In the sports world, it’s not an uncommon practice. Newly-minted millionaires helping out their families. In a recent podcast interview, Shaq talked about the special way he helped out his parents – and continues to do so to this day.
You’ve probably seen similar stories in the past. A young up-and-coming athlete is drafted into whatever sport they excel at, and get that life-changing, big-money contract. In some cases – but certainly not all – we see a really nice show of gratitude and love, as the child finds a way to repay his or her parents for all the years of struggle and sacrifice they put in, to help their son or daughter become the star they turned into.
Not only that. Some athletes make a point of giving back to the communities where they grew up… another show of love for the cities and neighbors that helped grow them into their success.
NBA legend LeBron James and NFL superstar J.J. Watt come to mind. James built a school in his old hometown of Akron, Ohio, and he continues to support various programs there and in other places. Watt makes a habit of helping both his childhood hometown (suburban Milwaukee, Wisconsin), and he’s been very charitable to his long-time NFL home of Houston, Texas as well.
Of course our man Shaq has to do things his own way. On a recent episode of the podcast “Drink Champs,” O’Neal talked about the way he helped his parents, and how he earned his financial chops.
We know that Shaq has plenty of higher-level education under his giant-sized belt. But when it came to learning his very first smart financial strategies, Shaq told the podcast audience that it was actually the simple little book “The Dummies’ Guide to Starting Your Own Business” that actually got him started.
Shaq-history: O’Neal was signed as the Number One draft back in the 1992 selection by the Orlando Magic. Not long after, O’Neal went right to work on making sure his business and financial future was set on the right track.
The first thing Shaq did was establish himself as a brand. That sounds like a no-brainer today, in a world filled with social media “influencers,” content creators and more. Back then… kind of a big deal.
The other thing he did – and this is the cool part – was to put both of his parents on salary. That’s right… he paid them, just like company (or should we say brand?) employees!
Watch the full Drink Champs podcast with Shaq – click here!
“So, [the] first thing I did was incorporate ‘Shaq’ and then I put my mom on salary and put my dad on salary. And you know, we had a fan club. I got ’em an office and got ’em a car and they were so proud. Cause the best day of my life was when I got drafted.
On the podcast, O’Neal he multiplied his stepfathers Phillip Harrison’s army salary of $60,000 by a factor of eight. Shaq’s mom also got a salary of $750,000.
My parents like, ‘Congratulations, love you.’ Cause you know my dad [is] hardcore. ‘See you later. Don’t lose your money.’ He wanted to stay on the Army base. ‘Like nah, come with me.’ [He replied], ‘Nope’ [I asked], ‘How much you make in the Army?’ [He said], ‘I only make $60,000.’ [I told him], ‘Now you making half a million a year.’ [He said], ‘What?’ He started crying.”
Shaq’s “salary” to his mother did come with a job requirement. He then asked his mother to teach others about business and smart financial moves. No big surprise there, as Shaq has talked (a lot!) about how he values education and business smarts, not just sports.