Shaquille O'Neal's kids 'don't understand' why he won't share his $500m fortune with them

Shaquille O'Neal makes his children create a business plan before giving them any money because he wants them to earn their way in life, regardless of his own financial situation.

The 52-year-old NBA legend, who played for the Orlando Magic, LA Lakers, Miami Heat, Phoenix Suns, Cleveland Cavaliers and Boston Celtics during his career, is reportedly worth an estimated $500 million.

Since retiring, Shaq has invested in real estate, technology and entertainment ventures. In fact, he once bought 155 Five Guys restaurants and is said to own nine Papa John's franchises in and around Atlanta.

But the former basketball player, who is a dad of six – Myles, Shareef, Amirah, Shaqir, Me'arah and Taahirah – wants his kids to earn their way rather than depending on him for cash.

Speaking to the Earn Your Leisure podcast in 2021, he opened up on his motive.

“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," he said.

“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.”

Shaq continued: “There's one rule: education. I don't care if you play basketball. I don't care about none of that.

“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.”

In an interview with Insider last year, O'Neal said he goes by a philosophy called "respectable nepotism", and opened up on having his children present him with a business plan before considering a handout.

"I'm not just gonna give you money for a party," he added.

Image credit: Getty

One thing is for certain; Shaq is far from comfortable with the 'celebrity' status.

Speaking to New York Post in 2021, O’Neal said: “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.

“I don't want to be in that category. Celebrities are crazy, they really are. Don't call me that anymore. These people are out of their freaking mind with how they treat people, what they do, what they say. That's never been me. I never want to be looked at like that.”

He added: “All my life, everyone probably gets stereotyped, but us celebrities, we get stereotyped because most of these celebrities are out of their mind. I don't do that. I'm a regular person that listened, followed his dreams and made it.

“I came from nothing. But, just because I made it doesn't mean I'm bigger than you, smarter than you - just because I have more money doesn't mean I'm better than you. I've never been that way and I never will be that way. So I don't want to be in that category of people.”