LeBron James is the brightest star in the NBA world, and he earns like crazy. King James earned $86 million in 2017, and yes, this man knows how to take care of his money.
Basketball is not the only thing LeBron does in his life. He knows there will be time when he won’t be able to play anymore. Life after basketball sure exists. “I know there will be more time of my life spent off the floor than on the floor,” James explained in the video series by Uninterrupted. Well, he’s definitely right about this.
James LeBron is a human being, and he sure has money regrets. But, he also knows how to manage his money. During a recent episode of “Kneading Dough,” host Maverick Carter asked King James about the most successful money decision he has ever made. There are two.
“There’s two. Signing with Nike and getting down with Beats,” LeBron said.
Signing with Nike wasn’t an easy choice, and James had already met with Paul Fireman at 18. The CEO of Reebok offered him $10 million on the spot, and there was one strict condition. The high school senior wasn’t allowed to talk to Nike and Adidas.
“I was lost for words at the beginning. I flew in from Akron, Ohio, from Spring Hill, from the projects. Our rent is like $17 a month and now I’m looking at a $10 million check,” James said.
He was raised on welfare, but this didn’t push him towards the money. “I started thinking, ‘If this guy is willing to give me a $10 million check right now, what’s to say that Nike or Adidas is not willing to give me $20 or $30 [million] upfront — or to say that maybe the upfront money is not even the biggest thing,’” he added.
This decision paid off, and James was offered a $90 million deal. Smart one, James.
Becoming an early backer of Beats Headphones was also a bold and successful move. It happened in 2008, and the star only asked for a small stake in exchange for wearing and promoting their products.
In 2014, Apple bought the company for $3 billion. How much did James earn? $30 million. It was “believed to be the biggest equity cash payout for a professional athlete in history.”
Good job, King James!