Would you pay six figures for a rare utility pocket knife?
You’d generally expect that the basketball star with the highest salary is instantly the most expensive player. But after ranking the earnings of top NBA players, LeBron James came first on the list, with $71 million in total earnings. Kobe Bryant’s salary is $25 million from Los Angeles Lakers, which means he has a higher market value than James, who receives $23 million from Cleveland Cavaliers.
So how did James earn the rest of his millions?
Through expensive endorsements and business interests outside the profession. Nike’s Lebron James shoe selection was among the top-selling shoes in 2014 so at the end of 2015, James got a lifetime contract from the billion-dollar company. He also ventured into industries outside the NBA space when he launched Spring Hill Entertainment in 2008 and collaborated with Fenway Sports Management in 2011.
All these extracurricular activities provided James earnings worth twice the size of his salary. Smart asset management is certainly working for James. Sooner rather than later, this strategy could help him achieve his dream of becoming a billionaire. Because what else could you ask for if you’ve been the most valuable player four times?
While we can’t all play basketball like LeBron, we can learn something valuable from his money-making decisions. Like, if you explore earning opportunities beyond your space, you might triple your earning potential.
So stop reading this and start brainstorming myriad of ways to make more money. Who knows, you may stumble upon a great business idea to pursue.