LeBron James built a $1 billion fortune following the “35-65” advice from his uncles
LeBron James made history by becoming the first active billionaire in NBA history and he reached that status thanks to sound advice from his uncles.
Billionaire LeBron James followed savings advice from his uncles to get to where he is today
According to Forbes, LeBron James has officially become a billionaire. This makes James the first active NBA player to achieve the milestone, and the second NBA player to achieve billionaire status, joining retired basketball star Michael Jordan.
The Cleveland Cavaliers selected James first overall in the 2003 NBA Draft. His NBA debut was dubbed “one of the most impressive in league history,” as James went on to become a four-time NBA MVP, win four championships, and win three Olympic medals.
James, a small forward for the Los Angeles Lakers, is the NBA’s highest-paid player, earning $121 million dollars last year on and off the court.
He was ranked second on Forbes’ list of the 10 Highest-Paid Athletes of 2022, trailing only Lionel Messi, who was ranked first.
Overall, James has earned $387 million from the Cleveland Cavaliers, Miami Heat, and Los Angeles Lakers. He also earned another $900 million from various ventures and endorsements. These include a lifetime Nike sponsorship, Blaze pizza franchises, and proudly owning a video manufacturing firm, bringing his pre-tax earnings to more than $1.2 billion.
LeBron James is now a billionaire, thanks to advice from his uncles when he was a child
James, an Ohio native, had a difficult childhood because his younger mother struggled to make ends meet. Due to a money lesson from his uncles, James made certain to always put some aside with the small amount of money he did have.
“My uncles always taught me — they taught me how to have a savings account,” James said in a UNINTERRUPTED podcast. “They’d give me a dollar and say, ‘Listen, nephew, spend 35 cents and keep the other 65.’ Or, if they gave me two dollars, they’d say, ‘Go ahead and spend one dollar, but save the other.'”
The LeBron James Family Foundation also opened the I PROMISE School, a public school in Akron, Ohio, in 2018. The school has committed to assisting students who are at risk of “falling through the cracks” academically.
LeBron became a part-owner of the Boston Red Sox in 2021. In the aftermath, James expressed his desire to own an NBA franchise one day.
“I have so much to offer the game and understand what it takes to succeed at this level. I am aware of talent “James explained to interviewers. “As a result, that is my goal. My ambition is to own an NBA team, and I hope to do so sooner rather than later.”