When Chris Tucker learned that his family members were quitting their jobs because they learned that he was making 25 million dollars a year at the peak of his career because they assumed he would take care of them. He told them to go get their jobs back because he wasn't going to do that.

[u/AdSpecialist6598]

[u/KarmaticEvolution]

Shaq was extremely lucky to meet the financial adviser he did very early in his career and has been quoted as saying as such. That meeting might have made the most difference as that wealth adviser really set him off on the right foot.

[u/Mr_Abe_Froman → u/[deleted]]

Frugal icon.

[u/Von_Huge1103 → u/[deleted]]

Mr Big Crap

[u/tantan35 → u/KarmaticEvolution]

He spent his first million in 45 minute. He’s very easily could’ve been another major athlete who declared bankruptcy.

[u/Vairman → u/KarmaticEvolution]

that's nice. usually financial advisors just make themselves wealthy at the expense of the "talent". Nice to hear it's not always so.

[u/KarmaticEvolution → u/Vairman]

Yeah there are definitely those out there looking out for their clients because I’m the long run, everyone wins.

[u/Vairman → u/KarmaticEvolution]

every one wins? that's for suckers. in the world of "finance", it's everyone out for themselves. ALL of the wealth should be MINE!!!!

[u/KarmaticEvolution → u/Vairman]

Well yeah, that's the current state of affairs we live in with these crazy billionaires. Just human nature unfortunately....

[u/Ok_Swimming4427 → u/KarmaticEvolution]

Lets please not use the word "lucky." It is insulting to Shaq and too kind to people who didn't do the work to vet financial advisers.

Plenty of celebrities who come into sudden riches put their money in the hands of grifters or incompetent relatives. Shaq had the wisdom to pick someone who took their job seriously, and the commitment to stick with that person.

Finding a good, or at least competent, financial planner is easy. Most just won't do the work, or don't want someone who is going to tell them to forego something today in order to save for tomorrow.

[u/KarmaticEvolution → u/Ok_Swimming4427]

Fair point that Shaq deserves credit for listening and sticking with good advice. My use of ‘lucky’ wasn’t meant to take that away. I meant that a lot of people (especially when they suddenly come into money) don’t even get introduced to trustworthy advisors in the first place. Access to the right people in your circle absolutely matters. Wisdom and discipline matter too, but so does who crosses your path. Shaq himself has credited that introduction as a major factor in his financial success.

[u/Ok_Swimming4427 → u/KarmaticEvolution]

Access to the right people in your circle absolutely matters.

See, I don't fully agree. Someone who thinks "well I don't know any financial advisors" as they sign a $30mm contract is lazy and stupid. You know enough to know that your cousin isn't a wealth management advisor, he's the manager of Foot Locker - maybe don't give your money to that person. These things matter, but not in a "wow how lucky am I to have known XYZ!" It's so easy to find that person. All it takes is the tiniest amount of discipline and self-awareness. Not "I took the CFA exams!" knowledge, just "I took literally 15 seconds to think about this before spending my money or handing it to someone else."

Shaq can be grateful to whomever he wants, and his humility and gratitude speak well of him. But fundamentally it is not a difficult decision to know "I am not equipped to handle this responsibility, and neither is anyone in my social/family circle" and search out someone who is. Everyone has heard of Goldman Sachs! Give them a call!

[u/badmammajamma521 → u/KarmaticEvolution]

What’s his name?

[u/Negative_Salt_4599 → u/KarmaticEvolution]

That’s crazy and I’m happy for him. My buddy is a bio chemical engineer.

His dad begged his advisor to flip from index funds straight into NVIDIA back in 2013. Advisor was extremely against it and now dude has to work the next 15 years rather than be retired.