Shaquille O'Neal attends an event. (Image: Scott Mlyn | CNBC)
NBA legend Shaquille O’Neal has opened up on his desire to be a successful business and admitted what keeps him going.
One of the best basketball players in history, Shaquille O’Neal, better known by his stage name “Shaq,” won four NBA titles. Shaq came in at number 10 on Forbes’ list of the highest-paid sportsmen in history with an estimated $700 million in earnings over the course of his NBA career.
That’s a lot of money to earn playing basketball, and he hasn’t stopped working since his retirement. Shaq started his own business and amassed a vast empire, which includes owning Auntie Anne’s restaurants, designing clothing, serving as a brand ambassador for Papa John’s, and much more.
In his recent tweet, he shared his advice for others when he twitted
“Your first thought should always be how can I add value, not how can I benefit.”
Exactly what Shaq has in his wallet
Shaq keeps things simple in his wallet by carrying just his driver’s license, credit card, and badge of office (he works as an auxiliary deputy at the Broward Sheriff’s Office in Florida). A photo of him with his mother serves as another sentimental keepsake for him.
Shaq found this financial guidance focused on saving to be particularly helpful: Shaq says, “How much you keep matters more than how much you make.” “Save and put aside 75% of your income. Use the remaining 25% as you see fit.
After all, wealth isn’t always correlated with money. If they spend all of their income, even someone with a six-figure salary may find themselves with no savings. The financial status of someone who makes $50,000 and saves 75% will be significantly better.
If saving 75% of your income is out of your price range, take into account the 50/30/20 rule, which offers greater latitude. This rule recommends allocating your post-tax income so that 20% goes toward savings, 30% is spent on wants, and 50% is used for needs. You can alter and boost savings as your earnings vary.
Shaq’s suggestions for handling money
“Be sure to save. Save a portion of each paycheck, advises Shaq. “Even if it’s just $50 or $100, it adds up over the course of the year.”
Shaq’s investments
Reports show that he’s owned and sold over 155 Five Guys Burger restaurants. In addition, he owns a number of Krispy Kreme shops, 9 Papa John’s restaurants, and 17 Auntie Anne’s Pretzels. His own company, Big Chicken, also intends to grow.
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