Serena Williams and Alexis Ohanian are teaching their 7-year-old daughter Olympia some important lessons about work and wealth. The couple’s combined estimated net worth is said to be $410 million. They challenge themselves to think in more practical terms to instill the lesson that rewards should be earned, not given. They give Olympia a weekly allowance of $7, as long as she does her chores—which have to be done five days a week—on time.
Serena Williams, who made her professional tennis debut at the young age of 14, remains the highest-earning female athlete in history. According to Forbes, her net worth is estimated at $340 million. Alexis Ohanian, the co-founder of Reddit, has an estimated net worth of $70 million. He accomplished this extraordinary feat within the first 36 years of his life, beginning as early as age 23.
The couple hopes to generate a “flywheel” effect for Olympia, in which effort instantly translates into monetary gain. To make the allowance more of a learning experience, Ohanian drafted up a formal contract for Olympia’s allowance. During the negotiation process, Williams further assumed the role of her subjective lawyer. This creative approach to teaching reflects their dedication to showing Olympia that hard work can earn you something great.
“We’re trying to create that flywheel between doing the work and getting the money.” – Alexis Ohanian
Beyond the weekly allowance, Williams and Ohanian stress that physical money is a powerful educational resource. Mellody Hobson, co-CEO of Ariel Investments, advocates for using cash because it teaches kids that money is limited. She laments that in the digital age, kids have come to view money as more of an infinite resource. This perception is rooted in their experience with credit cards and digital payments.
“Use cash so they can see that it’s finite … and you don’t have an endless amount of it.” – Mellody Hobson
Ohanian’s faith is in giving Olympia the benefit of the waiting time that savings provide. For example, he remembers one time that Olympia had saved up $100 but wanted a $125 watch. It was this very plight that gave her an important crash course on budgeting. She began to see the value of savings over consumption.
“I need [Olympia] to feel that little bit of pain of, like, ‘Ugh, I gotta wait two more weeks for that paycheck,’ and then start to remember, ‘Because I do this work, I get this money.’” – Alexis Ohanian
As active investors in startups, Williams launched Serena Ventures in 2014 and Ohanian founded his VC firm Seven Seven Six in 2020. The couple’s financial acumen extends beyond their personal wealth. They know the stakes when it comes to financial literacy. They are determined to pass these skills along to their daughters. Together with Olympia, they have a one-year-old daughter named Adira.
Both parents are committed to building a foundation for Olympia that reinforces the principle that good things come from hard work. They recognize that teaching children financial literacy is not an easy task. This is profoundly important, particularly in a world where daily transactions increasingly move to online spaces.
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