Suffering a significant financial loss after buying 2 Rolls Royces and a $3 million house, Shaquille O’Neal felt tax illiterate after his first big splurge

NBA legend Shaquille O’Neal has a huge business empire alongside his many NBA accomplishments. However, this has not always been the case. When he made his first league paycheck, Shaq spent it all recklessly.

During an interview, Shaq touched on the important subject of financial literacy. Although he now has a whole team on the subject and is well versed in the workings of economics and taxation, this has not always been the case.

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In his freshman year, he spent a huge amount of money buying a house that cost $3 million. Additionally, he bought a few luxury Rolls Royce vehicles, which strained his bank account so much that his accountant had to remind him to spend wisely.

Interestingly enough, the NBA legend revealed that the amount he received after tax was almost half of what he actually earned.

Shaq saidThe first year I got $20 million was 10.9 and I spent most of it in a year being irresponsible. You know, I had money in the bank and I wanted to have fun. So I bought a house, cash, $3 million, bought a few Rolls Royces, took a few trips, and then my accountant called me back.

In fact, Shaq was entirely unaware of the imposition process. He did not know that he owed some of his spending money to the government. Therefore, he splurged without any ulterior motive. However, he soon realized his mistake.

Safe to say, Shaquille O’Neal is pretty mature on these matters now. He has a huge business empire. In addition, he is also involved in many philanthropic actions and other social causes.

Shaquille O’Neal built huge net worth with smart investing

Former Los Angeles Lakers and Miami Heat star Shaquille O’Neal is widely regarded as one of the greatest NBA stars of all time. Unlike many athletes who spend their lives lavishly and end up broke, Shaq is not one of them.

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He has a huge net worth of around $400 million according to Celebrity Net Worth. Through his association with Inside the NBA and other associations, O’Neal still earns around $60 million in salaries.

In addition, he is very active in the field of franchising since he holds significant stakes in companies such as Papa John’s. The former NBA champion loves real estate as he owns many mansions across the country.

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