'I Got To Teach Myself,' Said Shaquille O'Neal After Once Thinking Someone Named FICA 'Took $200,000' From His Account

Shaquille O’Neal might be one of the most dominant forces in NBA history, but he wasn’t always the powerhouse we know today when it came to managing his early wealth. Like many young people suddenly faced with large sums of money, Shaq had to learn some hard lessons – and he learned fast. One of those moments came when he thought someone named FICA had taken $200,000 from his bank account.

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In 2021, Shaq opened up about that eye-opening moment on the Earn Your Leisure podcast, sharing a story that sums up his journey from being rich to truly wealthy. “My agent called me and said, ‘Hey, I got a check for a million,'” Shaq recalled. “You know me, I already had that black Mercedes lined up.” With that kind of money in hand, Shaq didn't hesitate – he bought the luxury car for $150,000, got another one each for his mom and dad and then picked up some jewelry and suits.

But then the call came from his bank manager. “He says, ‘You spent a million dollars,’ [and] I said, ‘No, I didn’t.'” That’s when Shaq realized his million-dollar check wasn't a full million in the bank – a big portion had gone to taxes. He recalled, “I don't know no motherf*king FICA. They took $200,000!” It was a reality check for Shaq, who admitted, “I had no idea what FICA, income tax, sales tax, state tax [were].”

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That day marked a turning point for the young basketball star. He realized he needed to understand his money if he didn't want to end up broke like many other athletes. “Okay, I don’t want to be like the rest of these NBA players,” he thought. “I got to teach myself.” After spending a million dollars a day, he started educating himself by reading books, asking questions and learning about setting up and conducting business.

Shaq's journey didn't stop there. Inspired by his experiences and advice from mentors like Magic Johnson, he shifted his focus to ownership and investment. Magic reportedly told him, “At some point, you want to start owning things,” which inspired Shaq to consider the big picture rather than just making impulsive purchases.

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Another piece of advice that changed Shaq’s approach to money came from an unlikely source – an 80-year-old man driving a Rolls-Royce. Curious about how the man got so wealthy, Shaq asked for his secret. The man shared a word Shaq had never heard before – an annuity. 

When Shaq learned that annuities are investments that provide guaranteed income over time, it clicked for him. He realized he could make his money work for him in the future instead of just spending it now. “All this money you’re making, if you save it, you can invest it and start collecting at 50, 60 and 70,” the older man advised.

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