Peter Andre is glad his children aren't spoiled.

The reality TV star - who has two children, Junior, seven, and Princess Tiaamii, five, with ex-wife Katie Price - says he works hard to ensure his offspring understand the value of money and despite his riches, he doesn't give into their every whim.

He explained: ''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.''

Peter, 40, admits he was careless with his own fortune when he hit the big time as a musician, once purchasing himself a lavish car, and he hopes Junior and Tiaamii don't follow in his footsteps.

He told new! magazine: ''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.'

''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.''