Ludacris is debunking the thought that celebrity children will grow up spoiled or entitled. The rapper and actor has experienced great success within his career and wants to pass his wealth of knowledge to his offspring. According to an interview with Yahoo! Life, two of Ludacris’s young daughters have credit cards as a way to educate them financially.
A father to 5 girls, Ludacris is wasting no time instilling proper values to his children. During the interview, the “My Chick Bad” rapper explained that he wastes no time empowering his daughters while instilling a great relationship with money from an early age. The Fast and Furious actor highlights his daughters, ages six and seven, whom he teaches about saving and spending money. Ludacris also revealed that they have credit cards, but the girls use an app designed to teach them how to spend money. Sharing that this particular practice began during the pandemic, Ludacris feels it should be, but is not, taught in schools.
Giving his daughters an allowance is another perk that the girls have only recently received. The process of helping his girls with their finances at such a young age is something he prides in as a father as it helps to be more “hands-on” with them in their futures. However, the rapper is sure to be “slow” in his approach to introducing these things as he does not want to “rush them into adulthood” and the responsibilities that come along with it.
Ludacris joins other celebrities like Shaquille O’Neal and Lebron James, who have expressed the importance of instilling proper financial values in their children. For example, former NBA champion Shaquille O’Neal famously told an audience in a now-viral clip that his children were given the speech that clarified who exactly was the “rich” one out of everyone. What O’Neal meant by his statement was that he did not raise his children to feel entitled because their father is a multimillionaire. O’Neal also stated that they must follow specific steps to take their requests for money or investments seriously. These steps include the proper education and a Bachelors’ or Masters’ degree.
Lebron James, now the highest player in the NBA, shared on the podcast “Kneading Dough” that he is aware of his children not understanding what “the bottom” is. Lebron James and his mother did their best to make ends meet, a vast difference from what his children will encounter growing up. Understanding that his children will still have a “road to travel” no matter his approach, he still finds ways to help them appreciate what they have and see where he came from. Often, the Lakers star flies private, he admits, but he balances it out by flying commercial with the children to keep them humble. James also expressed to his children that money is “not always accessible” to them.
Bill Gates is another celebrity who is committed to teaching his children the importance of not only finances, but also how to make their own money. Although Bill Gates has a net worth of $131 billion, the tech mogul has made it clear he will not leave his children a large inheritance to live off. He’d rather provide them with every opportunity to get an education and create their own successes. Billionaire Investor, Warren Buffet has taken a similar approach with his children and encourages other wealthy parents to do the same.