Shaquille O’Neal has established himself as one of the most well-known people in the world. His basketball career was simply the beginning for the legendary big man, he has gone on to flourish in numerous aspects of life. And the one area that he has thrived in more than anything else is business. Shaq has grown his wealth greatly since his playing days in the NBA.
But even the best businessmen make mistakes, and Shaquille O’Neal is no exception. It’s about learning from those mistakes that matter. Shaq spent $1 million when he entered the NBA in a ridiculously short amount of time, which taught him to be careful with his money. And then he invested once he started, which helped him refine his approach to investing and become better.
Shaquille O’Neal Opened Up On His Worst Investment Ever
Shaquille O’Neal’s business portfolio is incredibly diverse. He is involved in hundreds of companies while owning quite a few himself. He is even involved with a business that allows him to own the rights to Marilyn Monroe, Elvis Presley, and Muhammad Ali, among other legendary icons. Shaq revealed on CNBC that he was always ready to invest in different ideas when they were pitched to him. But one mistake led to him realizing that he has to be more careful.
“A guy who owned this paper company said he had all these deals in all the schools and with the government. … Turned out to be a scam,” he said on ‘Power Lunch.’
“When I first came into [the business industry], I lost a lot of money in the ‘get rich quick schemes.’” he said.
“From [age] 19 to 26, anybody could come to my office, tell me the deal and I would take it right away. No research. No due diligence.”
However, after having learned from his past mistakes, the four-time NBA champion said he started “listening to people” and working with “people [who] are much smarter than me.”
NBA stars have incredible opportunities to build their wealth thanks to the huge deals they sign with teams as well as with companies commercially. They have the capital to get involved and be counted among the leaders in business communities worldwide. But as Shaquille O’Neal’s story shows, there is a lot of learning for them to do. Finding the right people and acknowledging your mistakes can go a long way in turning a sports star into a tycoon well after retirement.
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