Back in his heyday, Shaquille O'Neal was the legendary force who ruled the hardwoods of the NBA. Dominant would honestly be an understatement when describing Shaq's reign, especially during his stint with the Los Angeles Lakers , where he won three straight championships and took home three consecutive Finals MVP trophies. However, apart from his legacy as arguably one of the top 10 players of all time, today we recognize the "Big Diesel" as an entrepreneur, investor, businessman, media personality and much more.
O'Neal is a perfect example of an athlete who was not satisfied with simply earning millions from his God-given basketball abilities, but instead decided to turn all of that into an empire. As of today, Shaq's net worth reportedly stands around $500 million, and it does not look like that number is slowing down anytime soon.
But O'Neal was not born with all that business knowledge. He sought wisdom from people who had already walked the same path before him. For O'Neal, that someone was Magic Johnson, another Purple and Gold legend who taught him some of the tricks of the trade.
"The first time I met Magic Johnson, he pulled me to the side, and he said, 'It's ok to be famous, but you want to start owning things,'" O'Neal said during an interview with journalist and entrepreneur Graham Bensinger.
If we go back to his early days in the league, O'Neal was selected as the No. 1 overall pick in the 1992 NBA Draft by the Orlando Magic and signed a four-year, $17.4 million rookie contract. Naturally, as a youngster suddenly dealing with that kind of money for the first time in his life, stories about reckless spending quickly became legendary.
Maybe one of the most famous ones was when Shaq admitted he blew through around a million dollars in roughly 45 minutes after receiving his first paycheck. He wasn't aware of all the hidden fees and taxes, and that was the moment reality hit him. O'Neal did not know much about the financial world, but he was willing to learn. That was exactly when Magic's advice started making more sense.
Back in 1992, Shaq was still adjusting to this entirely new world that generational money opened up. Even though he himself admitted he did not fully understand what Johnson was talking about at first, he knew he had to learn, and he had to do it quickly.
"19 years old, I'm like, 'What the hell are you talking about?'" the retired big man added. "But then as I watched him and I studied him, I was like, 'Okay, this is what it means.'"
Watching Magic do his thing on the basketball court was one thing, watching him build his business empire was another, and O'Neal paid close attention, especially to the off-the-court side of things.
Johnson is one of the three NBA players to hit billionaire status, together with Michael Jordan and LeBron James , and he remains the gold standard when it comes to investing properly outside of basketball.
Interestingly enough, Magic earned "only" around $40 million during his playing career with the Lakers throughout the 1980s, but he used that capital masterfully to build his wealth afterward. Movie theaters, Starbucks franchises, healthcare, real estate, sports ownership, you name it, Magic was involved in it.
Apparently, Shaq learned a lot from those early conversations. From restaurant chains and endorsement deals to tech investments and media ventures, the legendary center also built quite an impressive empire of his. And in a way, his story proves that it always pays off to listen to the people who have already walked the road before you.
This story was originally published by Basketball Network on May 13, 2026, where it first appeared in the Off The Court section. Add Basketball Network as a Preferred Source by clicking here.
