It was an incredible experience to get a front row seat to a candid conversation between two people who've been friends since childhood, reflecting on the trajectory of their finances and their lives. Now consider that this duo includes one of the greatest athletes in the world and his entrepreneurial manager and business partner, an extremely accomplished figure in his own right.
Witnessing the back and forth between lifelong best friends LeBron James and Maverick Carter up close was an experience as incredible as it was improbable. It was part of the Kneading Dough interview series, an idea that was produced by James and Carter's digital media company, UNINTERRUPTED.
While shooting the latest episode, there was a point when the cameras seemed invisible, and it was just James and Carter, talking about their journey, and what it's meant for their finances, family life, business and friendship.
Despite the pair's meteoric success, there are lessons for everyone.
First-generation money maker:
James and Carter grew up in some of Akron, Ohio's roughest neighborhoods. Seemingly overnight, though, James went from being a nationally renowned high school basketball star to a multi-millionaire in the span of about one month.
No one before him in his family had ever earned a reliable income, so James had no road map for what it meant to earn, save and spend money.
"Being a first-generational money-maker in the household is a scary thing for an 18-year-old," James says. "I went from sitting in classrooms and, in May, graduating high school, to being a multi-millionaire a month later, in June, which is insane."
It's important to set up a road map for financial success, especially when you're suddenly making more money. Creating a savings plan and meeting with a financial adviser are great first steps.
Diversify to keep your options open:
During James' senior year in high school, he had a meeting with the president of Reebok, who offered him $10 million on the spot if he promised not to meet with competitors Nike and Adidas. After giving it a few moments of thought, James turned it down. Even as a teenager, he understood the importance of hearing what all sides can offer.
"I started thinking, if this guy is willing to give me a $10 million dollar check right now, what is to say that Nike or Adidas is not willing to give me 20 or 30 up front. Maybe the upfront money is not even the biggest thing. Maybe, let's start thinking about the back end," James says. "I've always known—and it comes from my uncles as well never put all your eggs in one basket."
Date Posted: Monday, May 8th, 2017 , Total Page Views: 1006
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