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This is the investing rule Shaquille O'Neal swears by

Key Points
  • NBA legend Shaquille O'Neal said the best piece of investing advice he ever received was to put away 50% of your income for retirement immediately.
  • Since retiring from professional basketball in 2011 after a 19-year career, the all-star has taken on a number of business ventures.
  • On Tuesday he participated in BTIG's 16th annual charity day in New York City.

Shaquille O'Neal may be most famous for his prowess on the court, but the NBA hall-of-famer also knows a thing or two about money.

And the basketball all-star's top piece of financial advice?

Save 50% -- immediately.

Shaquille O'Neal
Isaiah Trickey | FilmMagic | Getty Images

On Tuesday's "Halftime Report" he said the most important financial rule for young people should be to save half of their paycheck right away.

But that's not all. He went on to say that the truly smart individuals -- the people who become billionaires -- will put away 75% of their income for retirement.

The remaining 25% can then be used to "have fun."

In the words of Shaq -- "to buy houses, planes, cars, you want to travel? [It's for] having fun."

VIDEO7:4207:42
Shaq talks business at BTIG’s Charity Day

Shaquille O'Neal has been as successful in the business world off the court as he was while on the court.

Since retiring from his 19-year professional basketball career O'Neal has taken on a number of business ventures -- from owning restaurant and gym franchises, to opening nightclubs, to most recently becoming the face of JCPenney's "Big & Tall" business.

Shaquille O'Neal was one of the special guests at BTIG's annual charity day, where celebrities, business titans, and athletes buy "honorary" shares on BTIG's trading desk -- all in the name of charity.

Since the event started 15 years ago, more than $45 million has been raised for a number of charities around the globe.