“When You Grow Up in Urban America.. People Just Take, Take, Take”: $620M Business Giant Magic Johnson on Giving Back to the Community in 2013

NBA legend Magic Johnson is arguably one of the best point guards to grace the court. Even though he played in an era when the NBA salaries were not very high, Magic still managed to build a business empire thanks to his smart investments. Interestingly, Johnson could have been even richer had he signed with Nike which was a relatively new brand at the time. Since Nike was not able to match other top brands’ offers, it offered shares. But the Los Angeles Lakers declined because he did not know about shares at the time. However, he soon learned everything about business from the best.

Magic Johnson was very close to legendary team owner and businessman Dr.Jerry Buss. While not many players were close to team owners at the time, Magic and Buss were an exception. Dr.Buss took him under his wing when Magic came into the league and was a father figure to him.

Magic Johnson on helping the community

Magic Johnson once sat down with Jonathan Tisch for the show Beyond The Boardroom. During the interview, the five-time champion answered a variety of questions about his childhood, college career, NBA career, and business empire. In one instance, Magic talked about how Dr.Jerry Buss taught him everything about the business of the NBA when he wanted to buy shares of the Los Angeles Lakers. The host then asked about Johnson’s business philosophy of giving back to the community.

Magic replied, “When you grew up in the community and you grew up in urban America, so man people just take, take, take. And you know I didn’t want to be one of those people who just went in and made money and then get back and touch the community. And I thought it was important for my brand to build it that way.”

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The three-time MVP then talked about opening up empowerment centers in Harlem for children to access computers while also opening up theaters and Starbucks. He added the center also provided job training to young people in the community. Over the years, Magic has made many donations and charities to help people in need.

Magic’s net worth

Magic Johnson made just over $18 million in NBA salary throughout his career. Now, he has a reported net worth of $620 million. Over the years, Magic has made huge profits with his company Magic Johnson Enterprises.

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Even though he missed out on racking up a huge number of shares with Nike potentially worth billions, it is safe to say the 12-time all-star did well.