LeBron James: basketball titan and...personal finance guru?
You know him on the court, but if you don't know him as a man with stellar business acumen, you may be missing out on an opportunity to learn about something other than how to play basketball.
James, who has made $765 million since turning pro in 2003, might not be the person who first comes to mind when you think financial prowess. After all, the NBA legend is known primarily for his four MVP wins, three NBA championships, and for being the sixth-highest-paid player in league history.
But King James, who is on his way to becoming a billion-dollar athlete, makes just as many successful business plays as he does baskets. In fact, even other well-known entrepreneurs have noticed.
In a USA Today interview, billionaire investor Warren Buffett said, "People really do have minds that function better than other people's in certain areas that you can't give a test for... And LeBron, in addition to a lot of other talents, he has a money mind. And he gets stuff."
So what does LeBron do that catches the eye of someone like Buffett? A lot.
1. He strategically invests his funds.
A range of philanthropic efforts and businesses have seen investments from LeBron. He even co-founded digital media platform Uninterrupted, which raised $15.8 million in 2015. James was also an early backer of Beats Headphones--when Apple bought Beats for $3 billion, the star athlete earned a $30 million profit.
2. He invests in his health.
Health is wealth, and this is especially true for LeBron. In fact, the 6-foot-8 player reportedly spends $1.5 million on his body. The team of people that takes care of him includes a former Navy SEAL, coaches and trainers, and personal chefs and masseuses. Although body care is a major expense for him, this expense will enable him to make more money for a longer period of time.
3. He still finds ways to save.
Despite his massive net worth, James refuses to spend money wastefully: He doesn't turn on data roaming, still listens to Pandora with ads, and would sometimes ride a bike to work. Even though he's wealthy, James knows to exercise frugality. As player Iman Shumper notes, "We're smart about our coins, man. If I ever wanted to have someone on the team invest my money, it'd be LeBron."
LeBron James once said, "The first time I stepped onto an NBA court I became a businessman."
No matter where you take your next steps, remember that so long as you make the right moves, you too have the power to become a success in business.