Basketball star LeBron James has just become the first NBA player to be a billionaire while playing. For James, the first money lesson he was taught had a huge impact on this success.
NBA professional basketball star, billionaire LeBron James.
According to Forbes statistics , the total net worth of the 37-year-old athlete is about 1 billion USD. Before James, the only basketball star to become a billionaire was Michael Jordan. However, Jordan reached this position in 2014 – more than 10 years after ending his official playing career.
Therefore, James is now the first NBA star to become a billionaire while still playing. In fact, owning 1 billion USD is one of the goals shared by James 8 years ago, when he was still wearing the Miami Heat. In an interview with GQ , James said: “Just like what I did in the field, I always wanted to expand my business network. With the support of associates and the luck of having connections. good relationship, I will not stop aiming for new steps.”
“And if one day I become a billion-dollar athlete like Michael did, I will certainly be very happy and happy. It is an achievement of a lifetime.”
According to Forbes , James also ranks second in the list of highest-paid athletes in 2022, just behind football player Lionel Messi. Last year, the 37-year-old star of the Los Angeles Laker team earned $121 million. Besides, the star of the Los Angeles Lakers has many other great sources of income from countless business projects, advertising contracts with PepsiCo, Walmart, lifetime sponsor Nike… and shares in brands. other brand.
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Difficult 𝘤𝘩𝘪𝘭𝘥hood and the first money lesson
Born in Ohio into a single family with very difficult circumstances. James’s mother gave 𝐛𝐢𝐫𝐭𝐡 to him at the age of 16 and struggled to make ends meet. So, ever since he started earning money, even if it was meager, James has always saved some. All thanks to the first money lesson he was taught from his uncles and aunts.
“I’ve always been taught by my uncles and aunts. They taught me how to set up a savings account. They gave me $1 and said, ‘Hey kid, let’s spend 35 cents in a savings account. and keep 65 cents. Or if they give me 2 dollars, they will tell me ‘you spend 1 dollar and save the rest,'” James said.
“Therefore, in my mind I was always thinking about how to hoard and separate that money for myself, because I don’t know when my uncle will give me another dollar or another 50 cents.” , the 37-year-old basketball star said.
For James, this first money lesson really had a big impact on his later success. According to Spotrac , James has earned a total of $387 million in wages during his playing career at the Miami Heat, Cleveland Cavaliers and now the Los Angeles Lakers. However, the fortune that he has accumulated from other sources of income since starting his career in 2003 amounts to 900 million USD (before taxes).
Taking advantage of his talent and image as well as his position, James has a lot of advertising contracts with great value, including a lifetime sponsorship contract from Nike (bringing in 15-20 million USD/year). ). Recently, the basketball star also directly starred and participated in the production of the animated film Space Jam: A New Legacy, with a box office revenue of $ 163 million.
Lebron James in the animated movie Space Jam: A New Legacy
In addition, he also participates in many business projects and holds shares in many other companies and brands. Some of these include SpringHill Entertainment (valued at $750 million), Beats headphone brand in partnership with famous rapper Dr.Dre (acquired by Apple for $3 billion), restaurant chains Blaze Pizza (bringing in about 30 million USD/year) or Fenway Sports Group (FSG).
James was also a minor shareholder in Liverpool Football Club . Then he sold this share back to become a part of FSG. This is an investment group that owns the American baseball club Boston Red Sox and also Liverpool. Over the years, FSG has been consistently profitable and has helped bring profits to James.
Last year, James shared that he hopes to one day own a club franchise in the NBA, having already owned part of the Boston Red Sox. ” I want to give a lot to the sport. I know what it takes to win. I also know how to run a business. And so my goal is to own an NBA brand and that will happen soon.”
According to James, he still has a lot of goals to do and no plan to “slow down”. The star could extend a two-year, $97 million contract with the Los Angeles Laker and hopes to play football with son LeBron “Bronny” James Jr. in the near future.
