As the first overall pick in the 1992 NBA Draft, Shaquille O’Neal was promised a lot of money. He inked a four-year $17 million deal as soon as he was selected by the Orlando Magic.
He made a whole lot more cash off the court from sponsorships and guest appearances. At just 20 years old, Shaq felt he was on top of the world.
Shaq had all the money in the world
Making millions as a young chap has its pros and cons. On one hand, Shaq could finally take care of his parents and relatives. They no longer had to worry about money. On the flip side, O’Neal had no clue how to manage his wealth, and instead of investing, he acquired things just for the sake of it.
“I was a 20-year-old kid with $30 million, two houses, 10 cars, didn’t know what to do, didn’t know how to act,”says O’Neal, via Sports Illustrated.
“Yeah, I threw a lot of money away. I bought a ’92 Benz, but when the ’93 Benz came out, I wanted the ’93 Benz, which looked exactly like the ’92 Benz. I did that every year for about 10 years until I realized, What am I doing? It’s the same car.”
The wake-up call came in the form of jewelry. O’Neal shelled out $60,000 for earrings he never got a chance to wear. At that point, Shaq straightened himself out and stayed away from the gems and the diamonds. Money doesn’t grow on trees, as they say.
Shaq was exposed to this reality very early on.
“I spent so much on jewelry. Not classy jewelry. Truck jewelry. Ghetto-rapper jewelry,” Shaq continued.
“I got the diamond chains, the diamond necklaces. I went to a jewelry store one day and bought a pair of earrings for $60,000. And I lost the earrings going from the jewelry store to the car. I went back to the store, and the guy said I walked out with the bag. After that, I said I’m never buying crazy jewelry again.”
Crucial business advice
Shaq reportedly has a net worth of $500 million. He owns fast food franchises, car washes and investments in various industries. Apart from his own experience, O’Neal learned how to manage his money properly through a guy he met at a bar.
“He had a piece of paper and said, ‘This is a hundred dollars,’ ripped it in half and said, ‘You save $50, you can play with the other $50. But the difference between rich and wealthy is, you rip the $50 in half, and with the $25, you can do whatever you want, but with that other $25, you save it,'” the guy told the four-time NBA champion.
Interestingly, the mystery guy was financial expert and advisor Lester Knispel, the Boulevard Management CEO, who has advised the likes of Kim Kardashian and Courtney Love on how to manage their portfolios.
It’s been a hot minute since we last saw Shaq on the hard court.
He once entertained legions of basketball fans through his powerful dunks. These days, he’s been inspiring millions and creating jobs across America.
Not bad for someone who once had horrible spending habits.
This story was originally reported by Basketball Network on Nov 3, 2025, where it first appeared in the Off The Court section. Add Basketball Network as a Preferred Source by clicking here.