From the NBA to annuities, from free throws to guaranteed income
I recently read an article about Shaquille O’Neal and his after basketball life that was truly amazing. Did you know in his 19 -year NBA career he earned a total of $292 million in compensation? He was the highest paid player over that time period, making enough money for a couple of hundred families to live in complete comfort. With the age of the athlete, we have watched salaries skyrocket to levels we cannot comprehend as just regular folks.
Shaq was one of the all-time greats, and he proved it on and off the basketball floor. Did you know he also starred in movies and had 3 very successful records with sales in excess of 1.3 million copies? Shaq became a brand, and he used his celebrity to put in place a money-making machine for his retirement from basketball.
The article mentions his endorsement life: products we know on a national basis, such as Buick, Icy Hot, Reebok, Zales, Foot Locker, Arizona Tea and many more. The list includes more than 20 products and companies. His endorsement income is now greater than his salary was as a top NBA center, and there is more to come.
In addition to product endorsements, he is also a TV analyst, an international motivational speaker, and a private party DJ. Yes, you can have Shaq come to your house for 2 hours, have him DJ your party for only $50,000. Shaq is booked all day every day in a nonstop worldwide promotional endorsement and entertainment tour.
It was estimated he could earn more than a BILLION dollars in just his endorsement career. Certainly a lot of money and reason to be concerned about how the money is invested and protected to ensure his and his family’s financial security.
In the article he was asked about the income he is now earning and he said “I don’t pay any attention to the money, if I lose it all it is no big deal, myself and my family are already financially secure because when I started in the NBA, every year I invested in annuities.”
Annuities now provide more income than myself and my family need. The money I earn now is just for fun.”
Annuities? Yes, a man who in his lifetime will earn in excess of a BILLION dollars is depending on annuities to guarantee his financial future.
Here is the link to the article; it ends with his financial philosophy about annuities.
http://www.businessweek.com/articles/2014-04-24/retired-shaquille-oneal-cultivates-fame-and-fortune
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