- Shaquille O’Neal has amazing advice for young people to become wealthy
- He explains the difference between rich and wealthy with a practical example
- O’Neal says he has followed this advice throughout his life
Shaquille O’Neal is one of the wealthiest former NBA players. The Diesel has a net worth of more than $400 million. But he didn’t become this wealthy overnight. Of course, earning over $286 million in his career helped.
However, O’Neal wouldn’t have accumulated such net worth without properly investing his earnings. O’Neal once gave great advice to young people on saving money during an appearance with CNBC’s Bob Pisani.
“I did a lot of things wrong,” O’Neal said. “May I have a piece of paper? Blank sheet of paper. Can I rip it? Alright children. This is $100. What you want to do is, you want to rip the $100 in half. $50 save it, don’t even touch it. Put it away. Now, you got $50 left. Now, the smart people, the billionaires of the world, they’ll take half of that $50 and put all that away.”
He added: “This right here, have fun. You want to buy houses, you want to buy cars, you want to buy planes, you want to travel? This right here is what you have fun with.”
O’Neal essentially suggested that young people who make a lot of money should save 75% of their earnings. They can either invest it or simply save it for their retirement. But for fun activities, they should use only 25% of their earnings.
It’s truly excellent advice from O’Neal. No wonder O’Neal has invested in several great businesses over the years.
Shaquille O’Neal On The Difference Between Rich And Wealthy People
Shaquille O’Neal has gained a lot of financial advice over the years. It’s hard to believe that he’s the same person who once spent $1 million in 30 minutes.
Anyway, the 51-year-old is always happy to help others by sharing valuable advice regarding saving money and investing it in the correct manner. O’Neal once beautifully explained the difference between the rich and wealthy people of the world.
“I didn’t know the difference [between rich and wealthy],” Shaq said. “Well, wealthy is when I die, my kids die, when their kids die, we’re still going to have the same amount.”
O’Neal was given this advice by an unnamed wealthy person. He explained the difference to Shaq by using the same methods we discussed earlier.
In short, saving 75% of your earnings is essential to taking the step from being rich to wealthy. Shaq has accumulated a net worth of $400 using this advice, so it’s certainly effective.
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