Getting Hipped To Annuities Increased Shaquille O’Neal’s Bank Account

The Breakroom is another podcast that NBA Hall of Famer Shaquille O’Neal is involved in, and it discusses financial education. In a recent episode, he sat at a table with four other individuals and expressed one word that has blessed him financially: “Annuities.”

In the five-minute clip, he explained to the group that he had never heard of the word before until speaking to a wiser, wealthy friend. He said he had a lot of money and didn’t know what to do with it until he talked 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 at the table.

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. Shaq is reportedly the second-largest shareholder in Authentic Brands Group and stands to capitalize in a big way. The acquisition of the Champion brand, which generates almost $3 billion in global retail sales a year, is sure to place more capital in Shaquille O’Neal’s bank account. 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.”

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