Trending Topics

Magic Johnson Wants Black Business Owners to Reinvest Their Money, Not Flaunt It: ‘That is the Curse of Our People…Designer Everything’

Magic Johnson, the billionaire and former Lakers star, is set to return as a featured speaker at Traffic Sales and Profit (TSP) Live 2024, following his appearance at the event in 2022.

ALPHARETTA, GEORGIA – JUNE 24: Magic Johnson speaks during the TSP Live 2022 conference at The Hotel at Avalon on June 24, 2022 in Alpharetta, Georgia. (Photo by Derek White/Getty Images)

Scheduled for June 2024 in Atlanta, Georgia, TSP Live 2024 will bring together industry leaders and attendees eager to learn about wealth-building strategies.

So why’s Magic invited to speak?

Johnson has come to be more known for his business acumen than his basketball legacy. He is expected to share insights on financial management and wealth-building strategies, particularly within the Black community. During TSP Live 2022, he emphasized the importance of prioritizing long-term financial stability over immediate luxury spending, highlighting a common pitfall known as “the curse of our people.”

In his previous keynote, a video of which has resurfaced on social media, Magic stressed the significance of patience in financial growth, advising entrepreneurs to reinvest profits wisely before indulging in personal luxuries. His business acumen has been instrumental in guiding individuals towards sustainable wealth accumulation.

Invest, Don’t Flaunt

“That is the curse of our people, right there. ‘Oh my business is booming, let me get the luxury car, let me get the bigger house. I gotta be in designer everything,'” Magic said in TSP Live 2022. “You have to remember, you’re taking cash from your business to do that, to keep up with your new lifestyle.”

He added, “Wait! And if you wait, now you can do all of those things and you still got a lot of money still left to leave in the bank, so that’s very important.”

Johnson is a seasoned keynote speaker at sports, business, and financial events, having delivered influential speeches at platforms such as Business Lunch Live, Evolve Conference, and We Day.

But he says TSP is right in his wheelhouse.

“Traffic, sales, and profit. That’s what it’s all about. That’s what I’ve been about for many, many years. That’s why I’m in the position that I’m in. That’s why I came here because it’s important that we have all the right tools and information so our people can grow, expand,” said Johnson, who helped guide the Los Angeles Lakers to NBA championships in 1980, 1982, 1985, 1987, and 1988.

He added at the 2022 event, “We want to make sure we get scaled. We want to make sure that there’s a chance, an opportunity for us to go to the highest level possible, build wealth for our family, see, pass that on. We haven’t been able to not [pass] that big check to our family. Normally, it’s debt. So this is what we’re talking about right here, factory sales, and profit.”

Johnson is renowned for his successful business ventures and strategic investments across various industries. Some notable business deals and ventures associated with Magic Johnson include: Magic Johnson Enterprises, focused on urban development projects mainly in underserved communities; a partnership with Starbucks in the 1990s in which he introduce Starbucks locations into urban areas predominantly inhabited by African Americans; movie theaters and entertainment venues; and he has been involved in franchising ventures, particularly in the food industry, such as Burger King and T.G.I. Friday’s franchises.

Johnson was also a co-owner of the Los Angeles Lakers basketball team and has invested in other sports franchises, including the Los Angeles Dodgers baseball team and Washington Commanders NFL team.

What people are saying

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top