– Earvin Magic Johnson had a successful basketball career, winning five titles and three MVP awards
– Johnson networked with successful fans courtside during his playing days to gain business advice
– Johnson turned his 39 million dollar earnings from basketball into a net worth of over 1.2 billion dollars, owning businesses and professional sports teams
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Earvin Magic Johnson is remembered as one of the greatest NBA players of all time. Not only did he cement himself in the history of professional basketball with an impressive career that included five titles and three MVP awards, but Johnson is also one of the most financially successful athletes in the world. However, his financial success was not a stroke of luck – Johnson had laid the foundation for his future empire long before he stopped playing basketball.
During a recent interview with Jon Erlichman, Johnson shared a valuable practice he had implemented during his time as a player that allowed him to thrive as a businessman. Johnson revealed that, while playing for the Los Angeles Lakers, he networked with the team’s most successful fans to learn from them. “I called the PR man for the Lakers and I said, look, ‘I wanna know all the people who sit [courtside.] I wanna know their phone numbers and names.’ So, I cold-called 20 people and said, ‘Will you go to lunch with me?’ And they said, ‘Yeah.’” Johnson said in his interview. He took this opportunity to pick their brains about business and incorporated their advice into his own style.
Ultimately, Johnson’s efforts proved to be fruitful as he was able to turn the roughly 39 million dollars he made during his playing days into a net worth of over 1.2 billion dollars. In addition to being a notable figure in the business world, Johnson became the owner of numerous restaurants and movie theaters around the country. He has also gained ownership in several professional sports teams, such as the Washington Commanders, the Los Angeles Dodgers, the Los Angeles Football Club, and a minority ownership in the Los Angeles Lakers. In an unlikely step, Johnson is also the co-owner of an eSports team called “Team Liquid.”
It’s quite remarkable how Johnson was able to utilize his time on the court to connect with successful individuals and gain invaluable knowledge in the world of business, which eventually led to him becoming one of the most financially well-off athletes in the world.