You may not have the desire to be a BILLIONAIRE, or you may not even have the desire to be a MILLIONAIRE. But do you at least have the desire to create wealth and financial stability in your LIFE? Below is an insert from an article about how Warren Buffet is helping Labron James get on the path to becoming a Billionaire. Bottom-line is all about FINANCIAL LITERACY! The path to being a billionaire: BUILD BUSINESSES! Yet, Jordan’s jump to the billionaire’s club doesn’t come from his marketing, but instead from one savvy business move. In 2010, Jordan bought a controlling stake in the Charlotte Bobcats for $175 million. Today, the team’s value is estimated at over $600 million. Jordan owns 89.5% of the team. LeBron James brought in $72 million last year between his salary and endorsements. That’s very impressive as it makes him the third highest paid athlete in the world. With LeBron’s feel-good story of “heading home” to Cleveland, his marketability – and earnings – will only increase in the years to come. Yet, that alone won’t get him to multi-billionaire wealth. While LeBron parallels some of Jordans wealth management moves, his maturity and financial smarts that Buffett pinpointed give LeBron a leg up. LeBron has a game plan for huge wealth, and it’s about much more than basketball. As LeBron’s business manager told CNN way back in 2007: Its impossible to get to a billion dollars by endorsement deals. The biggest deals only take you so far. Its how you make money when youre asleep thats going to get you there. LeBron knows that he’ll only reach his goals through being a smart businessman. He’ll need to keep learning from Warren Buffett. Avoiding vice—build an empire Yet, even before LeBron can build his business empire, he needs to be smart about not squandering his money. An estimated 60% of NBA players are broke within five years of retirement, in spite of the average salary sitting at a whopping $5.15 million a year. What causes these players to lose such remarkable wealth so fast? Poor money management for one, but also vices like buying expensive cars, and gambling. Jordan has a streak for gambling that’s so famous, whole books have been written on the subject! (Luckily, his $90 million in earnings can cover quite a cold streak) Yet, once again we can turn to Warren Buffett to describe how – while still enjoying himself – LeBron avoids the vices of many athletes. “LeBron just has his head screwed on right. If he goes to a casino, he may decide he’ll lose up to $500 – or some number – but, he’ll never do anything silly. And if you never do anything dumb, you’ll do fine in life.” So, with LeBron being smart about the money he earns, where is he investing that money?
Posted on: Mon, 18 Aug 2014 21:34:13 +0000
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