Will Smith is planning to reduce his $350 million fortune by giving back.

Despite being worth a reported $350 million, Will Smith is ready to make a big change in his life and use his wealth for philanthropic purposes. The Academy Award-winning actor sat down with Complex's Speedy Mormon for a candid conversation about his impressive 30-year career in music, television, and film. While Will and his wife Jada Pinkett Smith are known for their honesty and openness about personal matters, one topic that remains off-limits is Will's financial status.

With an estimated yearly income of $40 million from his films and additional earnings from net or gross profits, Will has reportedly accumulated over $300 million from just four movies: "Men In Black 3," "Bad Boys 2," "Hancock," and "Pursuit of Happyness." However, when asked about his bank account, Will prefers to keep things private. "I don't even know, man. I don't discuss such things," he shared on "360 With Speedy."

At 55 years old, Will is fully aware of his vast net worth and can't remember a time when he wasn't famous. After three decades of fame and fortune, the "Ali" star is now ready to shift his focus to giving back. "This is the downsize phase of my life. The first half was all about gathering, but now it's time to give back," he explained.

This perspective on money and wealth comes from personal experience, as Will faced financial troubles early on in his career when he avoided paying $2.8 million in taxes at the age of 21. Now in his 50s, Will knows that money can't buy true happiness. "People often have a moment of realization around 50 where they see that money can't make them happy," he shared. "Once you've bought everything you want and there's nothing left to buy, you realize that material possessions can't bring you true joy."

Even with all his success in Hollywood, a happy and fulfilled life can only come from within. "I'm at a point in my life where it can be scary. When you realize that no relationship, no amount of money, no children can make you happy," Will admitted. "True happiness comes from within. You have to find it inside yourself and then bring it to the people you love. You can't rely on others to make you happy."

During the interview, Will also shared a powerful moment with Speedy, where he showed him how to find "the meaning of life" by sitting in silence for 30 seconds. The two also discussed the upcoming "Bad Boys: Ride or Die" film, with a surprise guest appearance from Martin Lawrence. Watch the full interview for more deep and insightful conversations.

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