The former basketball star and successful businessman told in an interview that he has required his children to study, get degrees or learn a trade. Even if they ever want money for a business, they must pitch him the idea, just as they would to an investor.
One of the most peculiar phenomenons in the world is how the children of people who’ve made their fortune tend to lose the drive that made their parents successful. You don’t just see this happening in the world of entertainers, where the children of some of the world’s most famous musicians never manage to get anywhere near the successes of their parents, it seems like it’s even worse in the business world, where children are often seen as good-for-nothings, raised with everything handed to them on a silver platter.
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Shaquille O’Neal is trying to avoid all of that.
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In a recent interview, the former sports star, who after his retirement managed to turn his fame and resources into a sports-associated business empire, told how he’s trying to raise his kids to not depend on his money:
«My kids are older now. They’re a little upset with me. Not really upset, but they don’t understand. I tell them all the time: we’re not rich, I’m rich. No, you have to have a bachelor’s, a master’s, and then, if you want to invest in one of your companies, you’re going to have to present it, bring it to me, and I’ll let you know. I’m not giving you nothing. The girls, I’ll take care of the girls, but my boys, they’re not getting anything.»
–Shaquille O’Neal for Burnbaby Magazine–
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A little later in that space the sports star detailed his views a bit more:
«There’s one rule: education. I don’t care if you play basketball. I don’t care about any of that. Listen, I got six kids. I would like a doctor, someone who owns a hedge fund, a pharmacist, a lawyer, someone who owns multiple businesses, someone to take over my business. But I tell them, «We’re not just going to hand it to you. You have to earn it.»
–Shaquille O’Neal for Burnbaby Magazine–
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Shaquille may sound a little cold towards his own kids, but he does it with the best intentions at heart. He himself got everything they have through hard work and knowing where, when, and how to invest. His objective is that his children, who didn’t have to start from a place of need like he did, don’t miss out on this valuable life lesson.
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However, he must also want to avoid that phenomenon where the children of millionaires turn into good-for-nothings.