In a recent interview, NBA legend Shaquille O’Neal shared his financial advice and money-saving tips.
What Happened: The NBA superstar, who has amassed an estimated $700 million throughout his illustrious career, underscored the significance of saving.
Shaq’s personal wallet includes a license, law enforcement badge, credit card, and a cherished photo of him with his mother.
He also shared some wisdom for business owners, emphasizing the need for due diligence, seeking advice, and taking decisive action.
In the interview with CNBC, Shaq said, “It’s not about how much you make, it’s about how much you keep,” and recommended saving as much as 75% of earnings.
“If saving 75% of your income is out-of-reach, consider the 50/30/20 rule, which provides more flexibility. This rule suggests you split up your after-tax income so 50% is spent on needs, 30% on wants and 20% on savings. As your earning change, you can make adjustments and increase savings,” he added.
Shaq, who has transitioned from the basketball court to the boardroom as a successful entrepreneur, is a board member at Papa John’s and owns several Auntie Anne’s restaurants.
He further advised that a portion of every paycheck should be saved, even if it’s a small amount.
“Putting $100 from each paycheck into Marcus, assuming you get paid biweekly, would allow you to earn $8 in interest after a year, and $198 after five years. The more money you save each paycheck, the more your savings will grow,” Shaq said.
He also recommended using high-yield savings accounts that earn compound interest, like Marcus by Goldman Sachs High Yield Online Savings, as a strategy to grow savings over time.
Why It Matters: Shaq’s financial advice comes from his own experience of building a successful business empire post his NBA career.
His emphasis on saving and investing wisely is a testament to his financial acumen and business success. His advice is particularly relevant in today’s uncertain economic climate, where financial security is paramount.
The NBA legend’s tips could serve as a valuable guide for those looking to manage their finances effectively.
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