Magic Johnson Admitted To Secretly Cashing In $15,000 Every Time Lakers Owner, Jerry Buss, Gave Him Money To Gamble

Magic Johnson is a very successful businessman. He learnt quite a bit back in his playing days when he would take $15,000 off Dr Jerry Buss.

These days, most athletes live double lives. Both as superstars in sports and as budding businessmen and entrepreneurs.

Numerous athletes have made it big in the business world. Michael Jordan, LeBron James, Alex Rodriguez, and Shaquille O’Neal are just a few.

However, perhaps the first athlete turned businessman was none other than Magic Johnson. A man who showed off his shrewd business acumen as a young player in Las Vegas.

Also Read: How $620 Million Magic Johnson’s Advice Helped Shaquille O’Neal Make a $400 Million Fortune

Magic Johnson would make $15,000 every time he went to Las Vegas with Dr Jerry Buss

It is common knowledge that Dr Jerry Buss and Magic Johnson were close friends. Some might say that Magic learnt a lot from the former Laker owner, including aspects of business.

The two were so close that there were times when they would take trips to Las Vegas. It was here that, Johnson figured out how he could successfully pocket $15,000 every time he came to Sin City. Magic explained it all on an episode of Jimmy Kimmel.

Dr Buss would often give Magic $5000 worth of chips every day and would encourage the then-young guard to go and gamble. However, Magic, being the business-savvy man that he is would pocket the chips and then cash them in once the three-day trip was over.

Johnson thought he got away with it all these years, but would learn otherwise. As he recalled, Dr Buss would later reveal he was aware of the five-time champion’s Vegas dealings, and from that knew he would be a great businessman.

With a net worth of $620 million, Magic Johnson has numerous businesses and entrepreneurial ventures 

Many credit Magic Johnson for being the first athlete to truly take a dip into the business world, and who can say otherwise? Now 30 years after his retirement, the Hall of Famer has a massive net worth of $620 million, numerous businesses and is an advisor to many big companies.

Magic Johnson is one of the richest athletes in sports history.

But did you know that only ~6% of his wealth came from his NBA salary?

This is the story of how @MagicJohnson turned $40M into $600M, establishing himself as a legend on & off the court.

Time for a thread👇👇👇 pic.twitter.com/vA02bxFxwU

— Joe Pompliano (@JoePompliano) October 20, 2020

He truly is an inspiration to many athletes who are looking to break into the business world. Hopefully, he continues to be a shining example in the years to come.

Also Read: “I Had the Best Parties in Hollywood, Everybody Wanted to Come!”: Magic Johnson Talks About ‘No WAGs’ Party Culture he Established in Los Angeles as a Laker