Shaquille O’Neal is perhaps one of the most popular basketball players ever. Many know Shaq for his successful career at NBA but also for his numerous appearings in movies, video games, television, and music. Shaq also recorded a few studio albums that received lukewarm receptions and appeared in the movie Kazaam, as the main role. Aside from his basketball career, Shaq is a very successful businessman and because of his all-aroundness, Shaq possesses a gigantic net worth. Shaq wasn’t always smart with his money, so he could end up wasting all of his savings.
If this happened, Shaq probably would be a millionaire, like he is now. Still, we don’t blame Shaq for doing what he did because he became an NBA superstar quickly and had to control his overwhelming wealth. Since learning his lessons, Shaq could teach you a thing or two about handling your money.
Shaq’s Money Wasting Period
As mentioned above, Shaq took quite a bit of time to learn how to manage his million-dollar salary. His first basketball contract was signed at the age of 20, where he wasted over a million dollars in just an hour but not because he was arrogant. In fact, it was quite the opposite! Shaq wanted to buy new cars for his mom and dad, thus he purchased a brand new Mercedes Benz for $150,000 for his dad and himself. Of course, mom also had to get one, so he spent additional money for her car. At that time, Shaq thought that this money would always be there, so he went on and started living luxuriously.
Who knows what could’ve happened if his NBA career didn’t succeed. Shaq wouldn’t even be close to what he is today. Although he wasn’t smart with the money, the fact that he thought that this money would always be there, says it all. The money is still there and Shaq learned his lesson. Today, he says that he spends roughly 25 percent of his income. Given how high his income is, there’s still place for Mercedes Benz, expensive jewelry, and everything he wants to buy.
Shaq’s NBA Career
Being born in 1972 in Newark, New Jersey, Shaq started to exploit his basketball talents pretty quickly. In high school, Shaq started to gain a lot of attention from the basketball team, due to his amazing talent. In his last high school year, he contributed to his high school team to participate in the state championship. After that, Shaq went to Lousiana State Unversity, where he also shined, becoming a two-time SEC player, as well as two-time All American. In 1991, Shaq received a trophy for the NCAA basketball player of the year.
His success in 1991 was just a springboard for what came next. Not long after, in 1992, Shaq was prompted to join the Orlando Magic, thus becoming their first overall pick. In 1993, Shaq was named the rookie of the year and was voted an All-Star starter which no one after Michael Jordan succeeded. Orlando Magic saw their first playoff series in the second season, thanks to Shaq, and in the following years, the team made it to the finals, where they lost to Houston Rockets.
Shaq’s success quickly went up and he quickly became a superstar. This made him try other careers as well, so in that period, he appeared in two films – Kazamm and Blue Chips. In 1996, Shaq played with the Olympic basketball team, where they struck gold. During this time, Shaq said that he planned to join the Los Angeles Lakers, a legendary team where Lebron James played afterward. This was a 7-year contract worth $121 million, which Shaq gladly accepted. In 2000, Shaq won the NBA championship with Los Angeles Lakers. Thanks to Shaq superb playstyle, the Lakers won the title two years in a row, accompanied by the initial win. When the contract with the Lakers expired, Shaq signed a 5-year contract with the Miami Heat in 2005. This contract was worth $100 million.
After that, he played for Phoenix Suns from 2008 to 2009, Cleveland Cavaliers from 2009 to 2010, and finished his career in Boston Celtics, during the 2010-2011 season.
Shaq’s money-spending Habits
Shaq explained to the Wall Street Journal that he received amazing financial advice from one man. That advice, as Shaq says, changed the way he looked at the money. The man used a piece of paper and said that the paper represents $100. He ripped the paper in half and said to him that smart people invest $50 and they’re left with $50. After that, he said that wealthy people put away the other $50, which Shaq started implementing.
Soon after that, Shaq started living as he lives now. He’s investing or saving 75 percent of his income and only 25 percent are for the living. He’s known as a skilled investor, where he made a successful career. His early investments in Apple and Google made him millions. Aside from that, he’s an owner of numerous restaurants, car washes, and gyms.
Shaq Net Worth
Shaq’s net worth is estimated at $400 million. Despite his retirement from the NBA in 2011, Shaq still makes a lot of money per year, with an approximated annual salary of $60 million, coming from endorsement deals and his investments. Shaq showed us that investing your money wisely can lead you to huge earnings and on top of that, he shared a bit of his wisdom, saying that the money isn’t going to last forever, alluding that you need to invest and save it. Because of his successful businesses, Shaq won’t have to work ever again, and could still live a luxurious lifestyle. He fulfilled everyone’s dream.