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Shaquille O'Neal is an extremely successful businessman. He has a net worth of $400 million, but it took him a while to understand the financial side of things.
As a young player in the NBA, Shaq made some questionable decisions, including spending nearly 90% of his first paycheck with the LA Lakers on luxury cars. Florida has no state income tax, and the former league MVP, who had arrived from the Orlando Magic on a seven-year $121 million deal, believed that was the case in California as well.
Shaq was making nearly $20 million with the Lakers in 1996, but wasn't aware that he would only receive 50% of that amount after tax deductions. He spent $9 million on three Rolls-Royce cars, unaware that he would only have $1.5 million left after that.
Here's what he said about the incident in December 2021 during an appearance on "The GaryVee Audio Experience Podcast":
"So, now when I first get to LA, listen... what I made, $20 (million) a year something like that. So, I get to LA now, I gotta floss, Gary. I'm going over, and I'm looking at matches in the hills. How much is this for me? Cash. How much is that Rolls-Royce?
"$300,000? We get three of them, another million. Just straight cash. So, when I saw my check with $10.9 million, and I had spent $9 million. Boy, was I upset with myself. I really was."
Shaquille O'Neal would've probably continued to go overboard with his spending if not for his agent, Perry Rogers, who tried to rein him in.
Click here to listen to O'Neal's interview on The GaryVee Audio Experience Podcast.
Shaquille O'Neal is a business mogul
Despite retiring over a decade ago, Shaquille O'Neal has boosted his income by exponential sums through various investments and ventures. O'Neal has explored opportunities that have helped him grow his business empire every step of the way.
O'Neal reportedly owns 50 different businesses. He has been a part of many films over the decades and has a music career as a DJ.
Shaq has also continued his association with the NBA after linking up with TNT as an analyst. TNT is one of the broadcasters for national TV games, and O'Neal is on-air twice weekly.
Along with co-panelists Charles Barkley, Ernie Johnson and Kenny Smith, Shaquille O'Neal has turned TNT's "Inside the NBA" into one of the most followed TV sports shows.
