Suffering Major Financial Loss After Buying 2 Rolls Royces And $3 Million House, Shaquille O’Neal Felt Fiscally Illiterate After First Big Splurge

NBA legend Shaquille O’Neal has a huge business empire alongside his numerous achievements in the NBA. However, this has not always been the case. When he made his first paycheck in the league, Shaq spent it all recklessly.

During an interview, Shaq touched upon the important topic of financial literacy. Although he has a whole team now on the subject and is also quite aware of the inner workings of economics and taxation, this was not always the case.

In his first year, he spent a huge amount of money on buying a house that cost $3 million. Moreover, he bought a couple of Rolls Royce luxury vehicles which put such a strain on his bank account that his accountant had to remind him to spend wisely.

Interestingly enough, the NBA legend revealed that the amount he received after taxation was almost half of what he earned actually.

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Shaq said, “The first year when I received $20 million, it was 10.9 and I spent most of that in one year being irresponsible. You know, I had some money in the bank and I wanted to have some fun. So, I bought a house, cash, $3 million, bought a couple of Rolls Royces, took a couple of trips, and then my accountant reminded me.“

In fact, Shaq was quite oblivious of the taxation process. He didn’t know he owed a chunk of money from his expenses to the government. Therefore, he splurged a large amount without any second thoughts. However, he soon realized his mistake.

Safe to say, Shaquille O’Neal is quite mature regarding such matters now. He has a huge business empire. Furthermore, he is also involved in a lot of philanthropy and other social causes.

Shaquille O’Neal has built a huge net worth with smart investing

Former Los Angeles Lakers and Miami Heat star Shaquille O’Neal is widely regarded as one of the greatest NBA stars ever. Unlike a lot of athletes who spend their lives lavishly and end up broke, Shaq is not one of them.

He has a huge net worth of around $400 million according to Celebrity Net Worth. Thanks to his association with Inside the NBA and other associations, O’Neal still earns around $60 million in salaries.

Moreover, he is quite active in franchising as he owns major stakes in companies like Papa John’s. The former NBA champion loves real estate as he has numerous mansions across the nation.

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What is your favorite memory of Shaquille O’Neal? Let us know in the comments down below.