Los Angeles, Jun 17 (IANS): Singer-songwriter Peter Andre is glad that his children are not spoiled and said he doesn't give into their every demand because he wants them to understand value of money.

The 40-year-old has two children - Junior, 7, and Princess Tiaamii, 5, with ex-wife Katie Price.

"The important thing is, they're not brats. They're very polite and they know where to draw the line. Yes, they can be cheeky, as all kids are, but they're good children. They know money doesn't grow on trees," contactmusic.com quoted Andre as saying.

He admits being careless with his own fortune when he hit the big time as a musician, but hopes Junior and Tiaamii don't follow in his footsteps.

"I didn't save. I was irresponsible. I didn't care. My dad once said to me, 'One day you're going to learn that you need to respect money and respect what you've got.'" said Andre.

He added: "I bought a black convertible BMW M3 in Beverly Hills. I remember driving it out of the showroom and feeling on top of the world. I drove it straight to Radio City and bought the biggest sound system you could buy. I was such a twit! I don't want Junior to get like that."