What We All can Learn from LeBron James and His Financial Strategies
LeBron James is not just a name, he is a brand in himself. The professional basketball player who plays for Los Angeles Lakers of the National Basketball Association (NBA) is one of the greatest players of all time. His dunks, shoots and blocks are unmatched, and he has won many hearts since he started playing. Obviously playing for big teams and making a contract with big brands earned him millions, that is not the only reason for his huge net worth of $440 million. He has made some good decisions, both on and off the court, which brought him here where he stands tall today. Let’s take a look at his financial brilliance so that we can get some much needed inspiration…
The More the Merrier
Of course James got paid in millions as his fee for a professional basketball player, and that was not the only source of his income. He made contracts with big brands like Nike, Coca-Cola, Samsung and many more. He started a marketing and sports representation agency, he acted in movies, he even started a media company. While one can argue that a common person can’t get paid in millions, let alone get another million from brand endorsements, having more than one income stream always helps in the long run. How one can achieve it? Read on to know.
Investment is the Key
Well, obviously not everyone can get insane amount of money like James does, but there can always be a humble beginning. Start from monthly investments of a few hundreds or thousands, if possible. Every penny counts when it comes to investments and by investing your hard-earned money at the right time, can help in securing your future. Like James did, when he started getting paid, he decided to invest it so that his wealth would multiply. He invested in Beats by Dre and Blaze Pizza, both huge earners. This just shows that earning an income is not enough, investing it with knowledge is just as important.
Eyes on Long-Term Plans
Another sound advice about finances we get from James is that thinking about tomorrow is not enough. Thinking one step ahead in life is what can help you secure your future. Like in any game, when a player wants to defeat his opponent, he thinks 5 moves ahead; in real life too, planning about 5 years or even 10 years ahead is the best move if you don’t want to jeopardise your life after retirement.
This is one trait James learned from his uncles. In an interview he said that whenever his uncles used to give him money, usually a dollar, they would say that spend only 0.35 and save the rest 0.65. That is how he manages his money even today and saves the bigger part of his income. Mere mortals like us too can learn a good lesson about savings from him. Savings can be used either as an investment or can help us in tougher times.
This is one unique trait of King James that he knows how and when to say no. Saying no to unnecessary things and unfair demands requires self-control and determination. James knows the value of money as he encountered many adversities as a kid. His mother was always in search of steady work and they were always in search of a place to live as they couldn’t afford rent. He began living with the family of Frank Walker, who introduced him to the world of basketball. Though he had such a tough childhood, he knows how important it is to not stray from the path he has set and he doesn’t allow himself or his family to throw any tantrums when it comes to money matters.
Be with Right People
James, being a world renowned personality, is always surrounded with people who claim to be his well-wishers. But he made it a point to include only the right people in his life. His marriage to his high-school sweetheart proves that no matter how much he has in his bank accounts, he can never forget the people who had his back when he had nothing. Just another reason why we love this sharp brained athlete. While in your journey of life, you’d meet many people, not everyone can be trustworthy especially when it comes to money. Listen to those who have made right choices in their lives, surround yourself with people who want nothing but good things for you.
LeBron James’ journey of life has been an inspirational story throughout. There are many things to learn from this larger-than-life person.
More inFinancial Adviser
Saving Tips from Financial Experts to Help You Ride out the Pandemic
Everybody has been affected by the permeating effects of the coronavirus pandemic has had on society. Even those who are lucky...October 11, 2021
Essential Grooming Tips for Men
Let’s face it—men do not spend as much time and effort on grooming as their female counterparts. Whether it is down...October 11, 2021
Things That You Should Not Take out A Loan for
There are things that are not only pointless to take out loans for, but also dangerous for personal finances. It often...October 10, 2021
Tricks to Cheer up in The Fall
In autumn, not only does the temperature and leaves fall, but so does our vitality. Specialists are unanimous: it is impossible to...October 10, 2021
How to Save Money: Some Ways to Learn to Save Money (Part 1)
Saving money is one of those tasks that are easy to imagine and plan, but difficult to implement. Some questions seem...October 10, 2021
Why Millions of Millennials Cannot Become Homeowners
Homeownership continues to elude the millions of millennials, according to one new report by the Urban Institute. The report lists a...October 9, 2021
These Celebrities are Making a Career on Instagram
In the past, people got their daily dose of advertisements in newspapers and through the television. Fast forward to the present...October 9, 2021
You Won’t Believe Which of Your Favorite Celebs Own These Beloved Brands
Recently, it seems that celebrities are everywhere in the consumer market. Kylie Jenner seems to be leading the way, being crowed...October 9, 2021
Racked up Credit Card Debt during Quarantine? Take these Steps to Take Back Control of Your Finances
The months-long coronavirus pandemic quarantine spelled disaster for many people’s finances. Whether it’s because you’ve been shopping online more lately or...October 8, 2021