One of the wealthiest former NBA players is Shaquille O’Neal. The Diesel has an estimated $400 million in wealth. He didn’t get this rich overnight though. Of course, having a career income of over $286 million helped. O’Neal, however, wouldn’t have amassed such a net worth if his revenues hadn’t been wisely invested. O’Neal once appeared with Bob Pisani of CNBC and provided young people some excellent financial advise.
He said : “I did a lot of things wrong,”. “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.” “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 advocated that young adults with high incomes save 75% of their take-home pay. They have two options: invest money or just put it aside for their retirement. However, they should reserve only 25% of their income for leisure activities. O’Neal is giving some really great advise here. It makes sense that O’Neal has invested in a number of successful companies throughout the years.
Shaquille O’Neal Discusses The Distinction Between Rich And Wealthy Individuals
Over the years, Shaquille O’Neal has learned a lot of financial advice. That he was previously the person who spent $1 million in 30 minutes is hard to accept. In any case, the 51-year-old is always eager to assist people by offering helpful guidance on how to save money and invest it wisely. O’Neal once gave a brilliant explanation of the distinction between the wealthy and the rich in the world.
He said : “I didn’t know the difference [between rich and wealthy],” . “Well, wealthy is when I die, my kids die, when their kids die, we’re still going to have the same amount.”
This advise was given to O’Neal by an unknown wealthy individual. He used the strategies we previously taught to convey the distinction to Shaq. To put it simply, saving 75% of your income is necessary to move from being wealthy to being rich. This advice has helped Shaq build a $400 net worth, thus it’s unquestionably successful.