A self-made millionaire who immigrated to the US with only $75 to his name has revealed why he won’t leave his kids a large inheritance.
Payam Zamani, 53, who grew up in Iran, was sent to America by his parents in 1988 at age 17, along with his older brother.
Between them, they had under $100 to live off of – but they were desperate to make better lives for themselves, so they quickly got to work.
They landed a series of odd jobs through which they learned a lot about the business world, and in 1994, they decided to start their own online car-buying platform called Autoweb.
It quickly became a massive success and the company transformed Payam and his brother into millionaires within three years.
A self-made millionaire who immigrated to the US with only $75 to his name has revealed why he won’t leave his kids a large inheritance
Payam Zamani, 53, who grew up in Iran, became a millionaire in 1997 three years after he launched an online car-buying platform called Autoweb. He’s seen with his wife and daughters
But now, fast forward to nearly three decades later, the entrepreneur has announced that he has no plans to give his immense earnings to his two daughters, Sophia, 19, and Ella, 18, when he passes away.
Payam explained to Business Insider recently that he will only leave them a ‘small’ amount because he believes ‘money can corrupt if it’s given rather than earned.’
‘While I plan to leave my daughters a small inheritance to ensure their financial security, I won’t leave them enough money that they don’t need to work,’ he shared.
‘I want my children to have enough money to house themselves, get an education, and meet their basic needs.
‘Beyond that, I believe money can corrupt if it’s given rather than earned.’
According to Forbes, Payam made $15 million from Autoweb, but ultimately left the company in 1999.
He went on to launch a private equity firm called One Planet Group in 2015, which is ‘now valued at hundreds of millions of dollars.’
His exact net worth is unknown, as he told outlet, ‘I feel embarrassed to share the exact number of my financial success because I don’t see it as a true reflection of my worth.’
The entrepreneur has announced that he has no plans to give his immense earnings to his two daughters, Sophia (left), 19, and Ella (right), 18, when he passes away
He explained to Business Insider that he will only leave them a ‘small’ amount because he believes ‘money can corrupt if it’s given rather than earned.’ He’s seen with daughter Sophia
Payam explained to the outlet that he gives his girls ‘a reasonable allowance’ to ‘cover essential life expenses.’ He’s seen with Ella
Payam, who is based in New York City with wife Gouya Zamani and their daughters, explained to the outlet that he gives his girls ‘a reasonable allowance’ to ‘cover their essential life expenses.’
‘I want their allowance to cover their essential life expenses like housing, books for college, and groceries, but only just,’ he continued.
‘I don’t want to pay for fast fashion or dinners out with friends. My wife and I ensured that money never came to the girls freely.
‘I want them to run out of money and be conscious about spending. I hope those small tests prepare them for the bigger challenges they’ll inevitably face.’
He said he believes people become ‘their best selves’ through ‘trials and difficulty,’ and admitted that he’s ‘worried’ that his daughters have had things come too easy to them.
Even so, he said he feels it’s important to give them some allowance so that they can ‘learn money management.’
‘They can take responsibility for their money, decide how much to save and give to charity, and understand the importance of living within their means to avoid credit card debt,’ he explained.
‘This hands-on experience, rather than another lecture from dad, is invaluable in teaching financial prudence and responsibility.’
‘I don’t want to pay for fast fashion or dinners out with friends,’ Payam said. ‘I want them to run out of money and be conscious about spending.’ His daughters and wife are seen in Morocco
Despite Payam’s insistence that he doesn’t let his daughters spend his money on non-necessities, the teenagers often flaunt their very lavish lifestyles online
They often share snaps to their respective Instagram accounts that show them jetting off on vacations to stunning destinations all around the globe. The family is seen in St. Barts
In the last year alone they have visited Morocco, France, St. Barths (left), and Italy (right) with their parents
Sophia (seen) is an aspiring singer and songwriter with sister Ella a Loyola Marymount University student
Despite Payam’s insistence that he doesn’t let his daughters spend his money on non-necessities, the teenagers often flaunt their very lavish lifestyles online.
Sophia, an aspiring singer and songwriter, and Ella, a Loyola Marymount University student, often share snaps to their respective Instagram accounts that show them jetting off on vacations to stunning destinations all around the globe.
In the last year alone they have visited Morocco, France, St. Barts, and Italy with their parents.
‘Wealth is only commendable if you earn it and then spend it on the betterment of the world,’ Payam concluded.
‘I use most of my wealth to try to do just that (both during my lifetime and in my will) by donating to spiritual causes and those that address racial inequalities, specifically those of Black Americans.
‘That will not only make this world better, but it will also allow my daughters to earn their own wealth and learn about themselves and the world along the way.’
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