October 3, 2018

LeBron’s “Posse” Shatter Record With $1 Billion Deal

There’s a saying that 99% of the world follows: “keep your work life separate from your personal life”.
LeBron ignored that advice and hired his 3 closest friends to manage every aspect of his financial life. They’re making a name for themselves as a powerful, influential group and have now solidified their places in the history books by closing the biggest deal in sports history, valued at over $1 billion…
Most people would think it’d be crazy to hire a group of inexperienced friends to manage your multi-million dollar finances. When we say inexperienced, we mean inexperienced. None of them had gone to business school or even finish college for that matter. None of them ever closed a 6-figure deal, let alone the tens of millions LeBron was used to.
But LeBron knew they had talent and “street smarts” and they’d be super successful if they were just given a chance and boy was he right…

One of those friends is Rich Paul. When LeBron was just 17 years old, he had a chance encounter at the airport. It was there that he noticed another teenager wearing a cool retro jersey and decided to compliment him.
That teenager was Richard Paul, who grew up in nearby Cleveland. Paul sold retro jerseys out of the trunk of his car and was on his way to Atlanta to pick up more. The two hit it off and LeBron quickly realized what a savvy businessman Paul was when he found out how much he made a week just selling jerseys…
At the height of his business, and still operating out of the trunk of his car, Rich was pulling in over $15,000 a week. He bought the jerseys for $160 in Atlanta sold them for $300 in Cleveland. He taught young LeBron a lot about business.
Both dreamt of getting out of the inner city one day and making money. But they shared more than that in common: they were both raised by loving single parents, and they both played basketball at affluent, predominately white, Catholic high schools. They became close friends very quickly.
The 2003 NBA draft came around, and LeBron James was picked number 1 overall by the Cleveland Cavaliers.
He immediately wrote a check to Rich after signing a max rookie contract with the Cavs for $12.96 million for 3 years.
James didn’t have a job for him yet, but he knew that he wanted Paul on his payroll. He also brought on another friend, the mastermind of the $1 billion contract..
The second member of LeBron’s tight-knit group was Maverick Carter. Carter grew up just down the street from LeBron and the two became friends despite Carter being older.
They ended up playing together at St. Vincent-St. Mary High School for just one year. Carter was a senior and James a freshman. They were able to go 27-0 that year and win the Division III state title. It’s a feat LeBron will never forget and little did he know it’d lead to a lifelong friendship

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