These financial lessons from the Cleveland Cavalier’s star are lessons for us all
He’s a king on the court — and at the bank.
In Chase’s new episode of “Kneading Dough” — a series in which legendary athletes like Serena Williams talk about how they manage their finances — Maverick Carter, James’ business manager, talks to the Cleveland Cavaliers’ star about everything from growing up poor to his best money decision.
And frankly, James could teach every American a thing or two about how they should manage money. Carter, James’ business partner, asks the basketball star why he never talks about money. James says that came from his upbringing at “the bottom” in a very poor part of Akron, Ohio, in which his uncles taught him about saving money. “If they gave me a dollar, they’d be like, nephew, just spend 35 cents of it and keep the other 65,” James says. “So I’m [now] always in my head about saving.”
He’s still is savvy with money, using this trick to curb impulse buying: When he’s deciding on buying something that he doesn’t need, he says that growing up at “the bottom always creeps into my head, and I end up just saying ‘I don’t need it’ … there’s nothing more I could give myself that would make me happier.”
Asked about his best business or financial decision, James didn’t even hesitate, “it’s signing with Nike and getting down the Beats [headphones].” The Nike deal could be worth an estimated $1 billion, and James is reportedly set for a $30 million profit on Beats.
Of course, James has purchases he regrets — a house he bought in Las Vegas in 2005 being chief among them. “Who buys a house in Vegas,” he says, laughing. And he has things he splurges on, namely a car collection. “That’s the one thing that I love, I love cars.”
© 2018 Dow Jones & Company, Inc. All Rights Reserved