The $7-a-week allowance for Serena Williams and Alexis Ohanian's daughter was a negotiated lesson: "Good things come when you work for it.”
Serena Williams and Alexis Ohanian, the power couple behind the tennis superstar and Reddit co-founder, are taking a unique approach to raising their 7-year-old daughter Olympia. In a recent video posted to social media, Ohanian revealed that he and Williams have instilled a sense of financial literacy in their young daughter by giving her a modest weekly allowance of $7. But, there's a catch. Olympia has to earn her keep by completing five days' worth of chores each week, such as feeding the dog, putting her clothes in a hamper, and making her bed. It's a lesson in hard work and responsibility that Ohanian and Williams believe will serve Olympia well in the long run. The idea is to teach Olympia that good things come from working for them. Ohanian shared an example of when Olympia saved up $100 and wanted a $125 watch. By closing that gap herself, she learned the value of perseverance and the satisfaction that comes from earning something through her own efforts. As parents who have achieved great success at a young age, Ohanian and Williams are acutely aware of the importance of teaching their children the value of money. According to parenting expert Margot Machol Bisnow, who interviewed the parents of 70 highly successful adults for her book "Raising an Entrepreneur," teaching children about financial literacy at a young age is a key component of setting them up for success. Bisnow recommends using physical cash to make purchases when children are around, as it helps them understand the value of a dollar more effectively. Mellody Hobson, co-CEO of Ariel Investments, agrees, stating that swiping a credit card or tapping a phone against a screen doesn't convey the value of money as well as paper money or coins. By giving Olympia a modest allowance and encouraging her to earn it through hard work and responsibility, Ohanian and Williams are teaching her a valuable lesson that will serve her well throughout her life. As Ohanian puts it, "Good things come when you work for it."
