Magic Johnson: Forbes Declares Him a Billionaire

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Former basketball legend Magic Johnson has achieved billionaire status according to Forbes, placing him among a select group of athletes that includes Michael Jordan, Lebron James, and Tiger Woods. Forbes estimates Johnson’s wealth at approximately $1.2 billion, with the majority of his financial portfolio tied to a significant stake in a life insurance company. Despite his iconic NBA career, it is Johnson’s diverse investments that have contributed significantly to his wealth accumulation.

Johnson’s NBA career was undeniably successful, yielding approximately $40 million in earnings. However, it is his ventures outside of the sports arena that have truly bolstered his financial standing. Alongside ownership stakes in three Los Angeles-based sports teams, including the MLB’s Los Angeles Dodgers, Johnson has also made strategic investments in several prominent companies such as Starbucks, Burger King, and 24 Hour Fitness, amplifying his financial portfolio.

Reflecting on missed opportunities, Johnson revealed that a pivotal decision early in his career prevented him from becoming a billionaire even earlier. Declining shares in Nike during his entry into the NBA, Johnson opted for a deal with Converse instead, which offered him $100,000 annually. This decision, driven by a lack of financial knowledge and upbringing, highlights the significance of financial literacy, a lesson Johnson has since come to appreciate.

In a candid conversation on the All The Smoke podcast earlier this year, Johnson acknowledged the impact of his family’s modest financial background, emphasizing how this influenced his decision-making process and prevented him from capitalizing on the potential value of the stocks he once passed on. Despite this missed opportunity, Johnson’s shrewd investment choices and business acumen have propelled him into the ranks of billionaire athletes, solidifying his enduring legacy both on and off the court.

SOURCE: Ref Image from TMZ

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