Think you've made some poor financial decisions before? Have you ever spent one million dollars in a single day? That's what former NBA star Shaquille O'Neal did — before becoming a pro basketball player.
I go buy a $150,000 car. No negotiations. I don't know nothing about negotiations. The guy could have told me $200,000 and I would have bought it. I go and get a black Mercedes because that's what I always wanted: a black Mercedes and some nice wheels.
When he took the car home to show his father, his father said, “Where's mine?” So, Shaq took his dad to the dealership and bought him a black Mercedes too. Then he bought a car for his mother. Then he bought clothes and jewelry so he could look good for the draft.
Many professional athletes stay on this wayward path which is why so many of them go bankrupt. To his credit, O'Neal came to his senses. He realized he needed to make smarter choices. He started looking for a financial advisor.
Most of the people he interviewed made extravagant promises that seemed too good to be true, so he steered clear. Instead, he hired “one little small beautiful Jewish man” who recommended a more conservative approach. O'Neal has been with him ever since: “He's been good to me.”
It's always nice to hear about a pro athlete who has not squandered his wealth.
Author: J.D. Roth
In 2006, J.D. founded Get Rich Slowly to document his quest to get out of debt. Over time, he learned how to save and how to invest. Today, he's managed to reach early retirement! He wants to help you master your money — and your life. No scams. No gimmicks. Just smart money advice to help you reach your goals.