Don Johnson’s five children are able to “stay on the payroll” under one condition

Don Johnson cut his daughter Dakota Johnson off as a late teen.

The Knives Out star, 71, who has five children – Dakota, 31, Jesse, 38, Grace, 21, Jasper, 18, and Deacon, 14 – from various relationships revealed all of them have the option to be financially helped under one condition.

"We have a rule in the family that, you know, if you stay in school, you get to stay on the payroll. So, you go to college, you get to stay on the payroll," Don explained on Late Night with Seth Meyers

For more on Don Johnson, listen below to the episode of PEOPLE Every Day.

He continued, "Toward the end of high school, I went to [Dakota] and I said, 'So, do you want to go visit some colleges?' Or something like that. And she was like, 'Oh, no. I'm not going to college.'" 

Dakota and Don Johnson
Credit: Donato Sardella/Getty Images

"I went, 'OK, you know what that means? You won't be on the payroll anymore,'" the actor recalled. He went on to ask Dakota how she was "going to manage."

Dakota responded, "Don't you worry about it" and when Don asked for details, she wouldn't offer up any. 

Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.

The father-of-five then proudly shared that the actress was cast in The Social Network three weeks after their conversation.

"And the rest is, shall we say, cinema history," Don said.

RELATED VIDEO: Melanie Griffith Loves Dakota Johnson's Boyfriend Chris Martin: 'They're an Awesome Couple'

The Django Unchained actor was also asked if he's ever given his daughter acting advice to which he said, "She doesn't need any advice from me."

"She doesn't really call me for advice," Johnson added. "She calls me to say, 'Gosh, I would see you, but I've got three pictures that I'm shooting at the same time.'"