'Hey, Gotta Stop This'—Shaq Says He Didn't Trust Financial Advisors Until He Met This One Man Who Became Like A Father To Him

Shaquille O'Neal has made more money off the court than he did playing in the NBA, but that didn't happen by accident. In a 2015 interview with Graham Bensinger, Shaq shared how his early days with money were filled with mistakes—until he met one financial advisor who changed everything.

Blowing $1 Million in a Day

When Shaq got his first major endorsement check—a cool $1 million—he thought he had it all figured out. But he quickly learned that wasn't the case.

"I go and buy a $150,000 car. No negotiations. I don't know nothing about negotiations," Shaq admitted. "So I go and get a black Mercedes because that's what I always wanted."

Don't Miss:

• If You're Age 35, 50, or 60: Here’s How Much You Should Have Saved Vs. Invested By Now
• Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – with $1,000 you can invest at just $0.26/share!

Then his father wanted one. Then his mother. He wrote the checks without a second thought. By the time he covered jewelry, suits for the NBA draft, and a high-end sound system, the money was gone.

A few days later, he got a call from his bank manager. "You know how to read bank statements?" the man asked. "Yeah, I learned in school," Shaq replied. But as he read through it, reality hit him—he was already $80,000 in the hole.

Finding the Right Advisor

The bank manager warned him: "I know you got more money coming in, but I don't want you to be like all these other athletes." Shaq had heard that phrase before. He didn't want to be another broke superstar. That's when he decided to get serious about his finances.

Trending: It’s no wonder Jeff Bezos holds over $250 million in art — this alternative asset has outpaced the S&P 500 since 1995, delivering an average annual return of 11.4%. Here’s how everyday investors are getting started.

He met with several financial advisors, but most made promises that seemed too good to be true. "A lot of guys came in, telling me, ‘You give me your $40 million, I'll turn it into $200 million by the time you're 23.' I was like, ‘I don't like this guy.'"

Then he met one man who stood out.

"I met one little small, beautiful Jewish man," Shaq said. "He told me, ‘I'm into savings bonds. We're going to start a subchapter S corporation for your family, so all the stuff you're doing, you can write it off.'"

That advisor was Lester Knispel, and he has been with Shaq ever since. Unlike the flashy money managers who promised the world, Knispel focused on financial security and long-term planning.

See Also: Many are surprised by Mark Cuban's advice for lotto winners: Cash or annuity?

A Wake-Up Call from Knispel

Even with a solid financial advisor, Shaq still had some learning to do. He recalls a moment when he and Mike Tyson were at a Rolls-Royce dealership. Tyson bought three. Shaq, refusing to be outdone, bought two.

That's when Knispel called him. "Hey, gotta stop this," he said. From that moment on, Shaq knew he had to be more responsible. He took financial planning seriously and built a portfolio of businesses, real estate, and endorsements that continue to pay him today.

More Than Just an Advisor

Shaq doesn't just see Knispel as a financial manager—he sees him as family. "He's like a father to me," Shaq said. "He's been good to me. It was the right choice to make." Thanks to that choice, Shaq has turned his NBA fortune into a financial empire, proving that even a million-dollar mistake can turn into a lifelong lesson.

Read Next:

• Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to grab 4,000 of its pre-IPO shares for just $0.26/share!
• The secret weapon in billionaire investor portfolios that you almost certainly don't own yet. See which asset class has outpaced the S&P 500 (1995-2024) – and with near-zero correlation.