Shaquille O’Neal has developed a successful business, entertainment and investing occupation along together with his illustrious athletic occupation. He also hosts a program called “The Break” on his YouTube channel, by which he talks to a bunch of guests in a lighthearted and informal discussion about needed topics like money management.
But similar to anyone else, he wasn’t born knowing all the ins and outs of managing money. In an episode called “Investing,” Shaq shared a story that completely sums up his journey from being wealthy to truly wealthy.
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“I used to see this wealthy guy, really wealthy, older – like 80 – driving a Rolls-Royce,” Shaq recalled. Curious, as a lot of us may very well be, Shaq asked the person how he got so wealthy. It wasn’t flashy stock picks or dangerous real estate deals that the person shared. In its place, he gave Shaq a word he’d never heard before: annuity.
Shaq went home to establish it out because he didn’t want to miss anything needed. He discovered that an annuity is an investment that lets you put money down now and get payouts commonly afterward – consider it as a guaranteed retirement income.
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“I was making rather a lot money from commercials and all, I didn’t know what to do with it,” Shaq said. However the advice clicked with him. The older man told Shaq that each one the money he was making now could work for him in the long run – he just needed to take a position it accurately.
Shaq’s approach to handling his funds took a giant turn after that conversation. He said it was the proper advice he ever got because it taught him to think in regards to the future. “All this money you’re making, for individuals who reserve it, you’ll find a way to speculate it and start collecting at 50, 60 and 70,” the older man told him. Thus, as a substitute of spending all his money or taking big risks, Shaq learned the importance of standard growth and safety.
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But before Shaq shared his story, Juan Toscano-Anderson, who won the NBA championship with the Golden State Warriors in 2022 and was definitely one in all the guests on the show, admitted that, like many individuals, he was often tempted by the concept of quick money.
He hired financial advisors but sometimes found their advice boring. He was more all for seeing his $100,000 turn into $350,000 overnight. But after losing money in a friend’s business enterprise, he learned an important lesson: the basics won’t be flashy, but they’re reliable. “It doesn’t [sic] should be sexy. They’re the basics for a reason,” he said.
These examples teach a straightforward but needed lesson – sometimes, one of the best investment advice isn’t to chase the latest hot stock or aim to double your money in a yr. All of it comes right all the way down to patience and realizing that wealth is collected steadily.
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This text ‘He Taught Me A Word I Never Heard,’ Says Shaquille O’Neal About The Time He Received The Biggest Investment Advice From A Wealthy 80-Yr-Old originally appeared on Benzinga.com
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