Serena Williams and Alexis Ohanian, despite their considerable wealth, are committed to teaching their 7-year-old daughter Olympia the value of hard work and financial responsibility. Ohanian, co-founder of Reddit, shared in a social media post that Olympia receives a modest allowance of $7 per week, a decision that was made after a negotiation where Serena Williams acted as Olympia’s lawyer. The couple’s goal is to instill the idea that money is earned through effort. Olympia must complete five chores each week, such as feeding the dog, putting away clothes, and making her bed, in exchange for her allowance.
The couple’s approach to financial education extends beyond a simple weekly allowance. When Olympia saved up $100 and wanted a $125 watch, Ohanian encouraged her to close the gap herself by saving the remaining $25. This experience, he explained, helped her understand the connection between work and reward. The couple hopes this process will build a mindset that work leads to financial reward, teaching Olympia the importance of delayed gratification and saving.
Both Ohanian and Williams have strong work ethics of their own, with Williams being the highest-earning female athlete of all time and Ohanian co-founding Reddit at a young age. Williams’ current net worth is estimated at $340 million, while Ohanian’s is around $70 million. Both are active investors, with Williams founding Serena Ventures and Ohanian launching VC firm Seven Seven Six.
As they raise their children, Ohanian and Williams aim to balance their comfortable lifestyle with lessons in frugality and hard work. By teaching Olympia the value of money from a young age, they hope to set her up for success. Ohanian emphasized the importance of Olympia experiencing the challenge of waiting for her paycheck, helping her realize that money comes as a result of effort.
Experts agree that teaching children about money early on is crucial for their future success. Using tangible forms of money, like cash, can also help children understand the concept of earning and spending, making the lesson more concrete. Ohanian and Williams believe that by instilling a sense of financial responsibility, they are helping their daughter develop the tools for a successful future.
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