Paras Griffin/Getty Images Shaquille O'Neal has locked in a retirement income.

Shaquille O'Neal says he bought a boring financial product years ago in case he squandered his fortune, and it's poised to pay him $1 million a month starting next year.

The basketball legend known as "Shaq" told the story behind his safety net during the latest episode of the "Dinner Party" podcast. He once asked a "filthy rich guy" — a "Four Seasons, Rolls-Royce" type — how to stay rich .

The man pulled out a napkin, tore it in half, then half again, and said, "If you want to be wealthy, you play with 25, and you save 75 ."

O'Neal — who once spent $1 million in a single day when he was 20 — said he began saving aggressively following their conversation. Later, when he began investing his wealth, he wanted to lock in a future income in case those bets didn't pay off.

"So I had so much money coming in, I put a lot into annuities," the four-time NBA champion said.…