NBA legend, Shaquille O’Neal is famous for advising young players to save rather than spend lavishly. However, he was not always so financially wise.
4 times NBA champion, Shaquille O’Neal easily become one of the richest ex-NBA players. He has earned about $285 million in his career. But now, 10 years after his retirement, his net worth is estimated at more than $400 million.
But no one could have predicted it if they considered his insane expenses during his rookie season. After being drafted by the Orlando Magic in 1992, Shaq received $1 million to endorse a card business.
Shaq goes shopping like a kid in the candy store. Considering Shaq’s childhood, when he didn’t even have the money to buy a pair of basketball shoes that fit his size, it’s normal to behave like that.
Shaq wasted no time spending almost half that amount in a single day. He ended up buying three cars that day. One for him and another for his dad, for $150,000 each. Then a $100,000 car for his mother.
“Who is F**k?” : Shaquille O’Neal surprised to read her bank statement
What many people don’t realize is that players don’t get all the money they signed for. First of all, they have to pay a decent tax. Then their agents will cut that amount as well.
Shaq has no say on FICA (the US federal payroll tax) ahead of his rookie season. While looking at his balance sheet, he said “Who is F**k?”. Learning from his rookie mistakes, Shaq saved a lot and made a lot of money through investments, endorsements, and performances.
But over time, his expenses can take the public by surprise. Like one time Shaq gave his son (Shareef) 2 cars for his 16th birthday, one of which was a Lamborgini.
But Shaq prioritized education more than people expected. He also holds a PhD in organizational and leadership studies with a major in human resource development from Barry University. And he wants all of his kids to have at least 2 degrees before they can earn one.
https://thesportsrush.com/nba-news-who-the-fk-is-fica-when-rookie-shaquille-oneal-found-out-about-the-federal-payroll-tax-the-hard-way-through-his-bank-managers-office/ “Who’s F**k?”: When rookie Shaquille O’Neal found out about federal payroll taxes the hard way – through his banker’s office