Serena Williams and Alexis Ohanian are instilling the values of hard work and financial literacy in their 7-year-old daughter, Olympia, through a modest weekly allowance of $7. The couple are deeply committed to helping their daughter learn to earn what she gets, even as their net worth exceeds that of 90-95 percent of the public.
Each week, Olympia doesn’t get her full allowance until she finishes a list of chores Monday through Friday. These around-the-house chores involve feeding the family dog, placing her clothes into a hamper and even making her bed! This method builds on the concept that rewards are based on labor.
What I learned from Alexis Ohanian on this smart parenting strategy. He stated, “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.’” He emphasized that they are “trying to build the muscle: work = reward,” highlighting their commitment to avoiding entitlement in their children.
Although both parents are millionaires—Ohanian’s net worth was estimated at $70 million in 2019 and Williams’ at $340 million according to Forbes—they aim to raise Olympia with an understanding of financial responsibility. This same philosophy carries over to their 1-year-old daughter, Adira too.
As active investors, both Williams and Ohanian have made names for themselves beyond the financial world as well. Williams started up Serena Ventures in 2014, and Ohanian established the venture capital firm Seven Seven Six in 2020. Their entrepreneurial perspectives shape their realities and their willingness to teach their daughters about running their own finances.
Parenting expert Margot Machol Bisnow highlights the need to teach financial literacy as early as possible. She envisions those kinds of lessons so that all children are prepared for success when they grow up. Along with public affairs advocate Mellody Hobson, she outlines hands-on ways to teach these important lessons. She suggests opting for cash purchases with kids in tow. This practical approach is forcing them to appreciate the finite nature of money.
Hobson explained, “For children, it’s on a credit card, a phone, or it spits out of a machine, so trying to explain that you work for it [is] super hard.” She further asserted, “Use cash so they can see that it’s finite … and you don’t have an endless amount of it.” This new conservative approach to budgeting is very much in line with Williams and Ohanian’s work to make sure Olympia understands the purpose of money.