Upon being drafted into the NBA in 1992, Shaquille O'Neal significantly improved his family's financial situation by placing his parents on his payroll. In a 2022 interview, Shaq revealed that after reading a business guide, he effectively managed his finances by giving his stepfather a raise from $60,000 to $500,000 and his mother a $750,000 salary. This not only provided for his family but also helped him avoid high taxes. Shaq's approach highlights the importance of financial management and involving family in building wealth.
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00:00Shaq's first move after going pro? Putting his mom and dad on payroll. Wait till you hear how
00:04much he's paying them. This will blow your mind. When Shaquille O'Neal was drafted into the NBA
00:09in 1992, he didn't just sign a contract, he changed his family's life. In a 2022 interview,
00:15Shaq explained that after reading The Dummy's Guide to Starting Your Own Business,
00:19he learned how to manage his finances and set himself up as a business.
00:23Shaq gave his stepfather a huge raise, going from $60,000 a year in the army to $500,000.
00:28Shaq also gave his mom a $750,000 salary. But it wasn't just about giving them money,
00:35Shaq taught them how the business worked and what their new roles meant.
00:38He was able to avoid paying high taxes by giving money to his family instead of the government.
00:43Shaq's story shows that wealth isn't just about earning money,
00:46but about managing it wisely and bringing others along.