Legendary tales of Michael Jordan’s basketball dominance are aplenty. But he was quite sharp and on top in other facets of his life, too, including business ventures. From owning the Charlotte Hornets to his Jordan Brand, MJ has netted himself huge profits in everything he has dipped his fingers in. Charles Barkley, who was once his closest friend, also benefited from Jordan’s business acumen.
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While on Dan Patrick’s show, Barkley recounted an important conversation he had during a golf game in the early 1990s, when Jordan offered him life-changing financial advice. At the time, Barkley, who played for the Philadelphia 76ers, was set to receive a $3 million payout from Nike as part of his contract.
But Jordan, an ever-so-savvy businessman, suggested that his friend should take a different approach. “Chuck. I want you to quit taking 3 million, take 1 million, and take the other 2 million in stock options,” said Barkley.
Although the Hall of Famer heeded the advice, he chose to run it by his personal management team first. Barkley claimed his team was initially reluctant, as they weren’t sure whether Jordan had the business smarts to be advising Chuck like that.
“And they’re like, ‘This is risky. Do you think he’s going to be that great’?“ To which Barkley replied: “Man, I ain’t never seen nobody like that dude. Cos I had met him at the Olympic trial. He is going to be amazing. And we did it.”
This decision improved Barkley’s financial situation. He reflected on the windfall of Jordan’s advice. “I end up, probably making seriously another $50 million to be honest with you,” he told his host.
Barkley’s story reveals how Jordan played a pivotal role in helping him build generational wealth. Although their relationship began at the 1984 Olympic trials, their actual friendship developed on the golf course.
In the world of professional sports, where careers can be incredibly short, such mentorship (and friendship) is invaluable. Jordan’s instincts serve as a true testament to the importance of financial literacy among athletes as well as the rest of us.
Jordan himself went on to create a business portfolio that is reportedly worth an estimated $3 billion. Meanwhile, Barkley is reportedly worth $90 million.
This serves as a reminder that at times, the most significant lessons do not come from boardrooms. They may arise in genuine safe spaces where people feel comfortable discussing their private matters with their friends.
