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Money Savvy Shaq
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Shaquille O’Neal is internationally recognized as one of the best basketball players of all time. His 7’1 stature made him a goliath on the court, but he is also a goliath in business. From humble beginnings, Shaq understands what it means to start from the bottom.
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It takes hard work and dedication with a side of hustle to make it to the top. With roughly $ 400 million net worth, Shaq is one of the wealthiest athletes globally. For Shaq, when it comes to money, it is about leveraging his brand and old-school money smarts.
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Small but Mighty Moves
Engaging in the smallest of habits was instilled in Shaquille by army Sergeant step father and has served him in basketball and business ventures. O’Neal reportedly did 1000 calf raises a night before bed during his basketball career and improved his jump by 12 dunking inches. In business, Shaq owns (in varying degrees of percentages) over 50 brands.
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As long as the business changes people’s lives, no business is too small for Shaquille to invest in. O’Neal ventures and ownership include giants like JC Penny to car washes. Shaquille dips his hands in and makes money.
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Of his brands, the big guy claims Krispy Kreme is his favorite and is quoted as saying:
“My favorite one right now is Krispy Kreme. I’ve had relationships with 24-hour Fitness, Five Guys… But you know, my favorite one right now is Krispy Kreme. Cuz I like donuts, and Charles Barkley loves donuts. And he’s my biggest customer.”
SAVE SAVE and SAVE
Shaq’s most extensive money advice is to save a little bit of money from every paycheck. Over time that small amount can amass to a large sum. The four-time NBA champion learned this lesson hard when he spent his first $ 1 million in 30 min.
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In 1992 when the young athlete received his first endorsement check, he bought two black-on-black Mercedes (one for him and one for his dad). At the time, Shaq recalls that he did not even negotiate; he purchased the vehicles at sticker price. With nothing more than the two vehicles Shaq changed his ways and started saving 75% of his paycheck.
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Lifelong Learning
Shaq has a love of learning and made education a priority in his life. Of education the basketball star has said “You can have all the money in the world, but if you don’t have [an] education, you can’t make it grow.”
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O’Neal completed his BA in general studies and minor in Political science from Louisianna State Univeristy, an MBA degree from Pheonix unifierstiy and an Educational Doctorate from Barry University.
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The athletic legend expects all 6 of his children to pursue higher education if they want any part of his inheritance.
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Shaq’s rule for his children as he puts it is “In order to touch any of my cheese, you need to present me two degrees!”
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