Shaquille O’Neal is today one of the best businessmen and most financially responsible legends to play in the NBA. That was not the case early in his professional basketball journey.
The four-time NBA champion recalled the time he went overboard with his spending, finding himself $80,000 in the red even before he played a single game in the NBA.
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In an interview with journalist Graham Besinger back in 2015, Shaq shared that the money he received from a $1-million shoe company endorsement deal before the draft came and went, as he splurged on a lot of things.
Among those he spent the money on were cars for him and his parents, including a black Mercedes worth $150,000. He also bought suits, jewelry and electronics, among which was a sound system with a beeper-connected alarm.
“I spent it in one day. A couple of days later, I got a call from the bank. I was $80,000 in the hole. And I was real embarrassed,” O’Neal recalled.
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A wake-up call
That episode, however, proved to be a wake-up call for the Los Angeles Lakers legend in better handling his finances so as not to end up like many athletes at that time, who finished their careers with less money, or worse, broke.
The bank manager who called him after his spending spree, who turned out to be a family friend, set him on the path to financial literacy and wealth management.
“The father of someone I went to school with, Mr. Johnson — he called me into the office and says, ‘Shaq, I want to have a conversation with you about your money.’ I was like, ‘Yeah. What’s up?’ He said, ‘You know, 50, 60% of all professional athletes when they’re done, they have nothing, and I don’t want you to,'” O’Neal shared in an interview.
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“He said, ‘Shaq, I want you to read this book.’ 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,” he added.
Another person who helped him have better money management skills is financial advisor Lester Knispel, whom he fondly refers to as “one little small beautiful Jewish man.”
He credited Knispel for further teaching him the ropes towards having a better financial acumen, including understanding how taxes work, studying investments and doing business.
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Growing his wealth
Shaq played 19 seasons in the NBA, earning roughly $292 million in salary in stops in Orlando, Los Angeles, Miami, Phoenix, Cleveland and Boston.
But he currently has an estimated net worth of $500 million, bolstered by his many corporate endorsements and broadcast contracts, including for the Emmy Award-winning show “Inside the NBA.”
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He is also one of the most successful former athletes-turned-entrepreneurs, with a business portfolio spanning food, real estate and retail.
“[Do your] research and surround yourself with the right people. You have to use your resources and ask for help when you need it. You can achieve great things with the proper support system,” O’Neal advised those who want to go into business.
From an initial misstep in handling his money to now as a savvy businessman, O’Neal has surely come a long way. He is further proof that it is not how one makes mistakes but how one corrects them that defines a person.
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This story was originally published by Basketball Network on May 23, 2026, where it first appeared in the Off The Court section. Add Basketball Network as a Preferred Source by clicking here.