Magic Johnson's start in the NBA made him a household name, but it was his entrepreneurial skills that took him to the next level long after he retired.
Angela Yee asked Magic if he ever had anyone coaching him on how to properly invest when he got his hands on a couple of dollars.
"Great question," Magic replied.
"When I got my first NBA contract, the first thing I bought was a radio station. Back in the day, minorities could buy a radio station -an AM station- [for] less than Caucasians could with a certificate."
"I had bought a station in Denver, Colorado, an AM station."
To explain the rest of the story, Magic turns to Angela for emphasis.
"I asked all my teammates, to join in [because] it was only going to cost us a million and five [$1.5M]. If we all put in a couple hundred thousand dollars, we could all have this radio station. None of the players invested with me, so I bought it myself. We kept it for three years, changed it to a FM station. I had 20-acres of land to go with that [and] I sold the land for $1.5M, which is what I bought the station for, and then I sold the station for about $4M."
Whoa, talk about trippling your worth!
Here's the full interview to learn more about Magic Johnson.
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