Any top NBA player who is in their twilight years has long been planning what their post-retirement career should look like. Legends like Michael Jordan and Magic Johnson have already set a blueprint; now, it’s just the execution that needs to be on point for players like LeBron James and Stephen Curry. Johnson spent more than a decade as one of the NBA’s biggest stars, yet his career earnings totaled just $40 million. His most notable payday came from a record-breaking 25-year, $25 million contract with the Lakers, a deal that kept paying him until 2009, a full 13 years after his second retirement.

Without that unique agreement, his on-court income would have been even lower. Still, what truly sets the Lakers legend apart is what he did after basketball, transforming that modest fortune into an empire. Today, the Lakers legend’s net worth sits at an incredible $1.5 billion. Recently, the Lakers legend offered a candid take on how well-timed, strategic moves can turn someone with LeBron and Curry’s influence into more than just sports icons.

Magic was in full coach mode when he dropped some wisdom on the Bloomberg podcast, breaking down what it really takes to win and warning his fellow athletes. “We talk about preparation, and I talked to our Commander players about, you know, preparation. It starts in practice. You gotta practice the way you’re gonna play on Sunday. So that starts on Monday all the way through, right? And losing’s gotta be a bad taste in your mouth, right? And then we gotta be a team. We lose as a team, we win as a team. Right? It can’t be hidden agendas… that kills you every time,” he said.

In his view, the moment personal goals take priority over team goals, it all unravels — “It’s going to kill you. You’re going to lose, and it trickles down within the locker room.”

But Magic also knows the power of respect and experience. “The one thing we [Alex Rodriguez and I] both have is that they respect us already. And I can say something that a Mark can’t say… because he’s gonna look at me and say, oh, he’s been through it,” he explained. And just in case anyone needs a reminder of who they’re talking to, he added with a laugh, “I walk in with 17 damn World Series or world championship ring. Right? So I’m walking in with jewelry so they understand that language real fast.”

Magic’s first big move as an investor came in 1994 when he bought a 4.5% stake in the Lakers for $10 million — a piece of the team he later sold in 2010 for about $28 million. Instead of sticking to the NBA, Magic started spreading his wings across other sports. In 2012, he joined Guggenheim Partners and Stan Kasten to buy the MLB’s Los Angeles Dodgers, then added the WNBA’s Los Angeles Sparks to his portfolio in 2014. And he didn’t stop there. By 2018, he was a co-owner of MLS’s Los Angeles FC, which went on to win the MLS Cup in 2022, and he also grabbed a stake in the NWSL’s Washington Spirit.

But his boldest play came in 2023, when he dropped $240 million to join the ownership group buying the NFL’s Washington Commanders for just over $6 billion. For Magic, that deal topped them all. “It’s the greatest deal I’ve ever done,” he said. So, is this the kind of long game other NBA greats like Shaq, Curry, and others should keep in mind while exploring the business world?

Magic Johnson’s advice could guide future NBA team owners

Shaquille O’Neal has made it clear that he wants back in the NBA, this time as an owner. In his own words, “I would definitely like to. Whatever team is available.” He has already had a taste of ownership before as a minority investor in the Sacramento Kings, but NBA rules forced him to sell his stake when he became a brand ambassador for WynnBET. Now, he is thinking much bigger and has his eyes set on Las Vegas, a city often mentioned as a prime spot for a new franchise.

As for Curry, the 37-year-old is still leading the Warriors, but he is already planning his post-retirement career, and he knows the path he wants to follow. Speaking to CNBC Sports, he said, “The idea of being a part of an ownership group and the right opportunity that allows me to have an impact on how a franchise should be operated… that’s something I’m excited about pursuing.” For Curry, the appeal is not simply owning a team but having a role where he can influence the decisions that shape its future.

LeBron James already has serious ownership credentials, with stakes in Liverpool Football Club and the Boston Red Sox through Fenway Sports Group. But LeBron’s next dream is to own an NBA team in Las Vegas. “Obviously, you have the Raiders here, you have the [Golden] Knights here, you have the Aces here. You got F1 coming very soon,” he said, calling an NBA franchise the next step in the city’s momentum. Whether that’s with Shaq or solo, these future owners might want to keep Magic Johnson’s warning about avoiding hidden agendas in mind.