Shaquille O'Neal recently shared the demands he puts in front of his children before investing in their ventures.
Every parent in the world hopes their children won't have to go through the struggles they had to face in life. This becomes one of the main reasons they strive to be successful in their fields. At the same time, parents have the realization that in order to set their kids up for success, they need to raise individuals who are down to earth. This is why so many celebrities try hard not to make their children be blinded by their privileged status and instead appreciate the value of money and hard work.
Several celebrities like Leighton Meester and Adam Brody, according to The News, have talked about how they want their children to know the value of money. Similarly, Shaquille O'Neal has come up with a practice to inculcate within his kids that just because they are his children does not mean they can get everything. In a recent interview with Insider, O'Neal shared that he asks his children to come up with a business plan every time they ask for investment.
Shaq is known all over the world as one of the greatest basketball players of all time. Over the years he has accumulated a net worth of $400 million. He wants his children to make use of the money to go ahead in their lives but is not in favor of them wasting it on whims. Therefore, he has established a rule: whenever his children want money for their pursuits they need to give him a well-thought-out business plan. A business plan typically includes information about how one would invest their money, what they are willing to put into the pursuit and what they expect to get out of it.
O'Neal has six children in total. In his interview, he justified his method by saying: "Since you want me to be the bank, I'm gonna do exactly what the bank is going to do to you." He explained that this method is in line with his "respectable nepotism" philosophy.
The basketball star has also tried and tested this method with his son, Myles. Myles is a successful DJ but at the start of his career, he required money to buy his equipment. He went to his dad, who gave him the money only when he came up with a viable business plan. "I said, 'Alright, I'll help you get the equipment,'" O'Neal recounted. "And he's killing it."
O'Neal shared more about the strategy he employs in the upbringing of his children while talking to PEOPLE. He wants to incorporate resilience in his children because his hope is that one day they will be "running what I started." He always wants to set a good example for his children. In his own words, "I can tell my kids to go get an education, but I'm the example." In his opinion, his strategy has worked out great because his children are much better than he ever was at their age.
O'Neal added that he emphasizes that their business plan focuses on numbers and is not based solely on emotions. After they present the proposal the process according to O'Neal is, "If I like it, I'll do it. I'll point you in the direction of somebody to get it done and you're on your way." He wants his children to go through every phase with an independent mindset to become strong individuals.