Shaquille O’Neal remains one of the most iconic NBA players, even a decade after his retirement, embodying the essence of the league. With an estimated net worth in the half-billion-dollar range, his financial success reflects his enduring influence.
However, Shaq’s journey from humble beginnings to luxury wasn’t always seamless. Before the fame and fortune, “Big Diesel” wasn’t accustomed to private jets and flashy cars. Moreover, he was initially unaware of the intricacies of the US tax system and the significant portion of his salary destined for the government.
Making the classic rookie mistake, Shaq, after being drafted as the No. 1 pick and signing his first NBA contract, was eager to share the newfound wealth with his family. Like many young players, he splurged on new cars for himself and his parents, forgetting the sage advice given to rookies: don’t spend all your money at once.
“I spent a million dollars in 30 minutes, my first million-dollar check; I thought it was a million dollars. I bought a Mercedes Benz for myself for $150,000,” Shaq recounted. “I get home, and my dad is like, I like that car, and I was like, you know what, get in; went in and bought him the same car, so now that’s $300,000. We come home, and I can’t leave my momma, and I get her one for $100,000. You know I had to get the jewelry and the sound system.”
Following his lavish spending spree, Shaq received a call familiar to many NBA players in their early careers.
“I get a call from a bank manager the next day,” recounted Big Diesel. “He says, ‘Shaq, I know your father talked to you about this, athletes going broke,’ and he pulls out the bank statement. The first thing I asked the bank manager was, ‘Who the f**k is FICA? FICA took $200,000 of my check, who the f**k is FICA!'”
The bank manager’s wake-up call prompted Shaq to reassess his financial habits and adopt a new perspective on money. This, combined with his exceptional on-court skills, enabled him to build a career that ensured financial stability. Coupled with his astute business decisions, Shaq became one of the wealthiest NBA players, serving today as a prime example for young athletes on how to manage their finances.
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