If it bleeds, it leads. That’s the tenet of many media organizations when deciding which stories to report on first. Our society focuses on the negative; international conflicts, murderers, serious crimes, famous people making huge mistakes, the list goes on. Rarely do we read or hear about a story that makes us feel happy about life and about the good things people do for others. It’s the same way with sports. You’d be much more likely to hear about Kobe Bryant’s adultery case than you’d hear about the children’s hospital Peyton Manning funded himself. It’s just the way it goes. When it comes to athletes and their personal finances, we tend to focus so much attention on the athletes that blow their entire paychecks in nightclubs, make egregious purchases on impulse, or go into major debt and fail to recover after poor investments. Let’s look on the brighter side of this and focus more on the athletes who have been intelligent in regards to their spending and investment habits.
In 2009, Sports Illustrated estimated that 60% of NBA players go broke within five years of retirement and 78% of NFL players go broke within two years. How can these players go broke so quickly after making millions upon millions of dollars? Many do, the smart ones don’t.
Magic Johnson
The model of financially efficacious athletes, Magic Johnson’s net worth is over $500 million. He owns a movie studio company, owned then sold a chain of Starbucks, and owned then sold a percentage of the Los Angeles Lakers, gaining him around $50 million alone.
In 2012 Johnson (and others) purchased the Los Angeles Dodgers for $2 billion. Recently Magic has considered purchasing the Los Angeles Clippers as well.
Orthopedic medicine deals specifically with treating the musculoskeletal system to ensure that a body’s joints, muscles, ligaments, tendons, nerves and bones are functioning correctly so a person can enjoy regular movement. Injuries that occur in competitive athletes or active individuals are among the most common reasons for needing orthopedic care.
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