Shaquille O’Neal Admits His Worst Business Investment Lost Him ‘A Lot of Money’
Shaquille O’Neal has become the gold standard when it comes to professional athletes handling business decisions. O’Neal has maintained sustained wealth through his various dealings in that realm over the years. However, it’s a journey that has come with some miscues resulting in notable financial losses.
Shaquille O’Neal finds tremendous success as a businessman
Over the years, Shaquille O’Neal has become increasingly involved in business opportunities away from basketball.
O’Neal remains a prominent figure around the NBA by working as a studio analyst for TNT’s “Inside the NBA” and other NBA TV programs. However, he has become more involved in various business opportunities through investments and endorsement deals.
The NBA Hall of Famer has built up quite the portfolio through his many commercial appearances as a paid representative for companies in different industries. He has been featured in ads and TV spots for IcyHot, Buick, Macy’s, Zales, The General, Arizona Beverage Co, Papa John’s, Epson Printers, and Carnival Cruise.
His work away from basketball has helped him garner a reported net worth exceeding $400 million, according to NBC Sports. O’Neal earned $286.3 million over his 19-year career, but it’s his business decisions that have benefitted him greatly.
His presence in the business realm is far-reaching and ever-growing as time passes along. Simultaneously, O’Neal’s journey on this path as a businessman hasn’t come without some regrettable missteps.
Shaquille O’Neal admits his worst business investment lost him ‘a lot of money’
Shaquille O’Neal’s pathway off the court as a businessman hasn’t come without some missteps along the way.
Early on in his ventures off the court, he made a few mistakes, such as passing up on investing in Starbucks due to nobody in his family drinking coffee. That wasn’t his only miscue, as he noted during an interview with CNBC’s “Power Lunch” that he got suckered into “get-rich-quick” money scenarios.
“When I first came in, I lost a lot of money in the get-rich-quick schemes,” O’Neal said. ” If someone said ‘Give me a million, and in three years, it’ll be $10 million — deals like that, I would take every time… no research, no due diligence.’
O’Neal also pinpointed the worst investment came with a paper company as the business owner told him that they had deals with schools and government. That all turned out to be a scam with a significant financial loss.
Although situations like this burned a hole in his pocket, O’Neal used it to learn and make better business decisions moving forward.
A shining business example for other professional athletes
Shaquille O’Neal’s journey through his business dealings continues to become more diverse as he moves forward.
The four-time NBA champion has dabbled into various industries to expand his reach and financial security. In February, O’Neal was announced as a brand ambassador for Novex, a company that provides men’s performance products such as GF-9, Testrovax, and Oxydene. He will appear in marketing campaigns, such as TV spots, in-store, and e-commerce later this year.
The 49-year-old has also invested in Apple and Google along with companies such as Krispy Kreme. It’s a pathway that will come with mistakes, but his improved business acumen has put him in the right direction.
O’Neal has become one of the gold standards for professional athletes to follow off the court concerning business decisions. His miscues also provide the game plan of what not to do to find sustained financial success.