Latest news:Serena Williams and Alexis Ohanian negotiated their daughter’s $7-a-week allowance: ‘Good things come when you work for it’ read more

Serena Williams and Alexis Ohanian are each millionaires — but that doesn’t mean they’re trying to raise entitled children.

Williams and Ohanian give their 7-year-old daughter Olympia a modest weekly allowance, Ohanian, 42, said in a video posted to social media platform X on April 24. “She gets $7 a week. Serena was her lawyer in the negotiation,” said Ohanian, who co-founded Reddit in 2005. “I drew up a real contract … Her mom was her counsel, which was really frustrating.”

Before receiving her payout, Olympia has to complete chores — five days per week — like feeding the dog, putting her clothes in a hamper and making her bed, Ohanian said. He and Williams want to teach their daughter the value of working for what she wants, he added.

At one point, Olympia saved up $100, and she wanted a $125 watch, said Ohanian. Closing that gap herself helped her “embrace that feeling” of work leading to reward, Ohanian said: “We’re trying to create that flywheel between doing the work and getting the money.”

Ohanian and Williams also have a 1-year-old daughter named Adira. Both parents worked from young ages: Williams, the highest-earning woman athlete of all time, made her professional tennis debut at age 14, and Ohanian was only 23 when Conde Nast acquired Reddit for $10 million in 2006.

Williams now has an estimated net worth of $340 million, according to Forbes. The publication estimated Ohanian’s net worth as $70 million, as recently as 2019. Both are currently active as startup investors, with Williams launching Serena Ventures in 2014 and Ohanian founding VC firm Seven Seven Six in 2020.