Recently it was announced that Michael Jordan has become the first billionaire athlete. Mike started his career in the mid-80’s and dominated the 90’s but, athletes weren’t making the type of money then that would come in later years. Hello, Shaq’s rookie NBA contract was a 7-year – $40 million deal in 1992. By contrast, the number one pick in the 2014 NBA draft can expect a contract of around $15 million for his first 3 years in the league.
So MJ set the blue print on how to “get money” off the NBA court. Obviously LeBron James was paying close attention. But what lessons can other athletes learn from Jordan to maximize their $$ and get close to the billion dollar dream? Forbes magazine lays out four areas that were key.
Granted, most athletes aren’t Jordan or LeBron. But look at Magic Johnson’s off court wealth. He’s made more money since he retired from the NBA than in his entire pro career. Take advantage of opportunities presented to you. Invest in self, develop a network. These are the people that will help you during your post career days. Connections matter! Also have a long term vision for yourself.