From the Hardwood to High Profits: Magic Johnson's Entry into the Athlete Billionaire Club.

Former NBA point guard Magic Johnson has recently joined the exclusive club of athlete billionaires, according to Forbes. Johnson is now the fourth athlete to achieve this financial milestone, joining fellow NBA players Michael Jordan and LeBron James, as well as golfer Tiger Woods.

Magic Johnson's estimated net worth: $1.2 billion.

The Source of Johnson's Wealth: While Johnson had a successful career in the NBA, the majority of his wealth comes from his post-basketball career as an investor. He has made strategic investments in professional sports teams, movie theaters, Starbucks cafes, and a health insurance provider. A significant portion of his wealth is tied up in a life insurance company.

Johnson's Investment Portfolio: Johnson's investment portfolio is quite expansive and includes ownership stakes in various sports teams, particularly in Los Angeles. He has stakes in the Washington Commanders, Los Angeles Sparks, Los Angeles Dodgers, and Los Angeles Football Club. Beyond the realm of sports, Johnson has made strategic investments in well-known brands like Starbucks, Burger King, 24 Hour Fitness, and the life insurance company EquiTrust.

Comparing Athlete Earnings: It's interesting to note that Johnson's earnings from his NBA career, which totalled $40 million, are significantly less than those of LeBron James, who has earned $480 million since joining the league in 2003. Despite this, both athletes have managed to amass a net worth of over $1 billion through their off-court ventures.

Magic Johnson's journey to becoming a billionaire is a testament to the power of smart investing and diversification. Despite earning significantly less from his NBA career compared to other athletes, Johnson has managed to amass a substantial fortune through his various business ventures.