NBA legend Shaquille O’Neal discussed how he used annuities to protect his financial future, explaining that he wanted a guaranteed source of income in case his other investments failed.
The four-time NBA champion said he began putting money into annuities while earning substantial income during his basketball career.
His goal was to ensure that he would continue receiving payments even if he made poor financial decisions.
“Also had to do something that was failroof, annuities. I said to myself, okay, if I f*ck all this up, I still want to be able to get something when I’m 40.”
O’Neal explained that he allocated significant amounts of money to these financial products, arranging payments at different stages of his life.
“So I had so much money coming in, I put a lot into annuities. So I had to start collecting. Matter of fact, next year get a lot almost for the rest of my life. So 55, 60, and 65. That was my fail proof that just in case the investments don’t work and this and that.”
During the conversation, Graham Stephan asked O’Neal about the potential returns from those investments.
“What’s the return on the annuities?”
O’Neal responded that he expects to receive approximately $1 million per month when he turns 55.
“I don’t like to brag, but I think at 55 I’ll probably get a million dollar a month.”
