Shaquille O'Neal has built an impressive business empire worth around $500 million, but getting there required learning some expensive lessons about what not to do with money.
The four-time NBA champion recently opened up about his spectacularly bad approach to investing during his early playing years. Between ages 19 and 26, O'Neal admits he was basically a walking ATM for anyone with a half-baked pitch and confident delivery.
"From like 19 to 26, anybody could come to my office, tell me that deal and I would take it right away. No research, no due diligence. If I get your million now, in a couple years, it will be a couple million. I'll do that deal. Because I was trying – but you know, once I stopped focusing on that, I started paying attention and looking at things, I became a little bit more successful," O'Neal told CNBC.
The pattern was always the same. Someone would promise absurd returns with zero substance behind them, and Shaq would bite every single time.
"Hey, give me a million, and in about three years, it will be 10 million. Deals like that I would take every time. Give me 10 million. Investments in this company. Four years, it will be worth 300 million. You can get me like that," he explained.
The turning point came at the Consumer Electronics Show in Las Vegas, where O'Neal heard Jeff Bezos speak about the importance of investing in products that genuinely improve people's lives. That philosophy resonated deeply and completely shifted how O'Neal approached business decisions.
These days, his portfolio looks nothing like those early disaster investments. O'Neal has built successful positions in tech companies like Google and Ring, along with fast food chains, apps, and footwear brands. His guiding principle now focuses on enhancing everyday life for regular people, regardless of the cost.
O'Neal's story highlights a challenge many young athletes face when sudden wealth meets limited financial literacy. His advice for the next generation? Stop chasing quick money, invest in your financial education, and be patient with your decisions.
