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Will Smith teaches his actor son to keep on top of finances

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May 28, 2013 | 9:15am EDT

Will Smith has taught his actor son to understand the value of a dollar and keep on top of his finances after mismanaging his funds as a young star. For three years, the former The Fresh Prince of Bel‑Air hunk was forced to surrender 70 per cent of his TV show wages to the U.S. government after falling behind on his taxes. And now that his son, Jaden Smith, has begun raking in his own earnings with successful movies like The Karate Kid, the father of three has sat the teen down for a talk to ensure he is more responsible with his fortune. He tells New York Magazine, "I'm very serious with my kids about them comprehending the intricacies of global finance." And the 14 year old admits the chat has made him much more cautious of his spending: "There was a time in my life when I'd go to Cartier (luxury jeweller), like, every weekend for like a month. But, now I'm (more mindful). I haven't bought anything that expensive in a really long time. The only thing I buy is, like, food and skateboards." His dad insists it's all because he started forcing Jaden to keep an eye on his bank balance, adding, "Once he started approving his own bank statements and credit cards and all, yeah, he changed."

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