There are many examples of NBA athletes losing all of their wealth after becoming millionaires. NBA players need long-term financial models to sustain their wealth. Shaquille O’Neal has been a pioneer of this long-term approach since his Los Angeles Lakers days in the late 1990s.
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During an appearance on The Pat McAfee Show, Shaq delved on his work ethic while promoting his new product “Shaqalicious XL Gummies”.
McAfee pointed to Shaq’s busy business schedule and wondered how he makes time for all his business ventures. Shaq credited his team of financial advisors for keeping him in the loop of it all.
Then he highlighted the role of his stepfather Sergeant Phillip Harrison, who had told him many cautionary tales about professional athletes going broke after their playing career was done. Shaq realized that if he were to sustain his wealth then he must work hard to ensure that his family don’t fall on hard times.
He told Pat McAfee,
“Growing up, my father was a drill sergeant. He used a lot of negative stories to motivate me and the story that upset that made him upset the most is that 65 to 70% of all professional athletes, three to five years after they are done playing have nothing. I was the one that got my family into the new situation we were in and I want to keep us there.”
The thought of going into a rich neighborhood and asking his mom to pick any property she likes is what drives Shaq to work hard. He never wants his family to fall on hard times.
Shaq’s upbringing played a major role in making him a tireless worker. He has now built a huge business empire because he was always among big-shot financial moguls since his early NBA career.
Shaquille O’Neal benefited immensely after moving to LA
Magic Johnson advised Shaq to focus on personal branding when the latter was just beginning his NBA career. Therefore, since his early days, Shaq collaborated with many companies to build products under his name which increased his presence in the market.
After moving to LA in 1996, he became involved with major financial experts. As a result, he was one of the earliest investors in Google. But that was just the beginning of his investments.
Since he places a lot of faith in novel technologies, he invested heavily in companies such as Lyft, Apple, and Ring. Additionally, he ensured shares in various commercial avenues.
He reportedly has stakes in 40 24 Hour Fitness Gyms, 150 car washes, and some Krispy Kreme restaurants, apart from many other ventures.
