe in handing it all down to one or two people.’

Despite his pledge, Simon admits it was the thought of what would happen to his wealth when he’s no longer around that got him thinking about having kids.

A few years back, I was persuaded to make a will – which I’d always resisted,’ the music mogul tells Weekend Magazine.

There was that moment of, “Well, what am I going to do with it all?” Obviously, there were a lot of charities I’ve been involved with, but it brought up the question.

I suppose it would have been a bit sad if, at the end of all this, I’d had nothing to show for it other than a bit of money in the bank.’

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Anna Francis