“You start crying…” $400 million worth Shaquille O’Neal reveals the book that helped him write off taxes

Shaquille O’Neal played for six teams and won the NBA Championship four times during his illustrious career.

“You start crying…” $400 million worth Shaquille O’Neal reveals the book that helped him write off taxes

Shaquille O'Neal (via Open Source/X)

Shaquille O’Neal stands among the five wealthiest NBA players, boasting a net worth of a whopping $400 million. His journey to stardom began early in his NBA career when he delved into investments. This proactive approach led to a diverse portfolio of business ventures, ranging from real estate to stock acquisitions, and also a preference for franchising.

In a conversation with Reem Abulleil of The Guardian, the legendary Los Angeles Lakers icon reveals his strategy for breaking into the business sector. He highlights the pivotal role played by the book, “Dummies Guide to Starting Your Own Business,” in shaping his journey and contributing to his success as an entrepreneur.

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Speaking on his secrets, Shaq said:

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The best thing that happened for me is I bought a book, 'Dummies Guide to Starting Your Own Business'. And my favorite chapter was joint ventureships. Because I'm a true believer in hard things, you break them down to the simplest form.

Expanding on the topic, he sheds more light on the influence of his mother on his entrepreneurial success. She played a crucial role by advising him to start saving, a decision he implemented in his second year in the NBA.

At some point, I'm gonna have to retire. Would love to live the same lifestyle. When you come from nothing, and then you have it all, you want to keep it all. So how can I keep it all? You start crying.

During the early 1990s, Shaq actively engaged in bond investments but didn’t stop there. He ventured into stocks, making strategic investments in companies like General Electric, Apple, and, PepsiCo.

How the book “Dummies Guide to Starting Your Own Business” helped Shaquille O’Neal

Inspired by the insights from the book ‘Dummies Guide to Starting Your Own Business,’ Shaquille O’Neal initiated his business journey by establishing a Subchapter S corporation. Taking a proactive approach, he incorporated some of his family members into the business structure.

Shaquille O'Neal
Shaquille O’Neal (via CNN)

Interestingly, he received the book from a friend’s father who harbored concerns about the post-NBA career aftermath. This well-meaning individual didn’t want Shaq to follow the unfortunate path of other NBA players who concluded their careers with nothing in their pockets. He said,

I know you left school early, but you're about to come into a lot of money. This can help you.' It's the 'Dummies Guide to Starting Your Own Business.' So I get it, and I read it, and I said, 'Let me try it.

Throughout his remarkable 19-year career in the NBA, O’Neal left a huge mark, playing for six teams and securing the prestigious title of a four-time NBA champion with the Los Angeles Lakers and the Miami Heat. He is revered as one of the greatest basketball players and his legacy is defined by his unparalleled contributions to the sport.

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