Shaquille O’Neal Shares How He Was Able To Beat The Statistic That 65% Of NBA Players Go Broke Following Retirement & Amass A $450 Million Net Worth: I Had To Learn About Financial Literacy
Shaquille “Shaq” O’Neal is opening up about financial literacy, the business world, investing, and how he was able to remain successful years after retiring!
During a recent interview, Shaquille O’Neal, 50, spoke about the importance of investing in different businesses and how he’s been able to achieve success and wealth long after retiring from the game of basketball.
Statistics show that roughly 60-65% of NBA players go broke within the first five years of retirement. An average NBA player earned approximately $8 million for the 2021-2022 season. Given that their career in the NBA lasts for at least 4-5 years, their approximate earnings would be around $30 million – $40 million.
During the interview, the host asked Shaq why he wasn’t one of the 65% of NBA players who end up broke. He replied,
“Because if I do that, the big house that I bought my mother, she loses it. And I can’t have that.”
“I had to learn about financial literacy. I had to take what I learned from basketball and apply the teamwork structure to my business.”
In the interview, Shaq revealed the many steps he follows before signing a new business deal. He said that the proposal had to first go through several people. The deal would only be finalized if the people in his panels and his lawyers gave it a stamp of approval.
“If you can get to stage 5, we can become partners.”
Shaquille O’Neal currently owns 175 restaurants including Big Chicken, Five Guys Burgers, and Auntie Anne’s Pretzels. Additionally, he has 150 car washes, 40 fitness centers, a movie theater, a shopping mall, and several nightclubs in Vegas. Furthermore, he is an investor in several businesses such as Papa John’s, Krispy Kreme, and Authentic Brand Group.
See the interview below:
Shaq recently shared how businessmen doubting his intelligence led him to pursue his master’s degree and pay for 15 of his friends to get theirs as well.
During a previous podcast interview, Shaquille O’Neal opened up about the time he grabbed fifteen of his friends and coughed up the coins for their college tuition–right along with his.
When speaking on his decision to do so, O’Neal said:
“I noticed that every time I’d go to a business meeting, the guys who we were doing deals with would be like, ‘Hello, Shaq. How are you doing?’ And then they would turn away and look at my lawyers and my accountants and all those guys. So, I said, ‘Oh? You guys don’t think I’m in charge? You guys don’t think I understand the lingo?’ So, I went and got my master’s from the University of Phoenix.”
However, the former NBA star hit a stumbling block when he sought to take the online courses in person. Thankfully, that still didn’t stop him from pursuing his educational dream–even if that meant having to bring others on the journey with him. He continued,
“University of Phoenix is an online program, mostly, but I went to the head officials and said, ‘I don’t want to do it online; I want somebody to teach me in class.’ And they came back and said, ‘Unfortunately, we can’t set up a classroom for one guy. You need fifteen people.’ So, I paid for fifteen of my friends to get their masters.”
#Shaq discussed his early experience entering rooms where business deals were being conducted. The ex basketball star graduated from the University of Phoenix w/ an MBA. However, he expressed his determination to pursue an education that was not just virtual ?: @bebetteroffshow pic.twitter.com/5M960UWkUb
— theJasmineBRAND (@thejasminebrand) September 15, 2022