Shaquille O’Neal has developed a successful business, entertainment and investing career in addition to his illustrious athletic career. He also hosts a program called “The Break” on his YouTube channel, in which he talks to a group of guests in a lighthearted and informal discussion about important topics like money management.
But just like anyone else, he wasn’t born knowing all the ins and outs of managing money. In an episode called “Investing,” Shaq shared a story that perfectly sums up his journey from being rich to truly wealthy.
Don’t Miss:
“I used to see this rich guy, really rich, older – like 80 – driving a Rolls-Royce,” Shaq recalled. Curious, as many of us would be, Shaq asked the man how he got so wealthy. It wasn’t flashy stock picks or risky real estate deals that the man shared. Instead, he gave Shaq a word he’d never heard before: annuity.
Shaq went home to check it out because he didn’t want to miss anything important. He discovered that an annuity is an investment that lets you put money down now and get payouts regularly later on – think of it as a guaranteed retirement income.
Trending: Warren Buffett once said, “If you don’t find a way to make money while you sleep, you will work until you die.” These high-yield real estate notes that pay 7.5% – 9% make earning passive income easier than ever.
“I was making so much money from commercials and all, I didn’t know what to do with it,” Shaq said. But the advice clicked with him. The older man told Shaq that all the money he was making now could work for him in the future – he just needed to invest it wisely.
Shaq’s approach to handling his finances took a significant turn after that conversation. He said it was the best advice he ever got because it taught him to think about the future. “All this money you’re making, if you save it, you can invest it and start collecting at 50, 60 and 70,” the older man told him. Thus, instead of spending all his money or taking big risks, Shaq learned the importance of steady growth and safety.
Trending: ‘Scrolling to UBI’: Deloitte’s #1 fastest-growing software company allows users to earn money on their phones – invest today with $1,000 for just $0.25/share
But before Shaq shared his story, Juan Toscano-Anderson, who won the NBA championship with the Golden State Warriors in 2022 and was one of the guests on the show, admitted that, like many people, he was often tempted by the idea of quick money.
He hired financial advisors but sometimes found their advice boring. He was more interested in seeing his $100,000 turn into $350,000 overnight. But after losing money in a friend’s business venture, he learned a crucial lesson: the basics might not be flashy, but they’re reliable. “It doesn’t [sic] have to be sexy. They’re the basics for a reason,” he said.
These examples teach a straightforward but important lesson – sometimes, the greatest investment advice isn’t to chase the latest hot stock or aim to double your money in a year. It all comes down to patience and realizing that wealth is accumulated gradually.
Read Next:
Up Next: Transform your trading with Benzinga Edge’s one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today’s competitive market.
Get the latest stock analysis from Benzinga?
This article ‘He Taught Me A Word I Never Heard,’ Says Shaquille O’Neal About The Time He Received The Greatest Investment Advice From A Rich 80-Year-Old originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Source: finance.yahoo.com