Sara Foster revealed her music mogul father, David Foster, did not set up trust funds for his kids.
“I think people think my dad is, like, a billionaire. I don’t know what they think,” Sara, 45, said during the Wednesday, July 1, episode of “The Morgan Stewart Show” podcast. “My dad is very successful, let me be clear. But my dad has had many wives, he has many children. We don’t have a trust fund.”
Sara noted that it’s an “absolute privilege” that she has a “safety net” if things go wrong.
“I’ll never be on the streets, you know what I mean? That is privilege, 100 percent, knowing you have that, but we don’t have a trust fund,” she continued. “My life is paid for by me. I think that people have this misconception that we have some unlimited cash flow situation.”
She added, “Trust me, I wouldn’t be doing half the things I do — I think — if I had unlimited resources.”
According to Sara, “I am rich, you are poor,” is the one thing that David, 76, would always tell his kids. (David is the father of daughters Allison, 56, and Amy, 53, whom he shares with ex-wife B.J. Cook. He welcomed Sara, Erin, 43, and Jordan, 40, with second wife Rebecca Dyer. David and wife Katharine McPhee share son Rennie, 5.)
“He made it very clear. He said, ‘Once high school comes … once you’re done, you have two options. You can go to college, I will pay for your college,’” Sara recalled. “‘If you do not go to college, you are on your own.’”
Sara did not go to college, so she opted to make her own money.
Elsewhere during Wednesday’s episode, Sara discussed her current stream of income. She and sister Erin made a profit during the second year of running their clothing brand, Favorite Daughter, which launched in late 2020.
“We split the profit,” Sarah said, calling the brand “my main source of income.” If they wanted to sell the brand now, Sara said that it would be worth $200 million.
“What’s interesting in our business is we have to be careful, because you don’t want to grow yourself out of an acquisition. You can get too big,” she continued, “Maybe we never even sell. Maybe we just keep growing, and we’re profitable. It’s a great income.”
Sara added, “I think that it’s OK, as a woman to say — men are not afraid to to say, ‘Yeah, I want to be acquired, and I want to f***ing make $100 million’ — I think that we have to be more comfortable saying that. There’s nothing wrong with that.”
