How much is Magic Johnson worth?

Net Worth:$750 Million
Profession:Professional Basketball Player
Date of Birth:August 14, 1959
Country:United States of America
Height:
2.06 m

About Magic Johnson

Ervin “Magic” Johnson is one of the five to seven best basketball players that has ever lived. A native of Michigan, born in 1959, he has been a transformative force, together with his rival Larry Bird, in the league. When he and Bird arrived in the NBA it wasn’t even on TV for most of the year. They would change that, and a few years later, Jordan would build on that foundation a global NBA phenomenon. He has gotten his nickname “Magic” based on the flair and creativity of his passes. He is widely regarded as one of the best, if not the-best, passers in the history of the NBA.

Magic is also what many would call a mogul. After his playing career was over, cut short by contracting HIV, he invested in a lot of ventures, which made him 10 times more money than his basketball career ever did.

In 2020, Magic Johnson has an estimated net worth of $750 million dollars.

He came from a big family, of seven children. His father worked as an assembly worker at General Motors and his mother was a school janitor. He came to love basketball at a very early age. His idols and favorite players were Bill Russell, because of the success and 11 championships he won, as well as Earl Monroe and Marques Haynes who he adored because of the way they played the game.

What makes “Magic” so successful?

When you look at Magic Johnson, or if you just watch one of his games, when he was at his prime, you will know immediately that his man was born to play basketball. He was an incredible ball-handler and passer at his height of 6 foot 9. Knowing that he had both the size and weight advantage to many other guards in the league, he worked and perfected his post-game. Magic was also a great defender, with a knack for both rebounding and steals. But it was his passing that really set him apart. No matter how many men were on him, he would always find the open man.

But basketball was not the only thing that made him such a success. He also had a lot of business savviness and instinct. Always a curious mind Magic picked the brains of the many VIPs guests and fans of the LA Lakers. As he had previously mentioned, he squeezed every wisdom, information that he could out of them. It is on that wisdom that he has built his media empire and other highly successful ventures.

The hard work that his parents instilled in him paid off in the end. But he also had to overcome his HIV illness and stigma. Once it was known that he was HIV positive he couldn’t play basketball anymore. During those days, HIV and AIDS were considered only gay illnesses. Magic fought to destroy that stigma, as well as the stigma of the quality of life an HIV positive person could have.

How did Magic Johnson get so rich?

There are two tales that detail how Magic Johnson became a multi-millionaire, mogul. The first is his NBA career, the second his time as an entrepreneur and investor. Let us start with everything he did in the NBA.

Selected as the first pick in the NBA draft, following a championship and MVP season in college, the expectations were great on the shoulders of the then young Magic Johnson. And he delivered, joined with another great Abdul-Jabbar, he won the title his first year in the NBA. He is the only rookie ever to win the reward for the NBA Finals MVP. But that was only the beginning of an incredible NBA career, that was sadly cut short due to his HIV issues. He would win an additional four titles and be crowned Finals MVP for two more times. He was also a regular-season MVP on three separate occasions and a twelve-time all-star. The contracts in the NBA weren’t as large as they are now, so he only earned $40 million dollars while playing in the league.

As a close friend of the Lakers Owner Jimmy Buss, he collected as much knowledge and business wisdom that he could. He networked with him and his friends and learned a lot. Afterward, he invested in a number of ventures. Those ventures now represent the Magic Johnson Enterprises, a conglomerate that is worth over $700 million dollars. He is also a part-time owner of the LA Dodgers and the LA Sparks.

We calculate Magic Johnson’s overall net worth to be in excess of $750 million dollars in 2020. With only $40 million earned from his time in the NBA Magic Johnson really is “Magic” in business and not just passes.

Why is he so famous?

Before he took the NBA by storm, Magic was recruited by many colleges. People rarely jumped directly to the NBA after a year or two in college in those days, but Magic was an exception. All the big schools wanted him, even UCLA, but he decided to stay closer to home and played for Michigan State. He chose that school primarily because of its talents and the promise of their coach that he would let him play point guard.

And he performed well during his time in Michigan State. In his first year, he led the team to the best of eight. And in his sophomore year, he positioned himself as one of the best players in the country, next to Larry Bird. He took his team to the finals, where they faced off against Bird and his Indiana team, and they won the title. After the season he was selected as the best player in the Country. Soon, both he and Bird would be heading towards the NBA, where their rivalry would take an epic, generational divisive turn.

Summing-Up

From a boy of two hard-working parents, who struggled to provide sufficiently for their seven children, to one of the first and finest examples of an athlete turned businessman. Magic Johnson is one of the most baffling as well as wonderful success stories in the history of America. Not everything was a raging success in his life, there are failed ventures and jobs, like coaching and front office work with the Lakers, but from everything Magic Johnson did, he learned and used those lessons to build an impressive empire.

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