"After that, I really had to slow down" - Shaquille O'Neal once spent $8 million in just 2 days
Shaquille O'Neal has become the poster boy for financial independence. The big man has made multiple investments, which have earned him well over $400 million.
But that was not always the case, and there was a time when he did not care about investments or savings. It was the era of big money contracts, coupled with more opportunities for young men to spend money.
After Shaquille O'Neal signed a $100 million contract to move to Los Angeles, all he could think of was how to spend it. On the "Wild Ride" podcast, Shaq reminisced about the time when he almost spent an entire year's salary in less than 48 hours:
"I had a contract worth $100 million, but in real life, it was worth $50 million. So when I first got to LA, I got a check for $20 million. So I go to the Rolls-Royce store in some sweatpants. And I asked a guy how much this car costs, and he said $250 [thousand].
"And in my mind, I didn't want to spend $250 for a car, so this guy says to me, 'Can you afford it, Sunny?', and I then bought three cars right there that were a million dollars. And then I'm riding through Beverley Hills, and I see a beautiful house in the mountains that was $7 million, and I buy the house.
"I've spent $8 million in two days. So then my guy calls me and says to me that I've spent my whole check. I've said to him that I'm getting 20 million, and he says no; in California, 20 million is 10.5. So after that, I really had to slow down."
Shaquille O'Neal set up meetings with lawyers and investors, and showed interest in learning how to be wiser with his money. From meeting Google's creators in the lobby to learning businesses, Shaq went changed from a spend-happy young athlete to a smart businessman.
Shaquille O'Neal is one of the most successful players and investors ever
Shaquille O'Neal bounced back pretty well on his finances. He had a long playing career, signing many more deals and taking his total earnings to a cool $292 million. He also has four rings to go with all of that money.
In the years after his retirement, he got a few more degrees and invested in Ring, Google, and took his net worth up to a high of $400 million.