Gilbert Arenas Is Rolling in Cash and Hiding it From His Baby Mama

Gilbert Arenas says he's NOT REALLY struggling financially -- despite what he said in court docs -- claiming he's still extremely loaded and hiding his fortune from his baby mama.

We broke the story ... Gilbert filed court docs in his family law case saying his $111 million NBA contract pays out on Oct. 31st -- and once that day comes, he won't be able to afford to pay for his kids' expensive private school.

In the docs, Gilbert makes it very clear he'll be living on interest from previous investments -- and not rollin' like a $160 MILLION baller.

But after TMZ Sports posted the story ... Gilbert posted a video of his own -- showing off his kids messing around with thousands of dollars in cash and bragging that he's "hiding" it from his baby mama, Laura Govan.

Gilbert also shows off his kids' safety deposit boxes and says they're "gold digger proof."

He also says if Laura is insistent on sending the kids to school she better start "selling that p**sy."

#StayClassy