Financial Wisdom We Can Learn From NBA’s Lebron James
Basketball fan or not, you know how LeBron James excels on the court. For those who have been following him, you know how this man can guard the rim, shoot from the outside and display some of the best dunks and blocks ever seen by mankind. While he is on his way to becoming a legend on the hardwood, LeBron has a legacy too when it comes to his finances. Here are some financial advice that we can get from him:
Have Multiple Sources of Income
You might know LeBron for perhaps being the best player in the world, but he is worth more than he is that his basketball moves and leadership. LeBron has already established multiple income streams since the first time he earned his paycheck from playing. While he has a multi-million dollar deal with the Cleveland Cavaliers, he earns just as much from his endorsements from Coca-Cola, Samsung and McDonalds. It might be remembered that he also signed one of the most valuable deals with Nike which they called a lifetime contract and made him worth half a billion dollars richer.
Of course, the average person will not be as explosive as LeBron James on the court and get paid as much, but everyone can establish multiple sources of income. No matter how highly paid you might be, one stream of income will not make you as financially stable as having more of it.
Make Investments Monthly
Earlier, LeBron met with Warren Buffet who although had nothing to do with Cleveland and basketball is a good friend of Quicken Loans Arena owner and Cleveland Cavaliers majority holder Dan Gilbert. Buffet thought that LeBron was remarkably mature and that he was pretty smart about financial matters and that he was impressed with him the moment they met with each other.
Buffet told LeBron that through the rest of his career and with is earning power, he should make monthly investments in the low-cost index fund. LeBron is a very valuable player and he is very attractive for people with restaurants and real estate. Everyone has an idea for him and usually, it is the simplest which works best.
Be the Best at What You Do
From an early age, LeBron had already built his own system on how he would tackle everything for homework to grooming himself. Aside from creating effective and manageable systems, he is also an advocate of healthy habits and keeping a positive attitude to support his goals. If he had not been blessed with his athleticism, he would still excel in other fields.
Of course, everyone dreads the alarm clock and sooner than later, those rings become some of the most dragging and draining sounds that one can hear. However, you will be amazed when you keep your focus on becoming the best that you can be.
Go Ahead and Invest
Your compensation income might be good enough for you and your family, but this alone is far from making you the richest you can be, Besides, having purely compensation income is not the best that you can do, so why hesitate to invest?
Studies show that only a little more than half of Americans own stock and unfortunately for those who do not, their strategies do not work as well most of the time. As for LeBron, most would think that it is easy to see that he has become as rich as he is because of basketball, but they do not see the numerous investments that he had made. At one point, he was just a kid in Akron who had a dream who wanted to perfect his game.
Make Long-Term Plans
One of the most valuable financial advice that we could learn from the greatest player in the world is to think ahead. While a lot of us are thinking about what to have for dinner later or where to go out this weekend, LeBron James already has his financial moves set for decades to come.
LeBron has been very patient and has had a sharp business sense by opting for shorter deals so that he can maximize his long-term earning potential. This disciplined approach has made him one of the top earning positions in the NBA with over $30 million in his income from basketball. What do you think of LeBron’s financial attitude? Share your thoughts with us in the comments below.
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