Who Is Lebron James  

• The chosen one! This title was bestowed upon Lebron James when he was in high school. The 6’9 small forward was a force of nature on the basketball court and was something that nobody had seen before. On the court, he put up massive numbers in every statistical category, and combined with his frame it was clear that he was a one-of-a-kind prospect, and this led to him being given the title of “the chosen one”. Since an incredibly young age, Lebron James has been raking in a fortune from his ability to perform on the basketball court. With all the pressure imaginable on him at 19, he has done a good job handling the pressure and his finances. Countless 19-year-olds with no prior financial knowledge would squander away the millions provided to them, but he proved why he is not your average 19-year-old. After 23 years in the NBA, (National Basketball Association) Lebron James is the first billionaire in NBA history to actively play while holding this status. As one who came from humble beginnings in the city of Akron, Ohio to say this is a massive accomplishment is an understatement.   

LeBron’s contract History 

• LeBron has made over 400 million dollars purely from his NBA contracts. This is a massive accomplishment as the average NBA player tends to only make 24 million dollars throughout their NBA career. LeBron’s initial NBA contract was 18.8 million dollars for 4 years. This is approximately 4.7 million dollars per year. Not only was this a massive initial contract but he also inked an unbelievable 90-million-dollar contract from Nike at the age of 18 which he spent a ridiculously small percentage of. Twenty years later Lebron inked a 97-million-dollar contract and has a lifetime Nike endorsement worth over a billion dollars. With the abysmal amount of money Lebron had throughout his career he made sure to allocate his money in the right areas. Lebron has made multiple great investments with his money which placed him in a great position in terms of financial success. Lebron has invested in companies such as ladder, Fenway sports group, and countless others. These investments are another key contributor to his wealth. Along with his investments he owns numerous companies and has countless partnerships and endorsements. Lebron James is the prime example of understanding how to effectively manage and leverage your money so that it works for you. 

Who Is Evander Holyfield? 

Evander “Hollywood” Holyfield was one of the most prominent boxers of the 20th century. Night after night he dominated opponents and took brutal hits from the likes of George Foreman, Mike Tyson, and countless other ruthless opponents. These brutal hits were not the only tribulations he faced as he had to face reality when he was forced to auction off countless prized possessions such as his 54,000 square-foot mansion, which includes 109 rooms and at one point sat around 20 million dollars. It is hard to imagine that an individual who once earned over 250 million dollars from boxing alone was left with crippling debt that severely hindered the icon’s glamorous lifestyle.

Evander’s previous mansion  

Between poor investments and frivolous spending Holyfield made an astonishing amount of money go up into thin air. In situations like these, many tend to ask questions such as where the money is or where it went. Holyfield could have taken countless actions to protect his financial future. Evander’s lack of financial literacy is evident and is also a sign of a massive problem within the pro-athlete community. Evander squandered his riches on countless exotic cars, numerous homes, and a myriad of poor business ventures. Holyfield also had 11 children with 6 different women and provided financial support to all of them. These expenses proved to be extremely detrimental and placed Evander in a massive hole. This hole proved inescapable as Evander could not return to his previous levels of wealth.  

What Evander should have done 

Evander Holyfield could have allocated his wealth to countless other ventures to avoid the circumstances that he faced. I think Evander should have contacted numerous financial advisors before making frivolous decisions with his money. Instead of purchasing a massive mansion that provided significantly more room than he needed, he should have gone with a more modest home in a less expensive area in Georgia such as Alpharetta. By living in this less expensive area Evander could have lived a significantly more efficient life at a significantly lower cost, especially since the size of his family was small enough to facilitate a smaller home.

Evander should have also allocated his money towards various investment accounts such as a Roth IRA, a tax-free retirement account that he could make withdrawals from after a five-year holding period. This tax-advantaged account would not only allow him to save money but grow his money as well and avoid consequences such as bankruptcy. Evander came into his prime during the 1990s. During this decade, countless startup companies such as Microsoft had just hit the New York Stock exchange. If Holyfield had purchased 1000 shares for $106,559 which was a small cost at the time for the world champion, those shares would have now been valued at $39,306,236! This is a whopping 36786.49% return! Along with a variety of ETFs and mutual funds, Evander could maintain his wealth and grow his money.