Life as an athlete can be incredibly lucrative. It can also be short-lived. The average career length of an NBA player is less than five years, while the average NFL careerlasts just 3.3 years.
“I know there will more time of my life spent off the floor than on the floor,” says LeBron James, who is already preparing for life off the basketball court by making investments today.
He’s not the only one planning ahead.
“Players are now taking more ownership over decision-making when it comes to their investments,” says Courtney Brunious, associate director of USC’s Sports Business Institute.
Here are some of the start-ups and more established companies in which James and other star athletes are investing their millions.
Iguodala’s team, the Golden State Warriors, plays just across the bay from San Francisco, and the star forward is taking advantage of his proximity to Silicon Valley.
“We have some great relationships with VCs [venture capitalists] out there, mainly Andreessen Horowitz,” Iguodala tells CNBC. “They’ve kind of taken me under their wing and … showed me some things in the portfolio and how I can integrate my brand into some of their brands.”
He has invested in tech stocks like Facebook, Twitter and Tesla. He has also backedelectronic trading platform Trumid, Arianna Huffington’s new company Thrive Globaland health and beauty start-up Walker & Company.
Durant, another Golden State Warrior, says he’s following the example of his teammate Iguodala.
The NBA star has been known to hang out with Silicon Valley’s A-list and “is laying the foundation for a tech empire of his own,” The New York Times reports.
According to the Times, Durant’s portfolio includes investments “in tech companies like Postmates and Acorns, in addition to hotels and restaurants and film and television development.”