Given the lavish lifestyles and substantial earnings of NBA players, many inevitably become millionaires the moment they sign their first contract, especially in today’s era, where the salary cap is rising every year, allowing even rookies to have really solid contracts when they enter the league.
With such wealth at their disposal, ill-advised splurges are almost bound to happen and Shaquille O’Neal knows it too well.
He might be one of the wealthiest individuals from the NBA realm, but he, too, recently admitted to having made costly financial mistakes before learning the value of thoughtful spending.
One striking example he revealed was his decision to spend an enormous $700,000 on a luxury car, driven more by ego and desire than practicality, only to rarely use it.
O’Neal on wasting money on a Ferrari
Standing at over seven feet and weighing 325 pounds, it is unsurprising that O’Neal does not fit in most cars, leaving him with very limited options. Yet, courtesy of his larger-than-life persona and an instinct to get everything he sets his sights upon, it is hard for him to digest such limitations. Thus, in a recent interview with “Tommy Talks,” Shaq recalled how his notorious mind pushed him to buy a Ferrari.
The result of his desire? A $700,000 experiment massively failed, leaving the luxury car virtually undriven and his pride slightly bruised.
“Don’t really like talking about money all the time, made a lot of ’em (financial mistakes). (But) let’s go to the stupid mistakes – bought a $200,000 Ferrari. Spent $200,000 to stretch it and another $100,000 on stereo equipment. So, I spent about $700,000 on a car that I rarely drive. That’s some dumb stuff,” he admitted with a straight face. “When I was young, I used to invest in things for monetary purposes and failed a lot. I heard Jeff Bezos say, ‘You invest in things, it is going to change people’s lives.’ Once I adapted that strategy, I became more successful.”
Shaq has always wanted the younger generation to value money
Though it is understandable that his still-growing wealth allows him the leverage to make such errors, Shaq unapologetically admits it is hardly a wise habit.
Perhaps, this awareness is why he has emphasized financial education for his children, requiring them to earn a bachelor’s and master’s degree before receiving any share of his wealth and why he strongly advocates that the modern-day young NBA players seek financial counseling to avoid reckless spending, especially at the beginning of their respective careers.
Still, those lessons did not come without personal experiences and financial losses. His failed Ferrari experiment remains a prime example of money wasted, even if automobile customizers might have considered it the easiest money they ever made.
That being said, Shaq’s missteps, just like his achievements on the court, have become part of the lore that makes him such an enduring figure even off the court for millions of basketball fans.
Safe to say there aren’t many like him in the professional sports world who acknowledge their shortcomings so wholeheartedly and only accept it so that the others do not commit the same misjudgment.
This story was originally reported by Basketball Network on Sep 20, 2025, where it first appeared in the Off The Court section. Add Basketball Network as a Preferred Source by clicking here.