“When I started making a lot of money and I didn’t know what to do with it, so 19-20 years old.” Shaquille O’Neal was 19 years old when he entered the NBA and had a humble background while growing up. His first contract with the Orlando Magic was worth $40 million. At that time, it was the most lucrative deal in the league’s history. Recently, he even shared, why it was important for him to learn about the investment opportunities.

“I was making so much money like they say invest, but invest in what? what is investing? what do you invest in? So you got to like study these things.” The Lakers legend spoke to Roberto Mtz, a Mexican author, content creator, and speaker. Shaquille O’Neal also added that it was important to study LLCs and Subchapter S corporations and how one can avail of tax breaks. “If you don’t know all that, you just get all the money and then you spend all the money.”

The Lakers legend even admitted that he didn’t understand it at first, but only had one goal in mind. “I didn’t understand it. I didn’t want to be broke when I was done playing.” Shaquille O’Neal also talked about why he couldn’t deposit his money in bank, despite few people’s suggestions.

“I didn’t know what to do with it, like they say put it in the bank, but what the bank shuts down. Like the FDIC only insures $200,000 so I can’t put 10 million in the bank,” Shaq confessed via Creativo. As per the rules, FDIC’s maximum insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. So, Shaq is right, he had to find ways to invest so he could maintain his lifestyle post-hooping career. At the time, it wasn’t guaranteed that he would play for 19 years in the NBA.

We all know, Shaquille O’Neal ‘Shaqtified’ the business lessons from Magic Johnson’s blueprint. That is why in less than a year’s time, the 3x Finals MVP’s net worth rose from $400 million to $500 million. But did you know that before entering the league, he got a reality check from his parents?

Mother Lucille provided Shaquille O’Neal with a problem which he couldn’t solve

After his third year with LSU, The Big Aristotle was ready to enter the league. But his father Sgt. Phillip Harrison was against the idea. Shaq even revealed the argument on his podcast, “He said ‘nope’, and I said ‘why?’ He said ‘bro, we’ve been broke for 17 years; we can be broke for 18 years.’”

Shaquille O’Neal was upset and didn’t understand at the time. So mother Lucille came with a problem to make his son understand. “My mom said balance a checkbook, and I couldn’t. I couldn’t balance that.” Shaq continued, “She said, ‘Baby, she said, listen. You can do what you want to do, but you’re not ready.‘”

That’s why the 15x All-Star was eager to learn about business and investments. Since his parents instilled a tough lesson that he couldn’t forget. And today, we all can agree those lessons have been fruitful, as he continues to grow his multiple brands not just in America but all around the globe.