Lesson #1: You need multiple income streams.
King James is one of the most well-known athletes in the world. He is an owner of a media company, has several endorsement deals, has his own brand of sneakers and a collaboration with Nike, and has a successful acting career.
So, the moral of his story should be “You need multiple income streams.”
Although LeBron James is at the top of his profession and is sure to retire as a multi-millionaire multiple times over, his case is even more extreme than most. If you’re not a highly paid professional athlete, you’re not going to have as many options available to you. However, you still need to pursue multiple income streams.
Pursuing multiple income streams is one of the best things you can do toward becoming financially secure. A word of caution, though – don’t stretch yourself too thin with your pursuits. Also, finding out what other income sources are available to you and how your current profession can support them is essential.
Lesson #2: Invest like you mean it.
We’ve all heard the term “time is money.” LeBron has taken this to heart in his career, on the court and in his personal finances.
But how did LeBron become so interested in investing in his young career?
Well, it all started when LeBron decided to join the Nike’s “Rise Program” back in 2014.
This isn’t a trivial commitment for LeBron. In fact, it meant changing the way he was going to approach “lifestyle” purchases. The Nike Rise Program allows LeBron to cash in on the shoe deals he inked when he was younger, but it also requires him to invest in other products and services for himself and his family.
Lesson #3: Become the best at what you do.
Lesson #4: Surround yourself with the right team.
LeBron James has put together a great team to help him stay in shape year round, along with the right trainer and coach for him. LeBron also knows the right people and has the right associations ” which also has a direct relationship to the type of wealth and success you seek.
Most people do not have the resources to hire a trainer or team of chefs to prepare optimal meals for them. But there are a few things you can easily do to begin putting together your own dream team to help you achieve your life aspirations.
First, surround yourself with people who have similar goals and aspirations, so you can inspire and help each other.
People are your most valuable resource. You can improve the quality of your life by choosing the right relationships, and you can dramatically improve your results by building a team that will help support and lead you.
I commend LeBron for putting together the right team to help him achieve his goals, while most of us remain content with our friends and family, but would never think of producing such results.
Lesson #5: Plan for the long haul.
Most of us invest for short-term goals, for example, saving money for a down payment on a house. But LeBron has learned that to achieve financial independence, you need to invest for the long term. And the best way to do that is to set up your investments so they’re as hands off as possible.
“If you’re going to live like no one else, later you’ll be able to live like no one else,” he has said. He puts his money into funds with a passive approach so they take care of themselves and continue to make money.
That’s how he can continue playing basketball and make other investments, because his funds make enough money for him to live on.
The Bottom Line
To be successful at any level in life, you need to be smart with your money, hard working and willing to make sacrifices. That’s kind of a given. But what can we learn from LeBron James, who at only 28 is already considered one of the most successful athletes of all time?
Here are five lessons about building wealth from one of the best:
Not Just Hard Work, But Hard Work Plus Dedication To A Goal.
It’s not enough to work hard. Any number of athletes have put in countless hours training to become the best in their field. But when the competition gets even more fierce, the hard workers must get smarter and find new ways to level the playing field.For LeBron, that meant spending his late teens and early 20s living in the gym. He went to bed every night dreaming about making the NBA and got up every morning with the goal in mind. By the end of high school he was drawing comparisons from coaches to both Michael Jordan and Magic Johnson. In order to make that dream a reality you have to set goals, work hard and find new ways to be the best. Creating financial goals, then working hard to reach them is just as important as going hard on the court.
Focus On Becoming Successful, Not Merely Being Famous.