Why Shaquille O'Neal Makes His Children Write Up A Business Plan Before He Decides To Give Them Money
The former NBA star admitted that he strives to teach his children the meaning of hard work.
lev radin / Shutterstock Shaquille O'Neal, one of the greatest basketball players of all time, whose estimated net worth sits at around $400 million, recently explained the process he makes his six children go through whenever they want any of his money.
O'Neal, who shares four children with his ex-wife Shaunie O'Neal — sons Shareef and Shaqir and daughters Amirah and Me'arah; a stepson, Myles, from Shaunie's previous relationship; and a daughter, Taahirah, with his former girlfriend, Arnetta Yardbourgh — revealed how he makes sure they are never unnecessarily spoiled.
O'Neal explained that if his children want money from him, they need to create a business plan.
In an August 2023 interview with Insider, O'Neal admitted that if any of his children come to him and ask for money for certain endeavors, he has them create business plans and do their "due diligence" before he agrees to give them the appropriate funds.
"Since you want me to be the bank, I'm gonna do exactly what the bank is going to do to you," O'Neal told the publication. The former Lakers player called this belief "respectable nepotism," clearly wanting his children to understand the value of working hard, especially since they've been brought up in wealth.
O'Neal pointed out that his son, Myles, took an interest in becoming a DJ, but before he provided his son with the right equipment and helped him achieve his dream, he had his son write up a business plan for where he saw a career as a DJ taking him.
"I said, 'Alright, I'll help you get the equipment,'" O'Neal recalled. "And he's killing it."
O'Neal expressed his hope that one day his children will continue working hard to prove themselves.
The NBA star has previously spoken out about the way he raises his children when it comes to money. In a November 2022 interview with PEOPLE, O'Neal expressed hope in his children one day "running what I started."
"I'm caring, I'm funny. I'm honest — and I teach by example," he told the news outlet. "I can tell my kids to go get an education, but I'm the example." O'Neal even admitted that his kids "are way smarter" than he is and more capable of succeeding in school. "I did it, and I'm not that smart."
Expanding on what is included in these business plans he has his kids create, O'Neal said that they need to provide a "resume" along with "numbers" to support their ideas.
"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."
In a society where privileged and rich people are often ridiculed and criticized for the advantages they have when it comes to starting their own businesses and having money to do things that working-class individuals can only dream of, O'Neal's determination to want the opposite for his children, despite his overwhelming wealth and connections, is commendable.
This hands-on experience also prepares his children for a competitive marketplace where thoughtful planning and thorough research are important in order to be taken seriously.
"When it comes time that you want to do something, we're going to do it like you have to do it in the real world," O'Neal insisted.
Nia Tipton is a Chicago-based entertainment, news, and lifestyle writer whose work delves into modern-day issues and experiences.