It’s safe to say that Rich Paul has etched his name in the field of sports management with a litany of top clients in his portfolio. Of course, the LA Lakers star LeBron James takes the top place, being the number one guy on his company Klutch Sports’ roster. Paul was recently invited to Earn Your Leisure’s Invest Fest 2023, where he described the harsh reality of players who earn $200,000,000 contracts. Despite earning such reasonably high incomes, Paul revealed how players often can’t afford to fly on private jets consistently.
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LeBron James might be the only exception to own a private jet. Given his billionaire status from several brand endorsements and business engagements, James could afford to buy a Gulfstream G280 jet worth $22,000,000. James’ income from his NBA contracts and $480,000,000 worth of endorsements makes it possible for him to afford a private jet ride for as long as he needs.
Rich Paul reveals the harsh reality behind players not always being able to afford private flights
Hiring a private jet means spending thousands or sometimes even millions of dollars. Since the past few years, NBA players have been earning millions in paychecks from their player contracts. Rich Paul, who has become a mogul in the arena of sports management, himself boasts several $200,000,000 contract players within his portfolio.
However, it’s not always that these star players will be able to afford private jet flights. In fact, Paul thinks $200,000,000 isn’t enough money to make extravagant and lavish spending for oneself.
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An average private jet flight can set people back by around $1,000 to $10,000 per hour. Considering the extravagant lifestyles of the NBA players, these expenses only add up to their growing bill of expenditures. Hence, accounting for realistic scenarios of his client’s ability to save their income, here is why Rich Paul thinks flying private might sometimes be a bad idea,
“I have got guys who are 22, making $200,000,000 over the next four-five years. I got several of those guys. But the reality of that is, I am constantly telling them that’s not a lot of money. Based upon where you started, you are starting from zero. So how do we understand how to compound that, because they are done at 33. Everyone’s not going to be placed at 40, they are done when they are 33. That money’s tax, and they’re paying kind of 55 or 51 per cent in tax. Not to mention, things today that they are buying, they are buying in excess, things that they don’t probably need. [A Jeans] that cost two grand, his jeans cost $25, the difference. And so, it’s all relative.
No athlete can afford to fly private all the time. Yet we see so many athletes on the Instagram, flying private. I fly Delta, I cannot afford to fly private. And that’s okay with me. And I’ll sit in the comfort plus as well. I’m just trying to get where I’m trying to make the money. I am not trying to spend the money, I am trying to get there.”
Rich Paul definitely adds years of insight in his statement, given his experience in the league. Some of Paul’s top clients, besides LeBron James, are Draymond Green, De’Aaron Fox, Anthony Davis, and Fred VanVleet.
Rich Paul is as successful as his top client LeBron James in terms of money
Over the years, Rich Paul went from being a sports agent to one of the most revered figures in the NBA community. Paul has over 34 NBA players in his portfolio, which includes three All-Star players and two Maxed-out players. Paul’s incredible clientele were signed deals worth over $1 billion, all thanks to his expertise in sports management.
When Rich Paul gives advice on money, it’s definitely one worth noting. After all, the super-agent has years of experience in observing players and their earnings from contracts and various other sources. With this experience and insight, Paul helped build his clientele’s legacies and his own $100,000,000 net worth over a period of time.
