Shaquille O’Neal earned nearly $300 million from his playing days in the NBA, but the Hall of Fame center has ensured his fortune hasn’t dwindled in the years since. Shaq once opened up on how he built his business empire, which eventually helped grow his net worth to an estimated $400 million.
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O’Neal revealed it wasn’t an easy process in the beginning. He shared how he failed in every investment during his first eight to ten years because he failed to do due diligence on what he was signing with.
The former MVP was simply too eager to get richer anyway he could, resulting in some poor decision-making that he admitted was a mistake.
“As a poor kid, you dream of being rich. And one day, I became rich. And what do you do when you grow rich? You want to become richer? So, anybody could bring me anything, and I wouldn’t do due diligence. I was like “let’s do it”. And that wasn’t the right process,” O’Neal explained.
It took time before Shaq learned how to properly work out his business details. Eventually, building his empire became no challenge at all. He explained that starting in the world of business before beginning his investments taught him a valuable lesson about listening before making huge financial commitments.
“My answer may surprise you,” Shaq said regarding his financial success. “It’s been no challenge at all. Let me tell you why. I’m a great listener. Always been a great listener. You know, before getting into the investment world, I learned about business. I understand business.”
His burning desire to build generational wealth kept him from falling into the same fate as so many other former professional athletes. He shared how listening to his parents and mentors kept him on the right track, despite the trials and tribulations he faced in the league. It’s interesting to see how different Shaq’s TV persona and his business mottos are.
O’Neal has a strong support system that kept him on the right track, encouraging him to use his money in the right places. But, Shaq also opened up on the one encounter that changed his investments forever.
Shaq’s meeting with Jeff Bezos changed his outlook on investing
O’Neal admitted that a meeting with Jeff Bezos changed how he looked at his investments. Rather than jump on any opportunity that came his way, Shaq began to heed Bezos’ advice, becoming pickier with his investments.
“And with all the [business ventures] going fully online, [Bezos] explained what the future holds.” Shaq said. “And he said that he invests in things that are going to change people’s lives. And I said, you know what, I’m gonna start doing that. And when I did that, every time I invest in something, it works.”
Shaq was able to achieve immense financial success by listening to Bezos, who obviously has a great amount of investing experience, himself. Now, at 53-years-old, O’Neal is in some of the best financial shape of most NBA retirees.
