Shaqille O’Neal is not your average giant. Nor is he your average former athlete. While many basketball legends have squandered their fortunes and declared bankruptcy, Shaq is proving that, as an athlete, it’s possible to make money, and maintain that profitability well after you step off the court for the last time.
Shaq’s upbringing was anything but easy. He had to fight and claw for every inch of success he earned over the course of his life. But, succeed he did.
According to a recent estimate by Forbes Magazine, Shaq is worth $350 million, making him one of the world’s top 20 richest former athletes. Let’s have a look at how Shaq did it, and is continuing to do it.
Childhood: Rotten Fathers
Shaq’s real father was named Joseph Toney. When Shaq was only 6 months old, Toney was sent to jail for drug addiction. The family was then stationed in Newark, New Jersey.
Shaq’s mom remarried to a man named Phillip A. Harrison. In his rap song, entitled “Biological Didn’t Bother,” Shaq reminisces about how Harrison replaced Toney as a father figure. That being said, Harrison wasn’t a saint, either. In his autobiography, “Shaq Uncut: My Story,” O’Neal admits that his father used to beat him with a belt, and mentally abused at him at every turn.
Education, Men’s Suits, and Other Investments
Not a lot of people know this, but Shaq actually earned a Ph.D in education. The All-star was asked by a reporter once:
Reporter: You could kick your feet up, and lounge around for the rest of your life. Why this passion for education?
Shaq: Well, three reason. Number one, I promised my parents I would. Number two, I wanted to continue my education. Number three, I wanted to challenge myself.
And challenge himself, he has. Have a look at how Shaq naturally markets his Men’s Wear Line at Macy’s.
Aside from also investing in Google before its IPO, Shaq is well diversified. He owns 40 fitness centers, 17 Auntie Annie’s Pretzels restaurants, 55 Five Guys Burgers restaurants, a handful of Las Vegas nightclubs, 150 car washes, and a shopping center.
Handling Success
It’s often said that people are afraid of failure. What’s less known is that most people are also terrified of success. Often, lottery winners and rising athletes spend their paychecks frivolously because they simply don’t know how to handle a large bank account.
Shaq was no exception to this powerful desire within man to spend without caution. Within 30 minutes of joining the NBA, he spent the first million dollars he earned. Obviously, he changed his ways, but it was anything but easy.
By educating himself, and remaining upbeat, Shaq has served as an inspiration to millions on how to become a millionaire, and re-invest profits with style, charm, and wisdom.
