Shaquille O’Neal is known for living an extravagant lifestyle, ever since his playing days. But unlike the public perception that O’Neal holds, things didn’t quite begin like that for the Big Fella, even after making it into the NBA. In his biography, Shaq Uncut, O’Neal revealed that he spent his rookie year living a rather ‘frugal’ life.
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Talking about the summer of his rookie year, Shaq recalled,
” I handled things a little differently than the other top picks. A lot of them had expensive cars and multiple houses right away. The first summer after I got drafted, Dennis Tracey and I lived in Oakwood Apartments on Sepulveda in Los Angeles.”
What many may have forgotten is that Shaquille O’Neal went first overall( 1992 draft), instantly landing him a $3 million deal for his first year, making him more than capable of balling out. But O’Neal was most probably guided to make sounder financial decisions by his step-father Sgt. Phillip Harrison.
Surprisingly, Shaq didn’t even own a car when he made it into the NBA. O’Neal’s Assistant Dennis Tracey had a Volvo, and it was a rented vehicle. Both Shaq and Tracey used the car, often taking turns using the vehicle, as they navigated through a busy LA life. Shaq often had practice runs at the UCLA gyms during that summer, rubbing shoulders with giants such as Magic Johnson and Mitchell Butler.
Shaquille O’Neal had a spending problem
Shaquille O’Neal might have been disciplined with his money as he entered the league, but that wouldn’t hold for too long. After signing his first endorsement deal for $1 million, he went on an epic spending spree, leading to his bank manager checking in on him.
O’Neal blew through his $1 million in less than a day. The Big Aristotle always wanted a Mercedes, and he made sure he bought himself one, as soon as he could. His first purchase came with a hefty price tag of $150,00,000. But as soon as O’Neal made it home, both his mother and father wanted a Mercedes of their own.
Before he knew it, Shaq had already blown through his entire paycheck, and he didn’t even pay his taxes. Shaq would soon realize that he needed help with his finances, revealing to the media,
” I was buying TVs. I was just buying stuff I didn’t even need. So after that, I said, “You know what? I need to get me a business manager.”….Luckily, I had a lot of hard lessons early, but I’m the type of guy that – I don’t like to miss two shots in a row, even if it’s a free throw.”
Eventually, Shaq managed his money well and today he has a net worth of more than $400 million, which makes him one of the richest NBA athletes.
