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60 % of NBA players go broke after retirement
Shaquille O& #39;Neal 4x& #39;d his net worth with one simple strategy
Here& #39;s what he did
/THREAD/
Shaquille O& #39;Neal 4x& #39;d his net worth with one simple strategy
Here& #39;s what he did
/THREAD/
When Shaq got his first million from an endorsement contract, at age 20, he did what every guy his age would
He went out and spent it
In fact, he spent it all in one day
He went and bought a Mercedez for himself, one for his father and one for his mother
He went out and spent it
In fact, he spent it all in one day
He went and bought a Mercedez for himself, one for his father and one for his mother
He started writing checks, buying TVs, expensive clothes
What made it even worse?
He had not taken into account the taxes and FICA he had to pay, along with the 15% commission for his agents
Being in the red was a wake-up call for him
What made it even worse?
He had not taken into account the taxes and FICA he had to pay, along with the 15% commission for his agents
Being in the red was a wake-up call for him
"Luckily, I had a lot of hard lessons early, but I& #39;m the type of guy that I don& #39;t like to miss two shots in a row, even if it& #39;s a free throw"
From then he decided to save 75% of his income and spend only the rest
From then he decided to save 75% of his income and spend only the rest
He then started diversifying his income
Apart from his NBA salary, he pursued a career in acting, starring in Hollywood movies
He also released several rap albums and signed various contracts for endorsements
Apart from his NBA salary, he pursued a career in acting, starring in Hollywood movies
He also released several rap albums and signed various contracts for endorsements
But how did he choose the right companies to endorse? Simple
"If something comes across my desk, and I don& #39;t believe in it, I don& #39;t even look at it.
Whenever I do business, it& #39;s not about the money."
"If something comes across my desk, and I don& #39;t believe in it, I don& #39;t even look at it.
Whenever I do business, it& #39;s not about the money."
He famously turned down an endorsement contract from the famous cereal brand, Wheaties
The reason?
"Frosted Flakes will always be my first option when it comes to cereal.
Then Fruit Loops, then Fruity Pebbles."
The reason?
"Frosted Flakes will always be my first option when it comes to cereal.
Then Fruit Loops, then Fruity Pebbles."
He didn& #39;t want to endorse a product he didn& #39;t use or like, and have to lie to the people
Throughout his career, he created several partnerships with many big franchises
He developed a relationship with companies he liked which helped him make successful investments
Throughout his career, he created several partnerships with many big franchises
He developed a relationship with companies he liked which helped him make successful investments
Another turning point was a discussion with Magic Johnson who told him
"It& #39;s OK to be loved by the people.
But at some point, you need to start owning things"
He used his partnerships with companies he endorsed to open franchises and receive cashflows from owning them
"It& #39;s OK to be loved by the people.
But at some point, you need to start owning things"
He used his partnerships with companies he endorsed to open franchises and receive cashflows from owning them
But the biggest influence on his investment decisions was Jeff Bezos
"I heard Jeff Bezos say one time that he makes his investments based on if it& #39;s going to change people& #39;s lives.
Once I started doing that strategy, I think I probably quadrupled what I& #39;m worth."
"I heard Jeff Bezos say one time that he makes his investments based on if it& #39;s going to change people& #39;s lives.
Once I started doing that strategy, I think I probably quadrupled what I& #39;m worth."
He was an early investor in Google because he believed this company would revolutionize the world and have a huge impact on people& #39;s lives
Despite now knowing enough about the tech industry, he invested because he followed Jeff Bezos& #39;s principle, and got huge returns
Despite now knowing enough about the tech industry, he invested because he followed Jeff Bezos& #39;s principle, and got huge returns
His portfolio includes
• 12 Auntie Anne& #39;s pretzel shops
• 155 Five Guys restaurants
• Tens of Papa John& #39;s franchises
• 40 24-hour Fitness gyms
• 150 car washes
• Dozens of Krispy Kreme stores
• 5 Las Vegas clubs and restaurants
• 12 Auntie Anne& #39;s pretzel shops
• 155 Five Guys restaurants
• Tens of Papa John& #39;s franchises
• 40 24-hour Fitness gyms
• 150 car washes
• Dozens of Krispy Kreme stores
• 5 Las Vegas clubs and restaurants
He was also appointed board member for Papa John& #39;s and CFO for Carnival Cruise Lines
CFO? Well, not exactly
He is not the Chief Financial Officer
CFO? Well, not exactly
He is not the Chief Financial Officer
He is the Chief Fun Officer. His role?
To promote the cruises of the company and show young people how fun they are
"I used to be a hypocrite believing cruises were only for old people"
To promote the cruises of the company and show young people how fun they are
"I used to be a hypocrite believing cruises were only for old people"
But after seeing one of the cruise ships from inside, he approached the company and proposed a partnership to the CEO
"I don& #39;t think people know what you are rolling with over here
Let me be the one to tell them"
"I don& #39;t think people know what you are rolling with over here
Let me be the one to tell them"
He made several video promotions and then saw another opportunity
He launched his "Big Chicken" restaurant on one of the ships
But what was the one main ingredient for his success?
He launched his "Big Chicken" restaurant on one of the ships
But what was the one main ingredient for his success?
Education
He constantly reads and educates himself on finance, business, and investing
His favorite book?
"The dummies guide to starting your own business"
He constantly reads and educates himself on finance, business, and investing
His favorite book?
"The dummies guide to starting your own business"
He believes education is the biggest asset you can own
"You can retire from NBA, acting, or rapping.
But if you have education, nobody can take that away from you"
"You can retire from NBA, acting, or rapping.
But if you have education, nobody can take that away from you"
You would think that after all this success, he would decide to rest
But now he has other things on his to-do list
He wants to become a sheriff and open a law firm
He& #39;s planning to go to law school and pass the bar exam
But now he has other things on his to-do list
He wants to become a sheriff and open a law firm
He& #39;s planning to go to law school and pass the bar exam
His financial turnaround should be a lesson to everyone
No matter how much money you have, if you want to keep it and grow it you need to
• Be frugal
• Educate yourself
• Invest in quality companies
• Diversify your income sources
No matter how much money you have, if you want to keep it and grow it you need to
• Be frugal
• Educate yourself
• Invest in quality companies
• Diversify your income sources
You either do that or you join the majority of professional athletes and lottery winners
Those that come across a lot of money but don& #39;t know how to keep it and end up broke
/END/
Those that come across a lot of money but don& #39;t know how to keep it and end up broke
/END/
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