“Living Through It is a Whole Different Experience Than a Classroom Could Ever Be”: When Michael Jordan Let Out Some Steam on His Money Struggles

NBA legend Michael Jordan was the first athlete ever to become a billionaire. With his superstardom and immense success on the hardwood, Jordan made a fortune from NBA salaries and endorsements. His partnership with Nike has been a huge boost financially for himself and the brand. Over the years, the partnership has earned each other a lot. Moreover, MJ made some smart investments that have helped him build his empire as well. The Chicago Bulls legend came from very humble beginnings in Wilmington, North Carolina, and achieved all this.

However, when the NBA money started to come in, Jordan struggled a bit initially. Many athletes have fallen prey because of the sudden massive inflow of money. But how did MJ manage it well?

Michael Jordan on his priceless real-world experiences

Michael Jordan shocked the world when he announced his retirement in 1993 after winning three straight titles with the Chicago Bulls. After his retirement, Jordan gave his first extended interview with the late Larry King for CNN. A basketball fan account shared the tape of the iconic interview in 2017. During the sit-down, Air Jordan opened up about a variety of details about his life and career. In one instance he talked about how he was grateful his passion, basketball, became his full-time job. Then the host asked how MJ managed the huge influx of money coming from a relatively poor background.

The five-time MVP admitted it was hard at first and added he had help from professionals in managing his contract negotiations, wealth, etc until he was mature enough. Jordan said, “I think the biggest thing about what I’ve gone through is that I could have never learned these experiences going through a classroom. You know living through it was a whole different experience than a classroom could ever be.”?

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Larry King then questioned how Jordan deals with the idea that he could buy anything he ever wants from any store. The 14-time NBA All-Star noted that he went through that stage earlier in his career. He added he soon lost motivation after buying and showing off all the fancy cars and jewelry he wanted.

Jordan’s desire to win a title as an owner

It is safe to say Michael Jordan managed his money well from his business empire. With his massive fortune, he became the majority owner of the Charlotte Hornets. Ever since he took over, MJ has been trying hard to bring a championship to his hometown.

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However, he has had very little success so far and has been on the receiving end of criticism. The six-time Finals MVP once stated that winning a title as an owner would be a bigger achievement for him than the six rings he won as a player.