'It's two words you forget about: FICA and sales tax' - Shaq on spending his first million in one day

But as Shaq was gearing up to dominate the NBA, life was already starting to look a whole lot different for the seven-foot-one rookie. Even before stepping onto an NBA court, "The Diesel" got his first major payday—a $1 million endorsement deal with a trading card company.

Barely in his 20s, fresh out of college, he was handed a check with six zeros. It felt like all the hard work was paying off for O'Neal, and he had big plans for that money. But with great money comes great responsibility, something Shaquille didn't quite grasp at first.

"I spent it in one day," O'Neal said. "You know, when you're young, you don't have a lot of business savvy; it's two words you forget about: FICA and sales tax. So I thought I was getting one million dollars straight up, but you forget about those things, so really I got about maybe six hundred thousand, so I go buy a $150,000 car, no negotiations. I don't know nothing about negotiations; they would've told me $200,000, and I would've bought it, so I go get a black Mercedes because that's what I always wanted."

Learning the hard way

Because of his lavish mindset at the time, one thing Shaq didn't change was his deep love and respect for his family.

His stepfather, a stern but caring military man, and his mother, the anchor of his life, instilled in Shaquille a sense of loyalty and gratitude. So when O'Neal got that first check, taking care of his parents was non-negotiable but costly.

"When I come home, my father's like, 'That's nice, where's mine, and I was like, 'You know what? You made me who I am jump in,' so we ride, told a guy I want another one, same one like that, so there goes $300,000 like that. When we get home and, my mom was like, 'That's nice, I don't want one that big, I want a little one,' because I know I got more money coming in, so I'm just like, I want to take care of that stuff, so I go get one for my mom; that's $500,000 right there," he said.

Between all the fancy spending, Shaq's money was vanishing faster than he could blink. O'Neal quickly discovered that having money and knowing how to handle it are two very different things.

Over time, Shaquille became a savvy businessman. He turned those early lessons into a mission to educate younger athletes about financial literacy. Today, the legendary big man is an outspoken advocate for smart money management, often sharing his story to help others avoid the same pitfalls.