Shaquille O’Neal was one of the great players in the history of the NBA, with steps through the Orlando Magic, the Los Angeles Lakers, the Miami Heat, the Phoenix Suns, the Cleveland Cavaliers and the Boston Celtis. The pivot conquered four NBA rings and a true fortune during his 19 years of professionalism.
Today he is a great investor and managed to triple the money he generated as athletes from his contracts with teams and sponsors. But, as it emerged in an interview with Daymond John, it could all have ended in the worst way had it not been for some advice from his bank manager when he started his career and was in charge of his accounts.
“After signing my first sponsorship agreement, I I spent a million dollars on in an hour“, said the former basketball player and explained that this sum was divided between various luxury cars, jewelry, and a trip to Las Vegas. After seeing his excessive expenses, it was the bank employee who advised him and explained that he’d end up broke if he kept spending “like crazy” because it didn’t take into account things like income tax and other tax issues.
That advice led him to become aware of the importance of being smart about your finances and spending. With 400 million dollars, the champion with the Lakers is the fifth richest basketball player, behind LeBron James (440 million), Magic Johnson (600 million), Junior Bridgeman (600 million) and Michael Jordan (1,500 million).