NBA Legend Shaq Says You Should Save 75% Of Your Paycheck – 'It's Not About How Much You Make, It's About How Much You Keep'

Shaquille O'Neal, known as Shaq, isn't just a basketball legend – he's also become a financial guru. After earning a fortune estimated at $700 million during his NBA career, according to Forbes, Shaq has learned a thing or two about managing wealth and his approach might surprise you. 

In an interview with CNBC Select in 2024, Shaq shared some of his most valuable money lessons. The most memorable? "It's not about how much you make, it's about how much you keep."

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This simple yet powerful advice reveals a key financial principle that even those with modest incomes can follow. "Save 75% of your earnings and put it away. Use the other 25% as you please," Shaq explained. While saving 75% may sound ambitious for the average person, the core message is clear: it's crucial to prioritize saving, no matter what you earn. The idea is that wealth isn't about flashy lifestyles or splurging on expensive things – real wealth comes from what you save and invest.

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Shaq's financial philosophy is rooted in his own experience. Despite earning hundreds of millions of dollars during his NBA career, he wasn't always financially savvy. Early in his career, he made some rookie mistakes, including blowing through $1 million in just one hour after signing his first major contract. But over time, he learned the importance of discipline. 

As one of the most famous names in basketball, he makes it a point to speak openly and honestly about finances. Sure, most people live on a modest salary and don't have a net worth of hundreds of millions like Shaq, but his words apply just the same. Even high earners can end up with nothing if they don't save and invest wisely. On the other hand, modest earners can become millionaires with some smart and consistent money moves. 

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Shaq often shares his story about his kids to highlight the value of long-term financial planning. While his children may be the offspring of a multimillionaire, Shaq has made it clear they won't receive any free handouts. Instead, he's set a strict rule: "In order to get my cheese, you have to present me with two degrees." 

Shaq believes in hard work, education and self-reliance – even when growing up in the lap of luxury. He insists that earning his fortune wasn't just about his basketball skills; it also required smart decision-making, planning and, as he likes to say, "surrounding yourself with the right people."

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Shaq has ventured into everything from restaurant chains like Auntie Anne's to a role on the board of Papa John's and even founding his own chicken fast food chain Big Chicken. His investments aren't just for show – he's made a point of seeking expert advice and doing his research before diving into any business deals. He once said, "You can achieve great things with the proper support system," a mantra he applies to business and personal finances.

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He also advises in the CNBC interview that even if you can't stash away 75% of your income, you can always start small and scale up as your earnings grow. He recommends setting aside a portion of each paycheck –$50 or $100 – so it compounds and grows over time. By making consistent contributions, no matter how small, you're setting yourself up for long-term financial success.

Shaq's financial success proves that it's possible to go from flashy spender to savvy investor. Whether chasing a dream or just trying to build a better financial future, Shaq's advice on keeping more of what you make is a slam dunk for anyone's financial game plan.

This story was edited to add recent updates to to Shaq’s business ventures.

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