“‘My kids are older now. They’re kinda upset with me. They’re not really upset, but they don’t understand. I tell them all the time: We ain’t rich. I’m rich. ‘”
That was basketball Hall of Famer and current TNT broadcaster Shaquille O’Neal discussing his views on giving his children money.
During a taping of the “Earn Your Leisure” podcast, O’Neal says he stresses the importance of education with his kids and tells them not to rely on him financially.
“You got to have bachelor’s or master’s [degree], and then, if you want me to invest in one of your companies, you [are] going to have to present it to me. … Bring it to me, and I’ll let you know. I’m not giving you nothing.”
O’Neal, 49, made $286 million during his NBA career, and has amassed many millions more through lucrative endorsement and equity deals with Icy Hot, Gold Bond, Buick, The General, Pepsi
and Reebok. He is also a board member of Papa John’s
The LSU alumnus starred with the Orlando Magic, Los Angeles Lakers and Miami Heat and others over his 19-year career and has six children, all between the ages of 15 and 25.
O’Neal is the latest wealthy celebrity to voice a stance against gifting their children money.
When referencing leaving large sums of money to their children when he dies, actor Daniel Craig said recently, “My philosophy is to get rid of it or give it away before you go,” adding that it would be “distasteful” to leave millions to your heirs.
Business billionaires Warren Buffett and Bill Gates have expressed similar views over the years, as have CNN anchor Anderson Cooper and musical artist Sting.