Shaquille O’Neal Net Worth: Slam Dunk
Shaquille O’Neal is a retired professional basketball player who has learned and adopted some of the strategies used by financially successful people. At the age of 50, he not only continues to practice money management but also learns ways to create wealth. Today, Shaquille O’Neal’s net worth is estimated at around $450 million, with the entrepreneur earning from endorsements and a host of business endeavors. There is something that every consumer can learn from this retired basketball player.
Since the early 1980s, the wealthiest people in the US have tripled their wealth while the bottom 60% has seen a decline in their share of wealth. With such statistics, it is clear that there is a significant difference between how high net worth individuals and the rest of the country handle their financial matters. Anyone keen on achieving both their financial goals and financial independence should consider taking time to learn what sets individuals with the biggest net worth apart. The good news is that a number of simple strategies and money management skills can influence where one lands among the wealth statistics in the country.
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Shaquille O’Neal’s Life
Although Shaquille joined Louisiana State University after high school to study business, he dropped out in 1992. This is after his basketball skills had earned him the name ‘College Player of the Year.’ The period after dropping out would mark the beginning of his professional career in the NBA.
During the 1992 NBA draft, Orlando Magic picked Shaquille, who within a week had earned the player of the week title. His brilliant basketball skills saw him play for his country in the Olympics where he led the team to win the gold medal. In 2000, Shaquille was named the most valuable player of the NBA. He would later be signed by and play for the Los Angeles Lakers, Miami Heat, Phoenix Suns and lastly the Cleveland Cavaliers. In 2011, Shaquille finally announced his retirement after playing for about 19 years.
An Attempt in Music
For Shaquille O’Neal’s net worth to get to where it is today, the retired basketball player had tried to launch a career in music and acting without much success. Shaquille composed a total of five albums, with some of them receiving negative reactions and others recording moderate success. Although the fifth album was meant to be released in 2001, this never happened. Similarly, some of the movies in which Shaquille played a role received mixed reactions. After retirement, he appeared in a number of movies.
Basketball – a Better Choice
During his professional basketball career, his amazing skills in basketball earned him numerous awards and accolades. However, Shaquille O’Neal’s life as a professional basketball player had ups and downs. While most people know him for the successes he achieved, he is no stranger to disappointments and losses. Indeed, this is what has been the story of most of the individuals with the biggest net worth.
In a recent interview, Shaquille revealed that he acquired a simple investing strategy from the world’s richest man. Shaquille says he heard Bezos saying that he makes investments based on whether it is going to change people’s lives. He goes on to say that once he started using the strategy, he thinks his net worth may have quadrupled.
The retired basketball star has been investing the money he earned during his 19-year career in different business ventures. There is no doubt that he not only understood net worth meaning but also knew the strategy would help him bring Shaquille O’Neal’s net worth to where it stands today.
Shaquille O’Neal’s Net Worth – Investments
It is estimated that about 60% of former NBA players go broke within five years of retirement. While such reports may be shocking, this is one of the reasons why Shaquille is considered a good investor. Below are some of the business ventures in which he has invested money.
With a diversified investment portfolio, Shaquille has investments in Google, 17 Auntie Anne’s Pretzels restaurants, 150 car washes, 155 Five Guys Burgers and Fries franchises, 40 fitness gyms, nightclubs, and a movie theatre. The retired basketball player is also said to have interests in real estate, the auto industry as well as consumer products. In addition to these investments, Shaquille also earns from endorsements and advertising, with some sources indicating that he earns more from endorsements than he did during his active years as a professional basketball player.
Shaquille’s Money Management Skills
Money management is at the heart of creating and maintaining wealth. Money management is a strategic technique that, for any amount spent, aims at ensuring that money yields the highest interest-output value. The process entails tracking expenses, investing money, budgeting, evaluating taxes, and saving money. This is what Shaquille has been doing over time.
Shaquille O’Neal’s net worth is an indication of what one can achieve with proper money management habits. With the money he had earned from his career, Shaquille had to identify areas to invest in and the strategy to use.
Shaquille O’Neil Crazy Expenses
Considering his reputation and net worth, Shaquille lives a luxurious life by any standards. The professional basketball player turned businessman took some time before he knew how to handle his money properly and invest it wisely. Here are some of his huge purchases.
Shaq joined Orlando Magic at a very young age, becoming a rich man on joining the team. When he earned his first million, he spent the whole amount in a single day. Shaquille bought himself a Mercedes worth $150,000. When his dad asked him for one too, he went back to the dealership and bought another one. His mother also asked for a similar car, and Shaq ended up spending roughly half a million dollars on the three cars.
The very same day, he bought diamonds, rings, TVs and paid off the family’s house. The next day, he received a call from his bank manager who let him know that he had a debt of $50,000. The bank manager proceeded to warn him against spending money in such a manner. Luckily, Shaquille would learn from the conversation and hire a business manager.
The Golden Age For Shaquille
During the height of his career, Shaquille was earning more than $20 million annually from his salary alone.
Today, in 2023, he spends most of his money on mortgages, babysitters, gas, clothes, maid service and food.
Shaquille also spends huge sums of money on homes, electronics, and vacations. When he was 21 years old, he bought a 13-bedroom house. It was $4 million, and he would later sell in 2018 for $28 million. However, some of his real estate investments have been far from extravagant. For instance, he bought a five-bedroom home for $235,000 and in 2018 bought another house worth $1.8 million.
When it comes to electronics, Shaq says he spends $1,000 weekly on apps and around $110,000 monthly on leisure trips.
Practicing basic money management habits consistently over a period of time will contribute to a healthy financial life. While not everyone strives to reach Shaq’s net worth, proper management of money will help to avoid unnecessary stress and pressures.
Shaquille posing with his trophies
Image source: abc7news.com
Charity Work And Events
After spending $1 million in an hour, the call he received from his bank manager served as a wake-up call. Shaquille realized that he had to be more careful and get his spending on track. While he may not have known it at the time, he decided to practice good money and good debt management. The decision would play a crucial role in helping to build Shaquille O’Neal’s net worth.
Today, while he may live a luxurious life, Shaquille does a lot of social work. He supports numerous charities including Be The Match, Boys & Girls Clubs of America, Centre ValBio, Free The Children, Kids Wish Network, PeyBack Foundation, and Phoenix House. Shaq also supports various causes such as addiction, conservation, health grief support, animals, and disadvantaged youths.
Shaquille’s story is a lesson to consumers that they should control spending as one of the ways to avoid, reduce, and eliminate debt.
Final Thoughts
Shaquille O’Neal’s net worth has taken time to build. Today, consumers can start their journey by using personal finance apps such as Joy, EveryDollar, CreditKarma, GasBuddy, Dosh, and Trim to manage their finances better.
In summary, Shaq’s life teaches people the importance of financial literacy, the need to convert high income into income-producing assets, and the importance of practicing relative frugality. Those who create wealth should also give back and be thankful always.
It is important to note that building wealth comparable to Shaquille O’Neal’s net worth requires some form of financial education. Financial literacy empowers consumers to make decisions that lead to a stable and secure future.