Shaquille O’Neal has achieved a lot of success on the basketball floor, but his total net worth of $400,000,000 is a result of smart business decisions and timely investments. His earnings of $292,000,000 from his stint as an NBA player are only a part of his total net worth. So how does Shaq manage his business? In ‘The Jordan Harbinger Show‘, the big fellow talks about a specific rule that has helped him keep focus when it comes to business.
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O’Neal has done it all in a single lifetime. From playing professional sports to acting, DJ, being a sports analyst, recording podcasts, co-authoring books, and the list goes on. He believes in the famous quote from former US President – General Eisenhower, which talks about great leaders surrounding themselves with people smarter than them. Shaq has also built himself an entourage using the same principle.
Shaquille O’Neal talks about the rule that keeps him focused
In 2022, Shaquille O’Neal appeared on ‘The Jordan Harbinger Show’ to talk about a plethora of topics and share personal anecdotes. In particular, Shaq talked about an 80/20 rule that helped him keep focus. According to him, he has fun 80% of the time and is only serious for 20% of the remaining time. Here is what he said during his appearance on the John Harbinger Show:
“I am 80/20. I am 80% humourous and 20% serious. It’s good that 3 people on my panel handle 90% of my business affairs. They are the left side of my brain. So I let them do all the intelligent thinking and they have conversations. I help them make a decision at the end. If I had to do it all by myself, I would go crazy.”
As stipulated by General Eisenhower, Shaq employed three key people to help him manage and run his business. This could be endorsements, financial investments, investments in technology, or his fast food franchises. Shaq trusts them to help him keep his money safe and growing. As of date, the strategy seems to be working well for the NBA superstar.
Shaquille O’Neal smartly avoids paying taxes
An important part of managing your wealth is handling your taxes. As they take away a chunk of your earnings, it is imperative to save as much as possible by utilizing government exemptions. Shaquille O’Neal has saved over $1,250,000 in taxes by incorporating his father and mother in his business.
After starting his own business, Shaq smartly employed his mother and father by putting them under his payroll. He paid them hefty salaries of over $500,000 and gave them office space and a car. This helped him transfer some of his tax liability to his family. Instead of paying the IRS, Shaq was paying his parents.
