Lebron James is one of the most influential NBA athletes in the world and he has gone through ongoing scrutiny over the years as the best basketball player of all time. Along with his record-breaking milestones and accolades, he is also today’s one of the highest paid sports personalities. According to Forbes world’s highest-paid athletes, Lebron James is currently at the second place with $99.9 Million for 3 years contract with Cleveland Cavaliers and $55 Million for his endorsements.
As one of the best money-making basketball players, he has also known for being very keen in handling his finances. As an avid fan of Lebron James for many years, knowing these things is something that makes him more admirable and inspiring as a great role model. It goes without saying that outside the spotlight, there’s a lot to learn from this man- “the cheapest guy in the NBA”
1.He isn’t using his phone without wifi. He avoids using data for extra charges.
It is bizarre to talk about a multi-millionaire athlete who refused to spend a very little expenses. Is he really stingy or he is just frugal? Being frugal is an attitude. It is a mindset that is learned through the years and it can’t be taken away from us once we already have this habit.
Before his sport stardom, a young Lebron James has already the reputation of being wise in handling his money. Once he joins NBA,the Hollywood of sports, he doesn’t only became a superstar but he also became a sharp businessman. His personality is very unlikely in the NBA community that is known for sports personalities who are spending a huge amount of money on lavish lifestyle and parties.
2. He avoids downloading paid mobile apps.
With tons of available mobile apps either in Google play or Apple appstore, Lebron James is not lured by any them. He is satisfied on downloadable free apps that are available. We can learn something great from this guy. As Benjamin Franklin said; “Beware of little expenses. A small leak can sink a great ship”.
I’m not saying to stay away from paid apps, since there are very helpful mobile apps that can help you in your personal life or your business. It is a matter of asking yourself; Do I really need this? The point is, take advantage first on the free stuff that you can get. Then, if there are no free available, that’s the time to get paid products or services based on your needs.
3. On one of his interviews, he reveals often gone to practice riding in his KIA or on his bicycle.
Due to social media breakthrough and popularity, we are now living in an era where people has becoming more materialistic and has gone more conscious on outward look. Although, Lebron James admits that he loves cars as his passion but it does not bother him to ride an ordinary vehicle or a bike.
What I’ve learned in the past is that the secret to building our wealth is living a simple life and keeping a low profile. There are a lot of billionaires I’ve known who managed to live a humble home. Life is not all about flashing cars and mansions, living an ordinary life and maintaining it is all that matters.
4. Lebron James still uses Pandora, a free music streaming with commercials on it.
Pandora is an old-school spotify today. Lebron James is not bothered on random commercials popping-up between songs. If a multi-millionaire is able to take it, then it might work for most of us as well. I still use the free version of spotify though. Good for me.
5. He is called “the cheapest guy in the NBA”
He is officially the most frugal person in the NBA according to the people closest to him, his teammates and his best friend Dwyane Wade on a TV interview. Did it offend him? No. He even took it as a compliment!
Although there are times that Lebron James did splurge on some occasions and hosts parties for his teammates, he is the man who keeps his budget accordingly. A good habit that we need to practice and apply. When our income increases, our standard of living should be the same or else we would soon wonder where our money goes.
6. He is an entrepreneur and an investor.
Lebron James might have been making himself a name in sport but he also does well in business. James owns a production company, SpringHill Entertainment, with his business manager, Maverick Carter. The pair is also part of an investment group in Blaze Pizza with 17 franchises in Chicago and South Florida.
In 2011 he also moved into the world of soccer when he received a 2% stake in the historic English club Liverpool F.C. Now, according to reporting from ESPN’s Darren Rovell, that stake has grown tremendously in value, from $6.5 million to approximately $32 million.
“Sources said James received a 2 percent stake in Liverpool in April 2011, when his marketing firm, LRMR, agreed to a joint venture with Fenway Sports Partners. Fenway Sports Partners is owned by Boston Red Sox owner John Henry and chairman Tom Werner, who bought Liverpool for a bargain $477 million in October 2010,” Rovell wrote.
7. He is a friend to the investing legend Warren Buffet.
Everything Warren Buffett touches turns gold and everyone he coaches becomes a legend. James’s relationship with Uncle Warren goes back to 2007, when James stayed with Buffett for a weekend in Omaha, where Buffett lives. He described his friendship with Buffett to reporters:
“It’s very unique. He continued: “I had an opportunity to go and spend some time with him a few years ago and our relationship just continues to grow and grow and grow,” James said, noting the two send emails back and fourth. “On business and then personal stuff, as well. So, it’s cool.”
Who is Warren Buffett?
He is a household-name in the United States, one of the richest men in the world and an investing legend. Out of all investing popular personalities, Buffett has the best track record for beating the market. He has crushed the stock market over the years by sizing-up companies and investing in them for the long-term. Warren Buffett has a net worth of more than $87 billion today. His net worth is greater than the GDP of the country of Uruguay.
Do You want to learn more about the life of this investing legend? Read this blog: 9 BEST LESSONS FROM WARREN BUFFETT EVERYONE SHOULD KNOW.
8. His uncle was his influence on saving money early in life.
Before LeBron James exploded onto the basketball scene, he and his single mom were struggling to make ends meet. Raised on welfare in Akron, Ohio, they moved from one apartment to the next every few months and fed themselves with food stamps.
While he didn’t have much as a kid, he learned how to manage the little money he did have, thanks to early money lessons from his uncle. Lebron James said; “So I’m always in my head about stashing and keeping my money sacred and to myself because I didn’t know when my uncle was going to give me another dollar here and another 50 cents here.” It was an early lesson on the importance of paying yourself first, no matter how much is your income.
Whether you have $1 like James did as a kid, or $86 million, like the NBA star has now, put at least a small portion into a savings or investment account.
9. He is also generous on things that matter.
Lebron James is an NBA superstar but also a generous philanthropist. The professional basketball player especially gives back to his hometown of Akron, Ohio. James makes a lot of money in basketball but also in endorsement deals. He never forgets his humble beginnings and is always ready to give to those in need and causes that he believes in.
Lebron has never let his fame go to his head. He sets-up the Lebron James Family Foundation. The foundation raises and donates money for several charities. These include Boys and Girls Clubs of America, After-School All-Stars, the Children’s Defense Fund, Gabriel’s Angle Foundation and ONEXONE.
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