Most of us have seen children of the wealthy living it up on personal jets, yachts, etc. While some offspring of the wealthy spend their money wisely, others tend to be more free with their abundance of cash.

These 5 billionaires have chosen to not leave their hard-earned money to their children:

Michael Bloomberg

The American businessman and politician wrote in a letter to The Giving Pledge Nearly that his net worth will be given away in the years ahead or left to his foundation.

Gina Rinehart

The Australian mining magnate once claimed in court papers that, "None of the plaintiffs has the requisite capacity or skill, nor the knowledge, experience, judgment or responsible work ethic to administer a trust in the nature of the trust in particular as part of the growing HPPL Group."

Bill Gates

The co-founder of Microsoft (MSFT) told The Sun in 2010 that giving all his money to his kids wouldn't be good for them or society. 

Warren Buffet

The CEO of Berkshire Hathaway (BRK.A)  said in a letter to the Gates Foundation, "I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing."

Pierre Omidyar

The founder of eBay (EBAY)  said in a letter to the Gates Foundation, "Our view is fairly simple. We have more money than our family will ever need. There's no need to hold onto it when it can be put to use today, to help solve some of the world's most intractable problems."

Watch More with TheStreet:

Don't miss the best videos of the week. Put Wall Street on Rewind and sign up for our weekly newsletter.

 

More from Video

Sprout CEO: Don't Call Her Drug the Female Viagra

Sprout CEO: Don't Call Her Drug the Female Viagra

Futures Fall on Further Trade Rhetoric from China and 4 Other Stories to Watch

Futures Fall on Further Trade Rhetoric from China and 4 Other Stories to Watch

Jim Cramer's Investing Rule 15: Don't Forget About Bonds

Jim Cramer's Investing Rule 15: Don't Forget About Bonds

Immigration, Instagram and Oil - Here's What You Can't Miss Wednesday

Immigration, Instagram and Oil - Here's What You Can't Miss Wednesday

REPLAY: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

REPLAY: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries