Magic Johnson opted to stay in touch with the sports industry even after retirement in 1996. He is part of the ownership group, which has a diverse portfolio. It includes MLB’s Los Angeles Dodgers and partly owns the WNBA’s Los Angeles Sparks. The MLS’ Los Angeles FC, and the NFL’s Washington Commanders. And he credits two people who had molded him into an entrepreneur.

2023 was Magic Johnson’s year. He did something tremendous entering the NFL governor’s circle as a co-owner of the Washington Commanders. A few months later, he’d become one of the four athletes to join the exclusive billionaires’ club after a boost to a $1.2 billion net worth with three of his closest friends. But it wasn’t always the case.  “A lot of the sponsors dropped me right, so they didn’t want me to represent their companies anymore.” The 5x NBA champion said on the BBC News Youtube Channel.

The Los Angeles Lakers legend also revealed his secret: he feels other people might not be able to follow. “I have the blueprint um can everybody do it? No no they don’t.” Magic Johnson added ” They’re not going to be willing to put in the time that I put in… I’m up at 4:00 in the morning. I go to bed at 8 everybody.” Further stating that he prioritizes gaining knowledge every time he meets somebody new. Also calls himself honored for being in the position since he did not have all the amenities growing up.

“I didn’t know money when I grew up, my parents didn’t know money. So when I got to the NBA I had to find people who knew money. That’s why I’m sitting here.” Magic Johnson explained his thought process for being in this position today. “I did something different from most athletes. I got me a true business manager to teach me.”

So who taught Magic Johnson the etiquette, well he spoke about his mentors and about his new billionaire status with LA Times. From his championship-winning career to his health advocacy, and his stints as sports team owner, Earvin “Magic” Johnson has never taken his responsibility lightly.

The two influences on Magic Johnson

The June 16th edition of LA Times spoke to Johnson about his status, his learnings, and his influences.  “It was his mentorship. He guided me and he was that father figure that made sure I had all the tools necessary to be successful. When you think about days like this, you wish him and my father were still alive to see what I’ve accomplished.” Johnson said about the late Lakers owner, Dr. Jerry Buss, who passed away in 2013.

Magic Johnson revealed that he had broken an “Unwritten Rule” while speaking to Jerry Buss. At the time, it was forbidden for players to side with or speak with the executives. But Magic knew learning from Buss would stay with him for a lifetime, so he did not care about the opinions of his teammates. “What a blessing. But you don’t get there alone. I have my people. This is not something that, like, it’s by myself. And it starts with my dad and Dr. Buss. … They paved the way for me and I can’t thank them enough.”

Magic always admired his father and even said that he was his idol. His father was his first hero who helped him with the work ethic to achieve success on and off the court. Magic also said that his father encouraged him to think outside the box and dream big. His dream comes to fruition as Magic Johnson becomes a billionaire with all his teachings and humility.

Stay tuned for more such updates, and to follow what Shaq’s ex-agent, Leonard Armato, has to say about the infamous Shaq-Kobe feud, Caitlin Clark’s Olympic snub, and more, watch this video.