With the little money he earns, billionaire LeBron James always puts some aside, thanks to a money lesson from his uncles.
LeBron James is officially a billionaire, according to Forbes. This makes James the first active NBA player to reach the milestone, and the second NBA player to achieve billionaire status, joining retired basketball star Michael Jordan.
James, a forward for the Los Angeles Lakers, is the highest-paid player in the NBA, earning $121 million on and off the court last year. He is second on Forbes’ list of the 10 highest-paid athletes of 2022, behind soccer star Lionel Messi.
Overall, James earned $387 million from the Cleveland Cavaliers, Miami Heat and Los Angeles Lakers, while also earning another $900 million from other sponsorship deals, such as a lifetime deal with Nike, the Blaze pizza franchise and ownership of a video production company, all bringing his pre-tax income to more than $1.2 billion.
Professional basketball player, billionaire LeBron James
With his natural talent for basketball, James was accepted to St. Vincent–St. Mary High School in 1999, where he scored over 2,500 points during his four years on the team.
In the 2003 NBA Draft, James was selected No. 1 overall by the Cleveland Cavaliers. His NBA debut was described as “one of the most impressive games in league history,” as he recorded 25 points, 6 rebounds, and 9 assists. James went on to become a four-time NBA MVP, win four championships, and three Olympic medals.
The athlete’s organization, the Lebron James Family Foundation, also founded the I PROMISE School, a public school in Akron, Ohio, in 2018. The school is committed to helping at-risk “forgotten” students succeed academically.
James, an Ohio native, had a difficult childhood, as his young mother struggled to make ends meet for the family. With the little money he earned, James always put some aside, thanks to a lesson about money from his uncles.
“My uncles always taught me how to have a savings account,” James shared in a podcast on his web platform, UNINTERRUPTED. “They would give me a dollar and say, ‘Listen, nephew, spend 35 cents of it and keep the other 65 cents.’ Or, if they gave me two dollars, they would say, ‘Go, go out and have fun with the dollar, but save the other dollar.’”
And that lesson follows James to this day, even though he is a billionaire.
In 2021, James expressed hope to one day own an NBA franchise, after becoming part owner of the Boston Red Sox baseball team.
“I have a lot to bring to the game. I know what it takes to win at this level. I know how to recognize talent. I know how to run a business. And so that’s my goal. My goal is to own an NBA franchise, and it’s going to happen as quickly as possible,” James told interviewers.
James has a lot he wants to do with his life and he has no plans to “slow down.” He’s eligible for a two-year, $97 million contract extension with the Lakers and he hopes to play alongside his son, LeBron “Bronny” James Jr., in the near future.
