Shaquille O’Neal has had a diverse career in business, entertainment, and investing, in addition to his successful athletic career. He hosts a show called “The Break” on his YouTube channel, where he engages in casual discussions with guests on topics like money management.
Despite his success, Shaq didn’t always have a deep understanding of managing money. In an episode titled “Investing,” he shared a story that encapsulates his journey from being rich to becoming truly wealthy.
One day, Shaq encountered an older man, around 80 years old, who was driving a Rolls-Royce. Intrigued by the man’s wealth, Shaq asked him how he achieved such financial success. Instead of sharing flashy investment strategies, the man introduced Shaq to a word he had never heard before: annuity.
Curious, Shaq decided to research annuities further. He learned that an annuity is an investment that allows you to invest money upfront and receive regular payouts in the future, essentially providing a guaranteed retirement income.
Realizing the potential of this advice, Shaq reflected on his own financial situation. He had been earning substantial amounts of money from commercials and other ventures but didn’t know how to manage it effectively. The older man’s guidance resonated with Shaq, who understood the importance of investing wisely for the future.
From that point on, Shaq adopted a new approach to managing his finances. He recognized that all the money he was earning could be put to work for him in the future through wise investments. Instead of squandering his earnings or taking unnecessary risks, Shaq learned the value of steady growth and financial security.
On the same show, NBA champion Juan Toscano-Anderson admitted to being lured by the allure of quick money in the past. He had sought advice from financial advisors but often found their recommendations unexciting. However, after experiencing losses in a risky business venture, he realized the importance of sticking to the basics in investing.
These anecdotes underscore a crucial lesson – the best investment advice isn’t always about chasing high returns or seeking rapid wealth accumulation. Patience and a long-term perspective are key to building sustainable wealth.
Transform your trading with Benzinga Edge’s unique market trade ideas and tools. Gain access to exclusive insights that can give you an edge in today’s competitive market.