Having started at the bottom and now enjoying the fruits of his labor, Magic Johnson is the most recent athlete to join the billionaire’s club with his net worth exceeding $1 billion. Although he retired early from the league, how did Magic pass the $1 billion mark? Well, here is an interview with the Los Angeles Lakers legend getting candid on being picky with whom he does business with.
Advertisement
Back in 2018, Magic Johnson sat down with Maverick Carter for an interview on the Kneading Dough podcast. And while talking to Carter, Magic got candid on what it took for him to become a billionaire.
“When I was at this level, I could deal with you. But I’m not at that level no more. See, I went here, then I went here, now I’m here. (Raising his arm higher to indicate the level he’s on) So, the deal’s gotta be here…I’m not hating. Everybody going to be mad at me for saying no, but the deal’s gotta be here.”
“I tell you; you could learn a lot from billionaires. They say the same amount of time it takes to make a million Dollars takes the same amount of time to make a $100 million. Time is the key.”
Magic Johnson dove into what made him a billionaire and it simply was to accept deals or to indulge with people who were either at the same level as him or above. One peculiar thing Johnson said was the billionaire’s mantra, of sorts. The five-time NBA champion emphasized the fact that it took the same amount of time to make either 1 million or 100 million, so in the end, choose wisely.
How did Magic Johnson make his billion?
Magic Johnson became the fourth athlete to join the billionaire’s club after Michael Jordan, LeBron James, and Tiger Woods. Johnson’s net worth surpassed the 1 billion mark back in October 2023.
But how did Magic achieve all that, despite retiring early from the league? Well, it was smart and savvy business investments he made over time. As per Forbes.com, Johnson’s partnered up with real estate, Starbucks franchises, movie theaters, and even healthcare.
One of Johnson’s biggest investments that paid off was his 60% share in Equitrust. The company’s assets grew from $16 billion to $26 billion since he took over back in 2015. Also, let’s not forget his minority shares in WNBA’s Los Angeles Sparks, MLS’ LAFC, NFL’s Washington Commanders, and MLB’s Los Angeles Dodgers.
