On Friday afternoon, as part of the Basketball Hall of Fame proceedings, 2016 inductee Shaquille O’Neal spoke to a crowd at Springfield College’s Education and Leadership Luncheon.
At the event, O'Neal discussed notable moments in his career, the importance of education, and how crucial it is to keep on top of your financial situation.
The Los Angeles Lakers and Orlando Magic legend told the crowd of his experience spending irresponsibly, recalling the time he spent $1 million in just one day after signing his rookie contract in 1992, as per Conor Ryan of MassLive.com.
“After college, even after being slightly educated, I spent $1 million in one day,” O'Neal said. “One day – 30 minutes. I got my first contract, and it was $1 million. If you're educated, you'll understand that $1 million is not really $1 million. You've got FICA, you've got state tax … but I wasn't thinking.”
“You know how it is, fellas, I had to go get that whip. Got me a black [Mercedes Benz] and then I got some ice, got some jewelry, and it cost me around $200,000. So I get home, and my father said, ‘That's a nice car. Where's my car?' And I'm no dummy. $1 million minus $150,000? I said, ‘I have $850,000 left. Let's ride.' So I rode and I got him one and then I got my mother one and then did some more shopping. I got a call from the banker the next day, I was $200,000 in the hole. All in one day.”
“I said, ‘You know what, I never wanted to be part of the statistic that states 80 percent of all professional athletes, when they're done, have nothing. Zero. I didn't want to be part of that. So I had to go back and educate myself again.”
It seems that his initial reckless spending taught him a valuable lesson and shortly after, he made sure that he’d keep enough money to provide for himself and his family. He also found ways to make money off the court.
“I made a lot of money,” he said. “Got a contract for $40 million, got another one for $30 million, got another one for $20 million. I did my favorite movie Kazaam for $10 million….that was a joke, you were supposed to laugh at that.”
You can view the full video of Shaq discussing fiscal responsibility and much more below.
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