SHAQ: How spending $1 million in one day altered my financial plan forever

In 1992, a legendary NBA luminary Shaquille O’Neal (then usually 20 years-old) finished a financial mistake that perpetually altered a approach he rubbed his money.

Shaq stopped by Business Insider to speak about his partnership with home confidence record company Ring, to lift recognition about how homeowners can improved strengthen their skill this holiday season. Shaq recently kicked off a debate with Ring’s CEO Jamie Siminoff around safeguarding holiday package deliveries – privately as National Package Protection Day approaches on Nov. 29. Following is a twin of a video.

[Shaq once spent $1 million in one day. It was 1992 and he was 20 years old. He’d only sealed an publicity understanding with a trade label company.] 

Shaquille O’Neal: It was me being overly happy-slash-irresponsible. My representative called me and said, “Hey, you’ve got a million dollars.”

But we didn’t subtract his 15%, right? we didn’t subtract a Texas state taxation or a FICA. So, in my mind, we was only perplexing to do a elementary math. we always wanted a imagination Mercedes-Benz. we used to go to a 7-Eleven and get a feign Mercedes, a small ones and only expostulate them, we know, on tip of my bed and — I’m gonna get one of these one day.

So, once we knew we got that million dollars, we went to a bank like a big-time man and set adult a small checking account. And we pronounced “Okay, I’ve got a million dollars. Here we go, sir.”

I said, “I’ll be back.”

So, we went to a Mercedes dealership. The man says $150,000. we write him a check, give it to him. So now, in my head, a million reduction $150,000, I’ve still got $850,000 left, right? 

So, we get home. My father says “That’s nice. Where’s cave at?”

Go buy a same automobile for my father. I’m good. I’ve got $700,000 left. And afterwards came behind home. My mom said, “I wish a smaller version,” that cost $100,000, so in my mind, I’ve got $600,000. So now, I’ve gotta go do what all a homeboys do — gotta buy rings and diamonds and earrings and this and that.

A integrate of days later, a bank manager called me in and he sat me down and he said, “I’ve been following we dual or 3 years. Love your career. You’re substantially gonna be a fanciful actor and make a lot of money. But, we know a lot of we guys, when you’re finished playing, don’t have anything. we don’t wish we to be like that. we wish we to take a demeanour during this.”

And we was like 50, $60,000 in a hole. So, we was only essay checks. we was shopping TVs. we was only shopping things we didn’t even need. So after that, we said, “You know what? we need to get me a business manager.”

Luckily, we had a lot of tough lessons early, though I’m a form of man that — we don’t like to skip dual shots in a row, even if it’s a giveaway throw. 

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