“‘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 for money.
“You got to have bachelor’s or masters and then if you want me to invest in one of your companies, you 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 19-year NBA career, and has amassed many millions more through his lucrative endorsement and equity deals with Icy Hot, Gold Bond, Buick, The General, Pepsi
PEP,
and Reebok. He is also a board member at Papa John’s
PZZA,
The former Los Angles Lakers star has 6 children, all between the ages of 15 and 25.
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O’Neal is the latest wealthy celebrity to voice the 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,” before adding that it would be “distasteful” to leave millions to your heirs. Billionaires Warren Buffett and Bill Gates have echoed similar thoughts over the years, as well as CNN anchor Anderson Cooper, and musical artist Sting.
This post was originally published on Market Watch
