Why Shaq Won’t Share His $500 Million Fortune With His Kids: ‘We Ain’t Rich. I’m Rich. I’m Not Going to Hand It to You, You Gotta Earn It’

NBA legend Shaquille O’Neal is instilling in his children the importance of self-reliance and entrepreneurship.

What Happened: O’Neal, who has a net worth of approximately $500 million, has made successful investments in real estate, technology, and entertainment.

He owns 155 Five Guys restaurants and nine Papa John’s franchises in Atlanta. Despite his wealth, the former LA Lakers player insists his children create a business plan before he considers giving them any money.

In a 2021 interview O’Neal stated, “My kids are older now. They kinda upset with me – not really upset – but they don’t understand. Because I tell them all the time. We ain’t rich. I’m rich. You’ve got to have Bachelor’s or Master’s degrees and then if you want me to invest in one of your companies, you’re going to have to present it. Bring it to me, I’ll let you know. I’m not giving you nothing.”

O’Neal, a father of six, emphasizes the importance of education and self-reliance. He hopes his children will become professionals and business owners.

Also Read: Shaq Once Spent $1 Million in a Day on Luxury, Then Realized Taxes Took a Huge Cut

“Listen, I got six kids. I would like a doctor, somebody to own a hedge fund, a pharmacist, a lawyer, someone that owns multiple businesses, someone to take over my business. But I tell them I’m not going to hand it to you. You gotta earn it,” he added.

He also revealed his philosophy of “respectable nepotism” in another interview, where he discussed the requirement of a business plan before considering a handout.

Despite his fame, O’Neal has distanced himself from the ‘celebrity’ status, stating, “These celebrities are going freaking crazy and I don’t want to be one. I denounce my celebrity-ness today. I’m done with it.”

Why It Matters: O’Neal’s unique approach to parenting underscores the importance he places on financial independence and self-reliance. By requiring his children to present a business plan before considering financial support, he is teaching them the value of entrepreneurship and hard work.

His philosophy of “respectable nepotism” further emphasizes his belief in merit-based success, even within his own family.

This approach could potentially inspire other parents, particularly those in the public eye, to adopt similar strategies in their own parenting.