Shaquille O'Neal, better known as Shaq, has been one of the best-known and most charismatic basketball stars of the past decades. It is very common to see how many of these stars end up “crashing” financially when they finish their careers, usually due to poor financial management. However, Shaq is an exception.
In this article I will show you the success story of Shaquille O'Neal, of how he went from being a professional profligate to becoming a successful doctor in finance and businessman.
Shaq's initial waste and his turnaround
That was how long it took Shaquille O'Neal to spend his first million dollars after be chosen as No. 1 in the 1.992 draft by the Orlando Magic. Everything pointed to the fact that the expense was going to be part of her way of life and that she would be one of the long list of famous athletes who ended up bankrupt.
Luckily, it didn't take him long to change his attitude. A call from his banker made him see reason and understand the importance of saving and investing for the future. His relationship with money and finance changed radically.
Shaquille O'Neal's financial background
The first thing Shaq did was stop wasting money. He went on to invest a significant portion of his income instead of wasting it on unnecessary whims as many of his NBA teammates did.
Once his consumer drive was under control, the next thing he did was hire top-notch financial advisers to help him manage his finances. He was aware that, for the moment, he had to go to professionals to help him manage his assets.
Shaquille O'Neal, PhD in Finance
However, O'Neal was aware of the importance of financial training to get the most out of his savings. Therefore, he decided to go back to college to graduate. Once he graduated, he wanted to go further in his training by completing an MBA and a PhD in Finance.
Shaquille O'Neal's business empire today
Knowledge is important, but it is of little use if it is not put into practice. Shaq not only achieved academic success in finance, he also succeeded in applying his knowledge to his investments.
To this day, Shaq is the owner along with other partners of:
- 155 restaurants Five Guys Burgers
- 17 restaurants Auntie Annie’s Pretzels
- 150 car washes
- 40 24-hour fitness centers
- A shopping center
- A who
- Various nightclubs in Las Vegas
In addition, O'Neal earns about 22 million euros a year each year for being the image of several brands such as Arizona Creme soda, Icy Hot, Gold Bond or Buick among many others.
Shaq in Arizona Creme Soda cans
Shaq may not have been a prodigy as a student. But she understood the importance of saving and investing. Thanks to training and effort, he has become an example to follow for many athletes.
In his own words
“It doesn't matter how much money you make. It matters to you if you have enough training to maintain it "
To finish, I would like to take the opportunity to dedicate this article to my friend Juan, a true Shaq fan of life.
- Shaq spent his first million in 30 minutes when he joined the NBA
- Shaquille O’Neal Earns Doctorate Degree