'People Think Generational Wealth Is 'For Rich People Only,' Says Shaquille O'Neal. But He Thinks 'It's For Everyone'

Shaquille O’Neal, the larger-than-life basketball legend, wants to set the record straight when discussing generational wealth – it isn’t just for the superrich. In a recent discussion on his YouTube channel, Shaq shed some light on what generational wealth is and why it should be available to everyone, not just those with millions stashed away.

“A lot of times when you throw around that word ‘generational wealth,’ people think it’s for rich people only,” Shaq said. “I think it’s for everyone.”

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Shaq has spent years considering how to ensure his kids and their kids are set up for the future. He’s big on making smart choices today that pay off down the road, whether setting up a will, creating a trust, buying an annuity or taking out a life insurance policy. He wants people to know that it's not about being rich; it's about ensuring your loved ones are cared for, no matter what happens.

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A Mindset for Everyone

Vivian Tu, one of Shaq’s guests and former JPMorgan Equities Trader, said that when she first thought about getting rich, it was about buying luxury items like designer bags and fancy cars. But her perspective changed and now she’s making sure her parents’ medical bills are covered and that her future kids have opportunities without worrying about money.

Desi Banks, another guest and comedian, actor and social media personality, explained that he wants to be the one who changes his family's story. He said, “I wanted to be something different. I want to be able to have generational wealth where it's like, you know, once I'm gone, my kids' kids can have some and his kids' kids can have some.”

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They also discussed the importance of having open conversations about money within families – something that often doesn't happen enough. “Most of your money habits … are actually burned in like as a child, usually before the age of seven,” Tu explained. She pointed out that many people grow up with their parents telling them not to talk about money or taxes, making it a taboo subject.

But that mindset is holding people back. Rich people do talk about money – they do it at the golf course, at the country club and wherever else they can. That’s how they learn and grow. Everyone should do the same. “Why is it embarrassing when people who look like us, young people, are talking about money? It's not. Do it,” Tu insisted.

The overall message is simple: start planning for your family’s future today, no matter where you are financially. Talk about money, make smart choices and invest in things that will provide security for your loved ones.

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