One of the greatest NBA players, Michael Jordan, is an example and an inspiration to everybody. We can learn not only from how he etched his name in the history books of the NBA but also from how he has managed his financials over the years after his retirement.
According to a study, 60% of the NBA players become broke after around five years of retirement. Isn’t that shocking? How can the stars who earn so much in the league become broke after retiring?
This is usually the result of their lavish lifestyles and improper financial management.
However, Michael Jordan is a perfect example to the people and the players on how to manage your wealth efficiently. Even after retiring from the NBA, his Jordan brand shoe line is still at its peak and constitute a large part of his wealth right now. The brand still has a lot of demand in the market and is still shining bright years after his retirement.
Not only this, his investments with the Charlotte Hornets have started giving great returns. When he first invested in them, they were not in a great position financially, Jordan had to give away from his pocket to clear the debts.
But after few tough years financially, the Hornets started giving a lot of returns and is currently worth more than $1.05 billion, putting him up in the list of top 1500 in the Forbes list of wealthiest person in the world.
Owning 90% of the team, Jordan is worth $1.7 billion right now. Also, he was 1477th wealthiest person in the world in the year 2018 according to the Forbes.
Jordan’s investments have been spot on, and they will continue yielding great returns in the future if the trend continues. He might enter the Forbes’ top 1000 soon with his wealth growing day by day.
Jordan has set up a perfect example to follow regarding investments and financial management for all of us.