Five minutes with Magic Johnson: NBA legend talks "Magic/Bird," money, athletes and media images
STEPHON JOHNSON Amsterdam News Staff | 4/19/2012, 5:29 p.m.
"You gotta get a great money manager and accountant and then you gotta take the ego out of it and say I don't know business so let me get with a mentor," stated Johnson. "'Let me get with someone who knows business so they can help me understand business.' And then stop living above their means and spending more than they make."
"Understand that you're gonna retire a young man," continued Johnson. "We all think we're going to play forever, but it doesn't happen like that. It's a short career and you must understand that when you come out, you're either gonna be thirty-something or forty-something. And then you got the rest of your life. So if you don't take care of this money, you're not gonna be able to survive the next 20, 30 years that you're out of basketball."
"I wanted to make sure that I could affect change in urban America," said Johnson. "And where I grew up and put people of color to work and do it in my own community. And sure enough it's turned out to be great."
Johnson's success off the court has come courtesy of the Magic Johnson Foundation, his chain of movie theaters and various other businesses. Johnson's next stop on his world domination tour: television. Johnson will launch a television network through Comcast that will be targeted to Blacks. Johnson spoke about the importance of Black people controlling their own images in the media.
"It's very important because of the fact that we have no images if you think about most cable," Johnson said. "(At) most networks, it's not happening for us and there's not enough shows. And now you put the creative minority community to work, both in front of the camera and behind the camera. I'm very happy that we'll be in control of that. The outpour has been amazing. The directors the producers, everyone's been calling with shows, with content. So it's gonna be great."