Shaquille O’Neal has established himself as one of the most successful athletes in North American sporting history in terms of on-court accomplishments and off-court activities. Aside from being an MVP a Finals MVP and a 4x champion, Shaq has a net worth of $400 million.
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Everything from timely investments to a bevy of endorsements, ‘The Big Aristotle’ made sure he was getting as much passive income as he could. Whether it was through car washes of fitness centers, O’Neal understood the value of investing in businesses that the common man uses on daily/weekly basis.
This is knowledge that he’s accumulated over the decades. When he was coming into the NBA however, the LSU alum wasn’t all too financially savvy. In fact, he would go on to spend a whopping $1 million in a single day before even getting drafted into the league.
Also read: 325 Lbs ‘Shredded’ Shaquille O’Neal Posts Concerning Leg Workout Video, Fans Fear Painful Injury
Shaquille O’Neal had to put his trust in a Jewish financial advisor after spending $1 million in one day
Shaquille O’Neal was paid $1 million for an endorsement deal before getting drafted in 1992. With this new found wealth, he went to the car dealership and bought 3 Mercedes cars, with their total cost coming up to about $500,000.
Most would think they have another half a million left. However, these same people forget about a little pesky thorn in their side called ‘tax’. He was taxed close to 40% on that $1 million and with that $100,000 or so he had left, he bought himself expensive apparel.
After getting a call from the bank that he was ‘$80,000 in the hole’, he knew he had to switch things up. He sought after a financial advisor. In the end, he settled on a Jewish man who brought up savings bonds. Fast-forward to today and he considers this man to be a father-figure of sorts for him.
The reasoning behind him going after this man in particular was the fact that the other guys were giving him deals that were ‘too good to be true’. Everything from quick cash making schemes to promising his $40 million will somehow turn into $200 million in no time.
What sort of financial advice does Shaq have?
Shaquille O’Neal has always preached that if you have $100, tear it in half. Save the 50 and do whatever you want with the other 50. He would go a step further and say that the really smart people tear the ‘spendable’ 50 into half as well and save another 25 and then go about with their life with the remaining quarter.
When it comes to investments, his strategy is incredibly simply in that he needs to believe in the product/service. Nothing more. If he doesn’t understand it, he won’t invest in it, hence his aversion towards the cryptocurrency investment game.
