By: Debadrita Ghosh Image credit: NBA and Twitter.
Former basketball player Shaquille O'Neal is also a successful businessman. He is one of the richest athletes in the world with a $400 million net worth.
Shaq made huge investments in a number of big companies such as Google, and Apple. He also owns 40 gyms, 17 Auntie Anne's, and over a hundred Five Guys restaurants. He is the founder of Big Chicken, a fast-growing fast-food chain.
Shaq said a number of times that he takes inspiration from Jeff Bezos, the founder of Amazon regarding his investment plans.
The money advice that Shaq gave about financial savings has won the hearts of many. He said: "Young guys coming into a lot of money. This 100 dollars you wanna do is you wanna rip the 100 in half. 50 save it don't ever touch it, invest, put it away, don't even look at it."
He continued: " Now you got 50 left, now the smart people, the real smart people, the billionaires of the world they'll take half of that 50, put all that away." He advised to use the 50 for fulfilling their wishes like traveling, buying houses, cars, planes, etc, and the other half for retirement purposes."
"It's not about how much you make, it's about how much you keep," said Shaq. He also added: "Save 75% of your earnings and put it away. Use the other 25% as you please."
According to this policy, more money doesn't equals more wealth. Someone earning 6 figures can also end up with no savings if they spend 100% of their earnings.
Shaq said: "Save, save, save. Put away a piece of every paycheck." He also said: "Even if it is only $50 or $100, it will add up throughout the year."
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