Tuesday, January 29, 2008

Shaq O'Neal Divorce Reveals He's A Big Spender

I just saw this post by Jeffrey Lalloway at the California Divorce and Family Law Blog: Shaq's Expenses Revealed In Divorce Court...$26,560 a month in babysitters??.

Miami Heat center Shaq O'Neal, in the middle of a divorce with his wife of five years, Shaunie, has reported expenses of $1.3 million a month, including $26,560 per month just for babysitters (Shaq and Shaunie have four kids together and two kids of previous relationships), according to the blog which cites the following Miami CBS4 report: cbs4.com - Shaq's Expenses Revealed In Divorce Court.

Here's the complete list of O'Neal's monthly expenses, as reported in the CBS4 article and in the California Divorce and Family Law Blog:

• $156,116 on mortgages.
• $110,505 on vacations.
• $60,417 on gifts.
• $26,560 on baby-sitters.
• $24,300 on gasoline.
• $22,190 on maids.
• $17,220 on clothes.
• $12,775 on food.
And the tax man gets about $500,000 a month in income taxes.

At that rate of spending, and even with Shaq's $20 million yearly income (an income second among NBA players only to our own Kevin Garnett of the Boston Celtics) there doesn't seem to be enough room in his budget for savings and investment. I've heard it said about us Americans that the answer to the question "What is your cost of living?" is exactly the same as the answer to the question "How much do you make?" Certainly seems to be true for Shaq.

At that rate of spending, he only has about $4 million left each year to invest or save (not including that which he saves through his mortgage payments).

Aren't you feeling sorry for him now?

For information about Massachusetts divorce and family law, see the Massachusetts Divorce & Family Law Page of my law firm website.

3 comments:

CASHLOX said...

Wow,

That's crazy. First off, how stupid was she? Second off, how can one spend so much money?

Anonymous said...

Why is he even paying a Mortgage? He should've been paid off on those houses.

Scott Morgan, Houston Divorce Lawyer said...

Years ago there was a Richard Pryor movie about him inheriting a huge sum of money (something like a billion dollars), but to get it he would have to spend a smaller sum (something like ten million) in a years time and have absolutely nothing to show for it.

I don't think that would pose too much of a challenge to Shaq.