Learning About Annuities Placed More Capital in Shaquille O’Neal’s Bank Account

“The Breakroom” is another podcast that NBA Hall of Famer Shaquille O’Neal is involved in that speaks about financial education. In this episode, he is sitting at a table with four other individuals, and as he is speaking with them, he expresses one word that he has said has blessed him financially, “Annuities.”

In the 5-minute video clip, he explained to the group that he had never heard of the word before until speaking to a wiser wealthy friend. Saying that he had a lot of money and didn’t know what to do with it, he had a conversation with an older, wealthy friend.

“I used to see this rich guy, really rich, older, 80, old Rolls-Royce and all of that. And I asked him, I said how? And he taught me a word I never heard. ‘Shaq, you need to invest in annuities.’ And I never knew what it was and I looked it up, cause I, was cause I was making so much money from commercials and all. I didn’t know what to do with it and he said, ‘Yeah, all this money you’re making, if you put it away, you can invest it and you can start collecting at 50, 60, and 70.’ So that was my greatest investment,” Shaq told the group in front of him.

Shaq has proven time and again that his business acumen is on point.

It was just reported that the clothing brand, Champion was being acquired by Authentic Brands Group for a reported $1.2 billion. As Shaq is reportedly the second-largest shareholder in Authentic Brands Group, he stands to capitalize in a big way. With the acquisition of the Champion brand, which generates almost $3 billion in global retail sales a year, it’s sure to place more capital in the bank account of Shaquille O’Neal. With this and working with other brands under that umbrella, Shaq has made another important business move.

“I’m now the second-largest shareholder in Authentic Brands Group, and last year our purchase was Reebok and Ted Baker and a couple of other brands. So, we’re doing pretty well.”