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Shaq says he chose an advisor who emphasized savings bonds over hype
The article says Shaquille O'Neal credited his early advisor choice with a current net worth estimated around $500 million, per Fortune.
Shaquille O'Neal told Graham Bensinger that, early in his career, he chose a financial advisor after rejecting pitches he said overpromised returns. Yahoo Finance reports O'Neal recalled advisors telling him he could turn early contract money into much larger sums by his early 20s, but he decided he did not like that approach.
According to Yahoo Finance, O'Neal instead met with an advisor he described as “a little, small, beautiful Jewish man,” who proposed using savings bonds and setting up a family structure via a sub-chapter S corporation to enable write offs. O'Neal said he agreed to follow that more routine plan.
The article states that the advisor choice appears to have paid off, with O'Neal’s net worth estimated at roughly $500 million by Fortune. Yahoo Finance also contrasts high excitement strategies with slower, “mundane” ones, citing Nobel economist Paul Samuelson’s view that investing can be more like watching paint dry than seeking thrills.
Yahoo Finance additionally references analysis by CNBC suggesting most day traders lose money and notes that some IPO investors, including those in the SpaceX IPO, were reported as underwater. The piece frames the theme as avoiding unrealistic promises and sticking with strategies aimed at long term wealth building.