Shaquille O'Neal has one investing rule he follows which has made him millions

Shaquille O'Neal was one of the most decorated basketball stars of his era, but he he been just as successful away from the court thanks to his savvy investments.

The former NBA icon won four championships and one Most Valuable Player award in a career that included spells with the Orlando Magic, Los Angeles Lakers and Miami Heat.

Regarded as one of the most dominant big men of all time, the 7ft 1ins centre was among the biggest sports stars in the world during his peak in the late 1990s and early 2000s.

And even though he was once the highest-paid free-agent signing in NBA history when he signed for the Lakers in 1996, the majority of his estimated $500 million net worth has come from his post-career business ventures.

Shaq has responded to the allegations (Image: Getty)

O'Neal's investment portfolio has included such brands as Ring, Five Guys and Google.

And the ex-basketball star has revealed the philosophy behind his approach to investing.

"I never consider myself an expert at all. I just, I learned the process, whatever the process may be. I create a formula for myself and apply that formula.”

“Like my perfect formula is that I only invest in things that’s going to change people’s life.”

And, interestingly, O'Neil has previously credited Amazon founder Jeff Bezos with being the inspiration behind his hugely successful business philosophy.

“When I first started investing, it was all for monetary purposes only,” O'Neal told Forbes. “You could tell me anything and if it sounded good, I would invest, so I would lose almost every time. Then, later, when I started going to CES in Vegas, I met a young, beautiful man by the name of Jeff Bezos.

“And with all the [business ventures] going fully online, he explained what the future holds. And he said that he invests in things that are going to change people’s lives. And I said, you know what, I’m gonna start doing that. And when I did that, every time I invest in something, it works.

“I invested in [home security company] Ring, because I liked what they were doing and because everybody wants affordable home security that makes them feel like a trillionaire. I like the tech that lets people be out at work and communicate with people when someone rings their doorbell at home or comes to their door. It works for people, and I like that.”