Magic Johnson is a basketball icon in every way possible, cementing his legacy as arguably the greatest point guard of all time. Synonymous with the Los Angeles Lakers , he is highly revered for his exceptional passing skills and basketball IQ. A champion both on and off the court.
While Johnson's NBA resume speaks for itself, the three-time MVP is a game-changer in other areas as well, especially his battle against HIV. He helped shed the stigma and taboo surrounding the illness, inspiring millions worldwide in their fight against it.
What also set Johnson apart from his NBA peers was his business acumen. At a time when professional athletes struggled financially after retirement, he had not only secured his future but also begun multiplying his wealth.
In a recent chat with venture capitalist Chris Loyns, Johnson opened up about navigating the business world. The five-time champion stressed the importance of networking and time management.
"It's building your network. It's going to lunches and breakfasts and dinners that you probably don't want to go to, but you should be there, and because those places are where the dealmakers are.Those places are where the billionaires are, the multi-millionaires are. And so I learned that early on, and when I got invited, I went early," said Magic, highlighting the value of time.
"Go early because all the richest people they they ain't trying to hang out. They come early, and they want to leave early. And you'll get that quality time with them if you go early," added the Hall of Famer.
The Lakers legend founded the investment conglomerate in 1987, with its headquarters in Beverley Hills. His philosophy focused on identifying the underserved minority and multicultural communities with large purchasing power. Initially, big on trend-driven businesses.
The 66-year-old formerly owned a chain of theatres under the name Magic Johnson Theatres, in partnership with Sony Pictures Entertainment, eventually selling them. What also turned out to be the case with his Magic Johnson Sport health clubs initiative with 24 Hour Fitness.
Nonetheless, Johnson made his fortune from them. His current portfolio includes team ownership stakes in sports leagues such as the MLB, WNBA and NFL. That said, the Lakers veteran makes the majority of his wealth from his 60 percent stake in the Life Insurance Company, Equitrust.
Among the handful of athlete billionaires like Michael Jordan, LeBron James, Tiger Woods, Cristiano Ronaldo and Lionel Messi, Johnson is always willing to share his wisdom with the younger generation of athletes.
Unlike in the past, when access to information and financial advisors was limited, professional athletes today are much better equipped. However, fame and the sudden influx of millions can distract many.
Having witnessed such cases around his peers, Johnson had some advice for the young lads who were relatively new to the glitz and glamor lifestyle.
"If you're earning money, please get you a business manager. The IRS will be calling. You're going to make money, so make sure somebody is there who has the knowledge to help you understand," suggested the twelve-time All-Star.
He also mentioned the criteria for getting a business manager and how his outlook was always different from his peers.
"They hire these people not because of expertise but because they're friends. Well, they'll fail," added the basketball legend.
In the social media era, it is not very difficult for athletes to be distracted, despite having easy access to all the information and knowledge. Thus, having legends like Magic caution the younger generation is no doubt helpful, a practice that should not stop at him only.
This story was originally published by Basketball Network on Mar 1, 2026, where it first appeared in the Off The Court section. Add Basketball Network as a Preferred Source by clicking here.
