Magic Johnson Broke an “Unwritten Rule” That Helped Him Earn a Billion-Dollar Fortune, Courtesy of Lakers Owner Jerry Buss

Magic Johnson has always believed in giving back to the Los Angeles community. The City of Los Angeles has blessed the 5-time champion in every way possible. And Johnson has taken advantage of every opportunity to give back the love. He is also part of the ownership group, which has a diverse portfolio. It includes MLB’s Los Angeles Dodgers and partly owns the WNBA’s Los Angeles Sparks. The MLS’ Los Angeles FC, and the NFL’s Washington Commanders. The Los Angeles Lakers legend has learned all this from Lakers Owner Jerry Buss.

His basketball skills earned him a fortune during his playing days, and later, his wealth soared when he transitioned to the business world. Magic Johnson acknowledges the role of his mentor and Father figure Dr. Jerry Buss in his success. The emotions attached to their bond were evident even in Buss’ final moments. Jeanie Buss, Jerry’s daughter, recounted a touching moment in Hulu’s docuseries, where she revealed her father had only cried twice in her presence—once at his mother’s passing and the day Johnson retired.

Duane Rankin of AZ Central shared a clip where Johnson spoke about the bond that got him in trouble in the locker room. “You want me to stop hanging with his man who is going to help me get to where I want to get to. Dr. King wanted us to go back, make the community better.” Magic Johnson on Jerry Buss bond. “I said, ‘You guys millionaires. He’s a billionaire. I’m hanging with the billionaire.'”

 

The 5x Champion loves the city and considers himself “I’m a Los Angeles Laker through and through forever.” Magic Johnson Reveals His Lakers Coach Eligibility Condition. It continues to show how much he loves the team, thanks to those conversations with Buss.

Magic Johnson has learned a lot from Buss

In the 1980s, Magic signed a record-setting $25 million, 25-year deal with the Los Angeles Lakers, contributing to his substantial $39 million in earnings during his playing career. Under the mentorship of Jerry Buss, Magic Johnson was involved in various projects. He leveraged assets including real estate, movie theaters, and strategic partnerships with major brands such as Starbucks. Later he started Magic Johnson Enterprises investment company, which is valued at over a billion dollars. Buss’ teachings in business terms, coupled with the ownership opportunity, set Magic Johnson on a trajectory of unbounded success.

Johnson wanted to learn about business, and Buss was open to helping the 20-year-old kid from Michigan.  Yet his teammates frowned upon it and called for a meeting in the locker room. However, he wasn’t going to accept their irrational unwritten rule.

Johnson said, “And so I looked at all the other 11 guys that were sitting there and I said, let me get this straight. “You mean to tell me a man that’s gonna give me knowledge so I can take the knowledge back to the black community and Latino community create jobs and opportunity for them.” Since then, he hasn’t looked back and helped the community at every turn.

Stay tuned for more such updates, and to follow what Shaq’s ex-agent, Leonard Armato had to say about the marketing genius, watch this video.