Magic Johnson Net Worth (2022)
[10 Best Lessons We Can Learn]
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Magic Johnson Net Worth: Earvin “Magic” Johnson Jr. is an American ex-pro basketball player and former National Basketball Association (NBA) of the Los Angeles Lakers born on August 14, 1959 – with a whopping net worth of $600 million.
Anyone who has amassed this amount of wealth has to have a good story to tell!
In this article, we’re going to explore IBS’s take on the 10 Lessons For Success you can learn from Magic Johnson.
In detail, we’re going to be diving deep into Magic Johnson’s lessons and will be covering:
Table of Contents
So, if you want the lowdown on how Magic Johnson made and spends his incredible fortune, this article is for you.
Ready?
Let’s jump right in…
Who is Magic Johnson?
Earvin Johnson – known and loved by many as Magic Johnson – was born on August 14, 1959 into a poor but promising life.
We know him as a retired professional basketball player and former president of basketball operations of the Los Angeles Lakers In the NBA.
After several wins during his high school and college days, Johnson was immediately first overall in the 1979 NBA draft by the Lakers.
That was the start of a truly legendary career – true to this moniker.
In 1981, Magic signed a 25-year contract worth a staggering $25 Million.
Even in his retirement, his mentor, Jerry Buss, insisted he gets paid $14 million a year for all the games he missed.
Today, Magic Johnson is worth a dizzying $600 Million!
As if that’s not enough….
… he’s also the owner of Magic Johnson Enterprises – a company that’s worth $700 million – Magic prepaid card, the other half of Sodexo-Magic, and Magic 31, a high-end sporting goods store.
Oh, and he had also snagged a deal with Starbucks and kept it for over 12 successful years!
Today, the legendary athlete is one of the wealthiest players in the world. So, how did he exactly do it?
Only one way to find out! Stick with us, will ya?
| Net Worth: $600 million |
| Date of Birth: August 14, 1959, Magic Johnson is 63yrs old |
| Nationality: American |
| First Job: Basketball Player |
| Mentor/ Strongest Influence (s): Jerry Buss |
| Lifetime Achievements: Hollywood Walk of Fame, Naismith Memorial |
| Biggest Break: 1986-87 season when he gained 38 points against Houston and 46 points in the next game against the Sacramento Kings |
| Current Business Assets/ Interests: Magic Johnson Enterprise |
10 Lessons For Success From Magic Jhonson
Lesson #1: Toughen your skin up.
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<a href="https://www.insiderbusinessschool.com"><img src="https://www.insiderbusinessschool.com/wp-content/uploads/2021/04/Magic-Johnson-Lessons-02.jpg" alt="Magic Jhonson" ></a>If we’re gonna be talking about tough skin and bravery, our guy Magic is one of the finest examples you can think of.
“You understand, you gotta have tough skin,” the former Lakers president mused and proceeded to recall all their chaotic rivalries in the old days.
“So you think about all those rivalries that we had back in the days and now dudes are friends with each other. They don’t really go at each other. So when we go into the arena, we knew we hated you and we knew you hated us and we was goin’ at it (sic).”
Whoa, calm your cookies, Magic!
But really, what this king was trying to tell us is that when you’re in the field (or court, in their case), you have got to toughen your skin up a bit.
And as evidenced by his lighthearted story, it won’t matter in a couple of decades anyway.
So throw your cautions into the wind and act like the boss that you are!
“Storms make trees take deeper roots.” – Dolly Parton
Lesson #2: The early bird gets the best worm.
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<a href="https://www.insiderbusinessschool.com"><img src="https://www.insiderbusinessschool.com/wp-content/uploads/2021/04/Magic-Johnson-Lessons-03.jpg" alt="Magic Jhonson" ></a>If you’re into reading about the lives of famous millionaires, you probably know by now that most of them wake up at around 4 am.
We haven’t decoded the exact reason why yet, but we’re pretty sure it has something to do with starting the day with a clear and peaceful mind…
… which results in a super productive day!
And Magic Johnson isn’t an exception!
The legendary basketball player wakes up on or before 4 am before proceeding to his daily 2-hour workout.
Then he’ll do his “thinkitating.” Basically, he’ll just sit quietly and concentrate and think.
This helps him relax and refresh his mind to be able to get ready for a brand new day.
The result can be seen in his business ventures which are all successful.
So in Magic’s case, it’s not that the early bird gets the early worm.
But he definitely gets the best worms of the day!
“The early bird gets the worm, the rest starve.” – Darren Hardy
Lesson #3: Pave your own way instead of following others.
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<a href="https://www.insiderbusinessschool.com"><img src="https://www.insiderbusinessschool.com/wp-content/uploads/2021/04/Magic-Johnson-Lessons-04.jpg" alt="Magic Jhonson" ></a>During Earvin’s early days in Everett High School, racism was rampant.
Earlier on, he was disappointed for not getting into Sexton Highschool which was predominantly black but instead in a dominantly white school.
Sure enough, most of his classmates didn’t even acknowledge him.
After having enough of it, Earvin fought back. The last straw was when his classmates deliberately didn’t pass the ball to him even once in training one day.
He almost got into a fight.
Soon enough, a group of black students rallied for him and looked up at him as their leader.
So, what can we get from this?
Instead of falling into the usual cycle of being the victim, Magic fought back for what he thought was right when most students in his position would have preferred to just keep quiet and accept all the humiliation.
How cool was that?
That’s why he appealed to his schoolmates and even earned a leader status.
Throughout his career, Magic’s decisive and initiating nature can be seen in most of his moves, be in court or in his businesses.
Because that’s what legends do. They don’t follow the preset roads but create their own instead.
“Being a star just means that you just find your own special place, and that you shine where you are.” – Dolly Parton
Lesson #4: Patience is the key.
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<a href="https://www.insiderbusinessschool.com"><img src="https://www.insiderbusinessschool.com/wp-content/uploads/2021/04/Magic-Johnson-Lessons-05.jpg" alt="Magic Jhonson" ></a>If you think life is tough and cruel enough, just look at the ups and downs of Magic Johnson’s career and think again.
Many times he had to wait for something.
Starting from high school when he decided not to showcase his genius in basketball because he thought nobody would care in a white school, anyway.
At Everett High School, he didn’t even join a basketball team.
But as he was fated to shine, his talent was eventually discovered – soon enough, he was scoring points for his team.
Fast-forward to the peak of his fame…
Suddenly, he had to retire upon finding out he was HIV-positive.
Not only that, but in the course of his whole basketball career, there were countless times when he had to step down because of the opinion of his fellow basketball players.
Patiently, he had always waited.
And now, he’s known as one of the best players to ever grace the Earth.
This goes to show that there’s nothing bad with waiting patiently.
Maybe his “thinkitating” sessions aren’t too bad after all!
“My dad said to me – Work hard and be patient. It was the best advice he ever gave me. You have to put the hours in.” – Simon Cowell
Lesson #5: Stand by what you want to fight for.
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<a href="https://www.insiderbusinessschool.com"><img src="https://www.insiderbusinessschool.com/wp-content/uploads/2021/04/Magic-Johnson-Lessons-06.jpg" alt="Magic Jhonson" ></a>Magic Johnson shocked the world in 1991 when he announced he was HIV-positive.
Questions and rumors circulated like wildfire; enough to take a strong man down.
Here’s the kicker, though…
Back in those days, knowledge about AIDS and HIV was still next to nothing and people were quick to judge because of the stigma.
Quite impressively, Magic Johnson bravely faced them all, answering all the questions and spreading truth and awareness about the feared illness.
Despite much judgments and shunning, our dude went around preaching about the highly-misunderstood disease.
He also founded charities and foundations for people with the same disease.
Magic became an activist, letting all of us know heterosexual people can also get the disease.
He also went to help people with the same illness have a better and more comfortable life. He made it a goal to help people like him.
Although the disease was shunned, he didn’t back down.
Now that’s the consistency the world needs!
“A small change can make a big difference. You are the only one who can make our world a better place to inhabit. So, don’t be afraid to take a stand.” – Ankita Singhal
Lesson #6: Take care of your brand.
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<a href="https://www.insiderbusinessschool.com"><img src="https://www.insiderbusinessschool.com/wp-content/uploads/2021/04/Magic-Johnson-Lessons-08.jpg" alt="Magic Jhonson" ></a>And by brand, we mean your image as well.
In an interview, Magic shared how he worries every single night about taking care of his brand.
He said he never makes anything that could put his brand at a disadvantage – not a tiny mistake.
For sure success, the legend advises us to make the brand strong – stronger even.
“You will always be able to make money when your brand is strong. Even if you go bankrupt, if your brand is strong, you’ll be able to still make some money.”
Now that makes sense!
In fact…
… most people see him as one of the least toxic athletes of our time. Heck, he’s even friends with his former rivals!
Aside from the momentary homosexual rumors, Magic’s slates are clean these days.
Surely, he has perfectly mastered the art of enthralling more interest towards his brand!
Now that’s something to think about!
“I love what I do. I take pride in what I do. And I can’t do something halfway, three-quarters, nine-tenths. If I’m going to do something, I go all the way.” – Tom Cruise
Lesson #7: Know your target.
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<a href="https://www.insiderbusinessschool.com"><img src="https://www.insiderbusinessschool.com/wp-content/uploads/2021/04/Magic-Johnson-Lessons-09.jpg" alt="Magic Jhonson" ></a>Aside from being the king of the court, Magic Johnson is also a marketing boss!
When he first ventured into being a businessman, most fans know that the first thing he did was study his market.
Those are his target consumers. Learning the hard way with Magic 32, he knew how to listen to his customers.
Afterward, he researched extensively about his target markets.
One of the finest examples is his 12-year successful deal with Starbucks!
So how did this athlete do it?
After much thought and realizing that Starbucks in rural areas could actually work, Magic shamelessly pitched his ideas to the company’s CEO, Howard Schultz.
The result was 125 new SB stores for Magic.
In an interview, he lightheartedly shared how he studied the interests and preferences of the community that houses a Starbucks store of his.
In a predominantly black place, he shared how he removed the white-favorite songs and choices and added in the menu what’s popular for the black people.
Aside from his African-American consumers, Magic has also studied the markets to one of his many business ventures.
“If you want to create messages that resonate with your audience, you need to know what they care about.” – Nate Elliott
Lesson #8: Always choose to win.
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<a href="https://www.insiderbusinessschool.com"><img src="https://www.insiderbusinessschool.com/wp-content/uploads/2021/04/Magic-Johnson-Lessons-11.jpg" alt="Magic Jhonson" ></a>Losing is not in Magic’s vocabulary – ever!
Not only is this athlete-businessman a perfectionist, but he’s also quite competitive.
“That’s just who I am. I am the most competitive person you know, and I will not lose,” he confidently says.
He shared those words just after he told the interviewer a story of how he “crushed” his own daughter in a one-on-one basketball fight.
When he was asked what would he do if everything has to be taken away from him, he answered that he’ll still face the next day and figure something out.
“Winners win. Winners always win.”
Not only is this a belief for Magic, but it’s his life’s mantra. And apparently, it seems to be manifesting in his everyday life.
A happy family, healthy body, legendary status, and multiple streams of income to keep him fed for the years to come.
If this isn’t a winner enough, we don’t know what is!
“I’ve missed more than 9000 shots in my career. I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game-winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.” – Michael Jordan
Lesson #9: Surround yourself with only the best.
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<a href="https://www.insiderbusinessschool.com"><img src="https://www.insiderbusinessschool.com/wp-content/uploads/2021/04/Magic-Johnson-Lessons-07.jpg" alt="Magic Jhonson" ></a>If you’re a big fan of Magic johnson, you would know that his mentor, Jerry Buss, is more than just a mentor. He’s a friend, father, and brother to the basketball player.
He also stood by Magic’s side when he announced to the world he had an illness.
He fought for him to receive payments even when Magic had to retire.
But did you know this lifelong friendship actually started with a deal?
During Magic’s early days, Jerry offered him a 25-year contract for him to commit to the Lakers for $25 million.
You’d think young Magic would have instantly grabbed the opportunity. But actually, he tried to make a deal with Buss – he wanted Jerry to be his business mentor.
After that, with the help of Jerry, he was able to invite 150 wealthy basketball fans to lunch and learn from them.
No wonder his business ventures are doing so well!
We may not be as high-end as Magic is, but talents and brains are everywhere around us, and it’s up to us to take them to our advantage.
Like what Magic had demonstrated, nothing’s impossible with the right tactics!
“Success is nothing if you don’t have the right people to share it with; you’re just gonna end up lonely.” – Selena Gomez
Lesson #10: Health is everything.
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<a href="https://www.insiderbusinessschool.com"><img src="https://www.insiderbusinessschool.com/wp-content/uploads/2021/04/Magic-Johnson-Lessons-10.jpg" alt="Magic Jhonson" ></a>Being a basketball player, a well-maintained physique is already a given for the likes of Magic Johnson.
But when he found out he was HIV-positive, it became a different story altogether.
You can be rich and famous and still get a chronic disease – that, he learned the hard way. Magic instantly went into retirement right after finding out about his diagnosis.
But basketball is life and he soon felt its absence in his life.
Planning to come back, Magic started working out more regularly and harder than ever before.
He also worked up a healthy diet for him to maintain.
Soon enough, he was even more ripped than most of the active basketball players that time. He stated he was doing it to fight the HIV that’s in his system.
And what a great decision it was!
Up to this day, Magic Johnson is still fit and kicking. He still manages his growing business empire among other executive tasks – all thanks to his care for his body.
Truly, health is indeed wealth.
“The human body is the best picture of the human soul.” – Tony Robbins
Summary: Magic Johnson Net Worth
So there you have it – I’m pretty sure you’ll agree that Magic Johnson’s wealth is a direct result of his experience and mental attitude.
The 10 lessons here are all about defying the odds and conventions and always springing back. Which one was your favorite?
Tweet us to tell us which lessons struck a chord with you today.
I’m sure there’s a lot we can learn both from his successes and mistakes.
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