Shaq says annuities could pay him $1 million a month

O’Neal described the decision on the latest episode of the “Dinner Party” podcast. He said he once asked a “filthy rich guy” how to stay wealthy. The man drew a lesson on a napkin: “If you want to be wealthy, you play with 25, and you save 75.”

O’Neal, who has said he spent $1 million in one day when he was 20, said he began saving aggressively after that conversation. As money came in, he put a large amount into annuities as a fallback if his investments did not work out. Annuities are insurance products that turn a lump sum or a series of premiums into regular payments, often for retirement.

He said the payments would provide income “almost for the rest of my life.” Asked about the amount, O’Neal replied: “I don’t like to brag, but I think at 55 I’ll probably get a million dollars a month.”

The four-time NBA champion also discussed inheritance rules for his children, saying they would need degrees to receive any money. O’Neal earned a bachelor’s, a master’s and a doctorate after promising his mother he would return to college. He also recalled investing in Google before it went public, calling it a “nice big hit,” before joking that he lost the money in his 2009 divorce.