NBA legend Shaquille O’Neal is known for advising young players to save rather than spend lavishly. However, he was not always this wise on finance.
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4 times NBA Champion, Shaquille O’Neal is easily one of the wealthiest ex-NBA players. He made about $285 million during his career. But now, after 10 years since retirement, his net worth is estimated at over $400 million.
But nobody would have anticipated if they would have considered his insane expenses in his rookie season. After getting drafted by the Orlando Magic in 1992, Shaq got $1 million for endorsing a trading card company.
Shaq went shopping like a kid in a candy shop. Considering Shaq’s childhood, when he didn’t even have money to buy basketball shoes for his size, it’s normal to behave like that.
Shaq wasted no time in spending almost half of that money in a day. He ended up buying three cars that day. One for himself and another for his father, for $150,000 each. Then a $100,000 car for his mother.
“Who the f**k is FICA?” : A surprised Shaquille O’Neal while reading his bank statement
What many people don’t realise is that players don’t get all the money they are signed for. First off, they have to pay a good amount in taxes. After that, their agents will have a cut in that too.
Shaq had no idea about FICA (U.S. federal payroll tax) before his rookie season. While looking at his balance sheet he said ” Who the f**k is FICA?”. Learning from his rookie mistakes, Shaq has saved a lot and made a lot of money through investments, endorsements and shows.
But from time to time, his expenses can give the general public a headspin. Like one time when Shaq gifted his son (Shareef) 2 cars on his 16th birthday, one of them was a Lamborgini.
But Shaq gives priority to education more than people expect. He himself has a doctoral degree in organizational learning and leadership with a specialization in human resource development from Barry University. And he wants all his kids to have at least 2 degrees before earning.
