Shaq Says Billionaire Magic Johnson Gave Him the 'Best' Money Advice — Being Famous Is Cool, 'But at Some Point, You Want to Start Owning Things'

Shaquille O'Neal might have a net worth floating around half a billion dollars, but even he'll tell you — money smarts weren't always part of the game plan. In fact, it took one simple piece of advice, delivered courtside and straight from Magic Johnson, to flip the script.

"When I first got to L.A., [Johnson] said, ‘Shaq, it's okay to be famous and all that, but at some point, you want to start owning things,'" O'Neal told Daymond John of "Shark Tank" during the 2020 Black Entrepreneurs Day event.

That wasn't just locker room wisdom — it was a turning point. 

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Shaq, who famously torched his first million-dollar check on flashy cars and jewelry, admits he didn't know the first thing about taxes, saving, or investing when he was drafted. Even after signing a $40 million deal with the Orlando Magic, the financial lightbulb hadn't gone off. That came later — with Magic.

And let's talk about that Magic.

In 2023, Forbes officially named Johnson a billionaire, making him just the fourth athlete in history to earn the title, alongside Michael Jordan, Tiger Woods, and LeBron James. But Johnson didn't get there by clinging to basketball contracts. He made his name in the business world — buying into Starbucks before most athletes were thinking about branding, and later owning major stakes in the Dodgers, Sparks, Los Angeles FC, and the Washington Commanders.

Shaq saw all that in real time. The glitz of NBA stardom was great — but what Johnson had? That was different. That was long-term.

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So Shaq got to work. After retiring in 2011, he didn't just license his name — he built an empire. Today, he's got stakes in everything from Papa John's to car washes to fitness centers, and he claims to earn more annually in retirement than he ever did as a player. He even went back to school, picking up an MBA and later a doctorate in education, all while absorbing lessons from real business owners, TV investors, and yes, still watching "Shark Tank" for good measure.

"I'm still learning now," Shaq told John. "I watch ‘Shark Tank' and I learn from you guys. I love to ask questions."

For anyone who still thinks being an athlete and being an entrepreneur live in separate arenas, Magic and Shaq have been proving them wrong for decades. One gave the advice. The other turned it into action.

Being famous pays. But owning things? That's what builds empires.

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