Simon Cowell is wildly successful in the entertainment business, though he doesn’t plan to spoil his baby anytime soon.

Cowell and his current girlfriend, Lauren Silverman, welcomed their first baby together back in February. The American Idol turned X Factor judge is reportedly happy being a dad. Silverman is divorced with a 7-year-old son but Eric is Cowell’s first child.

According to Now Magazine, the music mogul will not be raising his baby boy as part of a lavish lifestyle. In fact, Cowell hopes to instill in Eric a respect for money and an appreciation of hard work. The 54-year-old new dad is determined to teach his son values he learned during his own life.

“[He won’t be] handed everything on a plate,” said Cowell. “He won’t be broke, but I don’t believe in handing it [wealth] down to one or two people.” Cowell may be wealthy nowadays, but apparently things hadn’t always gone so smooth for him.

The talent judge went on to explain that making money—to him—was the most impressive part, not having it. He hopes to show this idea to his son in the future to push him to work hard like his father. “I was never left money. It wouldn’t have helped me,” he said. “In fact, I think it would have been a disaster. Making it was where the fun was…teaches you the value of what you’ve got.”

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