'We Ain't Rich, I'm Rich' – NBA Legend Shaq Says His Daughters And Sons Don't Get Equal Treatment – 'My Boys? They're Not Getting Nothing'

Shaquille O'Neal has made his position clear when it comes to his wealth and his children: they're not rich – he is. In a podcast appearance in 2021, the former NBA superstar, who boasts a net worth of around $500 million, emphasized that his children will not simply inherit his fortune. Instead, they will have to earn their way in life, regardless of his financial success.

Don't Miss:

• Are you rich? Here’s what Americans think you need to be considered wealthy.
• Can you guess how many retire with a $5,000,000 nest egg? – How does it compare to the average?
• This city is the clear winner of Zillow's 2024 Home Value Forecast — No surprise as the number of millionaires there grew by 75% in the last decade.

Shaq, one of the highest-paid athletes in history, is adamant about teaching his six children the importance of hard work. "My kids are older now. They're kind of upset with me – not really upset, but they don't understand," Shaq explained. His message to them? "We ain't rich. I'm rich."

Rather than allowing his children to rely on his fortune, Shaq expects them to earn their success. "In order to get my cheese, you've got to present me with two degrees," he's famously said, making it clear that higher education is a requirement for anyone looking to access his wealth. This isn't just about education for its own sake, though. Shaq views it as a tool for his children to develop independence and make their mark on the world. 

Trending: Founder of Personal Capital and ex-CEO of PayPal re-engineers traditional banking with this new high-yield account — start saving better today.

It's not as simple as just getting a degree and receiving a handout from him. Shaq explains how it works once they earn their degrees, saying, "then if you want me to invest in one of your companies, you're gonna have to present it. Boom, boom, boom. Bring it to me. I'll let you know."

Shaq distinguishes between his sons and daughters, noting that while his girls tend to be more ambitious and focused, his boys sometimes have a more relaxed attitude. "My boys, they're a little bit more like, ‘We'll figure it out.' My girls, they're way more independent," Shaq shared. But his expectations for all his kids remain the same – hard work and education come first.

Trending: Unlock a $400 billion opportunity by investing in the future of EV infrastructure on this startup already valued at $50 million.

This philosophy isn't just about withholding money – Shaq wants to ensure his children have the tools to build something meaningful in their own lives. "I tell them all the time: we don't need another NBA player in the family. We need lawyers, we need doctors, we need people that run stuff," he said.

Despite his wealth and success, Shaq is determined to raise his children with the mindset that nothing in life is handed out for free. For Shaq, it's about setting them up for their success, not just giving them a share of his.

Trending: A billion-dollar investment strategy with minimums as low as $10 — you can become part of the next big real estate boom today.

Shaquille O’Neal’s approach mirrors the philosophy of several successful figures who advocate for financial discipline and self-sufficiency among their children. Warren Buffett, for example, has famously stated that he wants to leave his children enough to do anything, but not enough to do nothing. Similarly, Elon Musk has preferred ensuring his children earn their way, emphasizing the importance of hard work and innovation. These perspectives highlight a common belief among wealthy individuals that fostering independence and responsibility is crucial for the next generation’s success.

While most of us aren’t leaving behind millions, creating a meaningful impact with our money remains relevant. Whether you're thinking about teaching life lessons to kids or planning to spend every last penny on your dreams, consulting a financial advisor can help you navigate your choices. They can assist with everything from maximizing your retirement savings to ensuring you make the most of your wealth, whatever your goals. 

Read Next:

• Charlie Munger said if you want to be rich, “find a way to get your hands on $100,000” — here’s what he means.
• Elon Musk and Jeff Bezos are bullish on one city that could dethrone New York and become the new financial capital of the US. Investing in its booming real estate market has never been more accessible.