NBA Legend Shaquille O’Neal is one of the wealthiest NBA players that there has ever been. He has been smart about using his enormous salary and turning it into generational wealth. But he received his first million, he got his first education about taxation and he was shocked to learn how much they charged.

Shaq came into the league at a very young age and he was the first draft pick as well. He was one of the highest-paid players in the league consistently. So he earned millions over the years. But he had to learn how to use it and not get into trouble by blowing it all up.

When Shaquille O’Neal spent a million, he was given a lesson by a banker

When Shaq made it to the league and got his first cheque, he wanted to splurge. He got himself an expensive score and when his dad asked him where his car was, he got him a car as well. And when his mom asked about it, he got her a car well. And he spent a lot of money on suits, diamonds, and loads of other stuff.

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So a banker who knew Shaq called him and asked him to come to meet him. He said, “Shaq, I want to have a conversation with you about your money.” I was like, “Yeah. What’s up? You know, 50, 60% of all professional athletes when they’re done, they have nothing, and I don’t want you to.” 

He then showed him his expenses, and Shaq did not have all the big terms. So when he heard that FICA was taking 250k, he was shocked. He said, “Yo man, who the f**k is FICA? I didn’t write a check for 250 for FICA  He started laughing. He said, ‘Shaq, I want you to read this book.”

He said, “I know you left school early, but you’re about to come into a lot of money. This can help you.” It’s the Dummies’ Guide to Starting Your Own Business. So I get it, and I read it, and I said: “Let me try it.’” 

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So Shaq learned the importance of saving money and investing it. And he made a pretty nice sum of himself. That all happened when a friend Shaq explained the importance of money.