Early in his career, Magic Johnson would walk over in uniform to the fans holding courtside seats and ask who among them ran a business. The next day he called those people and asked for breakfast. He understood before most that the game was his door, and that the real education was waiting on the other side of it.

This episode is for every young person dreaming of a pro contract, and for the parents, coaches and partners who love them. Chase that dream with everything you have. Just remember there is a business plan behind every dream. It is the business of sports, and the moment you sign, you become the CEO of a corporation of one, often before anyone has taught you how to run it.

I walk through what happens when the money arrives faster than the wisdom. We talk about contracts that are not fully guaranteed, taxes owed in cities you only visited for a game, the entourage on the payroll, and the cousin with a business idea but no business plan. I also share the stories that make me proud, including my friend Reggie Jackson, who has built more off the field than he ever earned on it. My advice is simple enough to write on an index card: set aside a principal sum, invest it in boring, proven companies, and live on the returns without ever touching the principal.

A coach once told a young player to choose between living like a king for a year or living like a prince forever. I want every aspiring athlete to choose the prince. Send this to a young baller in your life, and have them listen all the way to the end.

🎧 Listen now — wherever you get your podcasts, or simply click below.

Prefer to watch? The full episode is on YouTube.