Shaq’s First NBA Paycheck Paid His Parents Millions

Benzinga

Upon being drafted into the NBA in 1992, Shaquille O'Neal significantly improved his family's financial situation by placing his parents on his payroll. In a 2022 interview, Shaq revealed that after reading a business guide, he effectively managed his finances by giving his stepfather a raise from $60,000 to $500,000 and his mother a $750,000 salary. This not only provided for his family but also helped him avoid high taxes. Shaq's approach highlights the importance of financial management and involving family in building wealth.

Transcript

00:00Shaq's first move after going pro? Putting his mom and dad on payroll. Wait till you hear how

00:04much he's paying them. This will blow your mind. When Shaquille O'Neal was drafted into the NBA

00:09in 1992, he didn't just sign a contract, he changed his family's life. In a 2022 interview,

00:15Shaq explained that after reading The Dummy's Guide to Starting Your Own Business,

00:19he learned how to manage his finances and set himself up as a business.

00:23Shaq gave his stepfather a huge raise, going from $60,000 a year in the army to $500,000.

00:28Shaq also gave his mom a $750,000 salary. But it wasn't just about giving them money,

00:35Shaq taught them how the business worked and what their new roles meant.

00:38He was able to avoid paying high taxes by giving money to his family instead of the government.

00:43Shaq's story shows that wealth isn't just about earning money,

00:46but about managing it wisely and bringing others along.

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