Sylvester Stallone Says Putting Work Ahead of Family Was 'Tragic Mistake' That 'Won't Happen Again'

Sylvester Stallone has reassessed his priorities.

In a new cover story for The Hollywood Reporter, the Rocky actor, 76, discussed making a reality series with his family and whether his recent reconciliation with wife Jennifer Flavin will be included in the show.

"Of course it's part of the show," said Stallone. "It's the John Lennon thing: 'Life is what happens when you're making other plans.' Hopefully you're involved with people who understand the foibles of life and the fragility of it and how rare a real good relationship is."

"Sometimes I put the work ahead of [my family], and that is a tragic mistake which won't happen again," he added.

The actor explained to THR that he feels "as though I wasted a lot of time" in his career and "now I realize there are only so many bullets left in the gun."

RELATED: Sylvester Stallone Calls Nearly Getting Divorced from Jennifer Flavin His 'Reawakening'

Stefanie Keenan/Getty

Never miss a story — sign up for PEOPLE's free weekly newsletter to get the biggest news of the week delivered to your inbox every Friday.

"When you're young, you're just haphazardly shooting wildly and hope you hit something. Now you don't have the luxury of missing — especially with the family and the kids. I find that to be my biggest regret," said Stallone. "Everyone goes, 'I wish I'd shown love more,' or 'I wish I'd spent more time with the kids.' I'm riding that boat. That's one of the reasons I wanted to do the reality show that I've been taking a lot of s— for."

He added of the reality show, "This is a chance where I'm going to be with my kids under a work condition where they get to see me in action and I get to see them in action. What you will see is the real truth. This is a great opportunity."

Amy Sussman/Getty

Stallone shares daughters Sophia, 26, Sistine, 24, and Scarlet, 20, with Flavin, 54. He is also a dad to son Seargeoh from his previous marriage to Sasha Czack. His oldest son Sage, whom he shares with Czack, died in 2012.

The Tulsa King star told the Sunday Times last month, "I didn't pay enough attention when they were growing up. I was so career-oriented, and now I go, 'Okay, I don't have that much runway up ahead, and I want to start asking them about their lives.' "

"I ask them about their day, and they started at first a little monosyllabic," he said. "Then I heard one say, 'I was just thinking about you.' Oh, my God. I've never heard that before in my life. When a daughter knows you care, she's there forever."

When Flavin filed for divorce from Stallone in August, Stallone said in a statement they were "amicably and privately addressing these personal issues," before PEOPLE confirmed in September that Flavin and Stallone reconciled.