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Do you think that black people are too likely to want to become entertainers and athletes? A lot of people feel that these activities are destructive in the lives of young black men, drawing them away from their books toward false dreams of fame and fortune. Education and business ownership are the two greatest keys to building wealth. Let’s get that out of the way right now.
But for that small number of athletes who are able to make it over the wall, the financial rewards can be tremendous. The video below lists Forbes’ list of the highest-paid athletes in the world and a few of them are black. But those who get excited about the riches of athletes should also realize that their wealth is miniscule compared to the money that team owners have in the bank. Most athletes who’ve become billionaires or close to it are those who had the business acumen to continue making money from their brands once they are done playing.
Bad examples of money management are men like Allen Iverson and Antoine Walker, who allowed gambling and irresponsible spending to leave them broke. But great examples include men like Shaquille O’neal, Jamal Mashburn, Michael Jordan and others, who’ve taken their basketball wealth and “flipped” it into hundreds of millions of dollars. Most important is that when you obtain wealth of that magnitude, your goal is to make it intergenerational. That’s how you leave your legacy.