Magic Johnson is a name that needs no introduction in the world of basketball. He is a legend, an icon, and a role model for millions of fans around the globe. His skills on the court were unmatched, and his charisma off the court was equally impressive. But what many people don’t know is that Magic’s success and wealth go far beyond his NBA career.
Despite spending over a decade as one of the brightest stars in the league, Magic Johnson earned just $40 million during his time in the NBA. This may seem like a huge sum of money to most of us, but for a player of Magic’s caliber, it was a relatively small amount. His biggest paycheck came from his legendary 25-year, $25 million deal with the Los Angeles Lakers. This deal not only made him one of the highest-paid players in the league but also ensured a steady stream of income for him even after his retirement.
But Magic’s real win came off the court. After retiring from basketball for the second time in 1996, Magic ventured into the business world and became a successful entrepreneur. He used the same determination and work ethic that made him a basketball superstar to build a business empire that is worth billions of dollars today.
One of Magic’s most significant achievements as an entrepreneur was his partnership with Starbucks. In 1998, he invested in a few Starbucks stores in urban areas, which were struggling at the time. Magic saw the potential in these areas and believed that Starbucks could thrive there. His instincts were right, and today, those stores are some of the most successful in the Starbucks chain. Magic’s investment in Starbucks has grown significantly over the years, making him one of the company’s largest individual shareholders.
But Magic’s success as an entrepreneur goes far beyond his partnership with Starbucks. He has invested in various businesses, including movie theaters, restaurants, and real estate. He also owns a stake in the Los Angeles Dodgers, which he purchased for $50 million in 2012. Today, the team is worth over $3 billion, making Magic’s investment one of the most profitable in sports history.
In addition to his business ventures, Magic is also a successful motivational speaker and author. He has written several books, including “32 Ways to Be a Champion in Business,” which shares his insights and experiences as an entrepreneur. He also travels around the world, speaking to aspiring entrepreneurs and sharing his knowledge and advice on how to succeed in business.
Recently, Magic made headlines when he announced that he had guided over 20,000 entrepreneurs through his business network, Magic Johnson Enterprises. This network provides resources, mentorship, and access to capital for minority-owned businesses. Magic’s goal is to help these entrepreneurs succeed and create jobs in their communities. He believes that entrepreneurship is the key to economic empowerment and is committed to making a positive impact in the lives of others.
But despite all his success and wealth, Magic remains humble and grounded. He often speaks about the importance of giving back and using one’s success to make a difference in the world. He has donated millions of dollars to various charities and organizations, including his own Magic Johnson Foundation, which focuses on HIV/AIDS education and prevention.
In a recent interview, Magic opened up about his journey as an entrepreneur and shared some valuable advice for aspiring business owners. He emphasized the importance of hard work, determination, and never giving up on your dreams. He also stressed the importance of having a strong team and surrounding yourself with people who share your vision and values.
Magic Johnson’s story is one of perseverance, determination, and success. From a young boy with big dreams to a basketball superstar and now a successful entrepreneur, Magic has proven that anything is possible with hard work and dedication. He continues to inspire and motivate others to chase their dreams and make a positive impact in the world. Magic’s legacy will not only be remembered on the basketball court but also in the business world, where he has left an indelible mark.