How Michael Jordan made his billions

How did Michael Jordan become a billionaire?

Firstly, he had a great salary from the NBA. He often made close to $100M a year.

He also managed to create a personal brand, and get stakes in that brand and the Charlotte Hornets basketball team.

He made some sensible decisions as well, including his decision to gain a profit from each shoe that Nike sold from his collection, rather than getting paid more upfront.

In addition to that, he seems to have avoided some of the lifestyle traps of many other sports and entertainment stars.

Remember, around 60% of former pro-basketball stars have gone broke within 5 years of retirement.

There are countless former sports stars who also made close to $100m a year, and went bust. So he seems more sensible than many sports stars.

Finally, what has also helped is compounding. He wasn’t a billionaire when he was 25 or 30.

He has built up over decades. He is 56. He become a billionaire in 2014 at the age of around 51.

Source: https://www.quora.com/How-did-Michae...e-a-billionare


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