Will Smith and his youngest son Jaden, 10, appeared in the 2006 film The Pursuit of Happyness together as father and son. Mom Jada Pinkett Smith told Moviefone that she had a serious talk with her husband about whether her children should pursue show business. She said that she was supportive from the beginning but asked Will if he was fully ok with it because she knew Jaden would be successful:

You know, I was actually really OK with it because my kids were born into this. It’s really something they see as a family business. Like, “You guys do it, so we feel like it’s something we should be doing too. And we’re pretty good at it, so I think we’re gonna rock with this for a little while, Mom, until something changes.” When Jaden told his father, “I can do that,” I pulled Will aside and said, “Look. Don’t have him audition if you’re not really considering possibly having him do this. Because you’re not gonna find anyone who’s going to give you what he’s going to give you. I’m just telling you that.” Will was like, “Oh, OK …” [Laughs] And he went in and blew everybody away and Will was like, “Oh my god, this is real.” And I said, “I told you.”

[From Moviefone]

Jada also says she doesn’t give her kids an allowance and has them use their own money when they want to buy things for themselves. She says it teaches them the value of money. Her daughter Willow, 8, was in I Am Legend in 2007 with dad Will and also appeared in Kit Kittredge: An American Girl, which was out in July.

Now that Jaden is set to appear as the star in a remake of The Karate Kid, he seems to have cemented his status as an up and coming young actor:

Columbia Pictures is back in the dojo with a new version of the 1984 hit “The Karate Kid,” which has been refashioned as a star vehicle for Jaden Smith.

The film will be produced by Jerry Weintraub (who launched the original franchise) and Overbrook Entertainment’s James Lassiter, Will Smith and Ken Stovitz. Will Smith, who is the 10-year-old actor’s father, co-starred alongside Jaden in his feature debut, “The Pursuit of Happyness,” which Overbrook and Escape Artists produced for Columbia.

The script is being written by Chris Murphy, and the film will shoot next year in Beijing and other cities. While the new film will be set in that exotic locale, it will borrow elements of the original plot, wherein a bullied youth learns to stand up for himself with the help of an eccentric mentor.

China Film Group Corp. will co-produce in China.

The younger Smith, who next stars in “The Day the Earth Stood Still,” is a martial arts practitioner.

[From Variety]

In the interview quoted earlier, Jada also addressed criticism that her kids may be growing up too fast by getting into showbusiness at such young ages. It seems like a valid question especially now that the news is out that Jaden is about to star in a movie at the ripe age of 10.

Q: Do you ever feel like they’re growing up too fast?

Well, my humble opinion — and it’s a very humble opinion because all kids are different and parents always have to be able to recognize what their kids need — but if there’s something that kids can do to work and actually feel like they’re participating and providing for the family in some way, there is nothing better for a child’s self-value. I’ve just watched it — I think part of that is what keeps them on Earth. They feel like they’re real participants, and contributing to their own lives and really doing things that they can be proud of, that they own.

[From Variety]

I gained some respect for Jada reading that, and hope that she’s right about her kids and that they’ll remain down to earth. Little Willow has been quoted talking about herself in the third person, and she and Jaden even wore sunglasses on the red carpet at the Kit Kittredge premiere, although Jaden took his off at one point. Maybe Jada keeps it more under control than her kids make it seem, and I would bet she’s the type of mom that picks her battles. Jaden’s star is about to get a lot brighter and he’ll need some guidance from his very famous parents.

Update: There’s a lot of interest in how Jada gives the children access to their money. She says she manages her children’s money for them and gives them an allowance from their earnings. Here’s that part of the interview:

11. Do you think they really understand it all yet?

I’ve watched them really blossom, and I tell you what — them working gives them more appreciation for what we do. They get it! When mommy and daddy are out on the set, they know what that means and what it is. And they’re making their own money, so they’re very like, “Uh-uh, I’m not gonna buy that!” [Laughs] They’re very responsible how they spend their own money. They know what it means to work hard for something, which is fantastic. They have to utilize their own money for their special things, which is great for me.

12. Will and Jada don’t give their kids allowances?

Heck, no! [Laughs] Guess what? They make their own money! They get a certain amount of money from their own money. How about that? Allowance from their own money. [Laughs] For me, this is not just about, “Ooh, you’re doing movies!” While we’re doing this, you’re gonna be learning about life. When you work and you spend money, money goes away. So you better be really clear on what you’re spending and why. And let me tell you, they don’t spend. They are like, “OK, let me think on this. Do I really want that?” [Laughs] But if I’m buying it, it’s like, “I have to have it!” [Laughs]

Will Smith and Jaden are shown at the Madagascar: Escape 2 Africa premiere on 10/26/08. The whole family including Jada, Jaden, Willow and Trey are shown at the Hancock premiere on 6/30/08. Willow and Jaden are also seen with their mom at the Kit Kitteredge premiere on 6/19/08. Credit: WENN