“Go and Spend 35 Cents”: LeBron James’ Need to Save Money was Handed to Him By His Uncles

LeBron James, who is worth $1.3 billion today, didn’t grow up with a silver spoon in his mouth. Raised in the inner city of Akron, Ohio, his family faced poverty and financial instability, which instilled in him an ingrained need to save as much money as possible. He credits his uncles for that.

In a 2018 interview with business partner Maverick Carter on Kneading Dough, he spoke about this mindset. The financial literacy program was designed to have athletes like James share their personal experiences.

During the sit-down, James touched on a wide range of topics, but the most striking moment came when he was asked about growing up with nothing and how he managed to build such immense financial success.

“My uncle’s always taught me, like, they was my savings account. They taught me how to have a savings account,” LeBron shared. “So, if they gave me a dollar, they’d be like, ‘Listen, nephew, you go and spend 35 cents of it and keep the other 65.’ Or if they gave me two dollars, you know, ‘Go ahead and spend a dollar of it, but stash the other dollar.’”

It all sounded like solid advice for a young LeBron growing up. Too often, youth athletes overlook financial education, caught up instead with school and the many other demands in their lives. Money usually feels like an exciting tool, and the instinct is to spend it as soon as it comes in.

LeBron’s family, however, made sure to teach him the value of saving. It’s a lesson he says he still carries with him to this day.

“I’m always in my head about stashing. Like, keeping my money sacred and to myself. Because I didn’t know when my uncle was going to give me another dollar here or another 50 cents here. So, I’ve always had that closure about my finances.”

Today, LeBron’s endorsements alone would pay enough to keep him thriving financially for a long, long time. However, the Los Angeles Lakers still holds equity stakes and investments in various brands. Perhaps his most popular came in 2021, when he joined Fenway Sports Group as a part-time owner of their baseball, soccer, and hockey teams.

It’s important to LeBron that he remains financially savvy and continues to be a good role model for his kids. He knows they will never have to experience what he did growing up, and he wants them to remain prepared for their own challenges in life.

Who knew that LeBron’s uncles were one of the main reasons he is so financially smart? Even athletes of his status have struggled with their spending habits in the past. But James continues to be a smart spender and has become the NBA’s first-ever billion-dollar athlete in the process.