Despite making millions, the Cleveland Cavaliers are surprisingly frugal. "Our whole team isn't big on expensive stuff," shooting guard Iman Shumpert tells Wealthsimple. "For as much money as we make, we're all pretty cheap. We split the bill at dinner. We're smart about our coins, man."
It makes sense, considering their front-runner, NBA superstar LeBron James, says he's the cheapest player in the league. "I'm not turning on data roaming. I'm not buying no apps. I still got Pandora with commercials," the four-time MVP said in an interview with ESPN.
According to Shumpert, James isn't just careful with his cash. He also knows a thing or two about the market: "If I ever wanted to have someone on the team invest my money, it'd be LeBron."
James, who is one of today's highest paid athletes with $86 million in earnings, is already thinking about life after basketball. "I know there will be more time of my life spent off the floor than on the floor," James said in a video series by Uninterrupted, a digital platform that he and business partner Maverick Carter launched in 2014. "I still have to live life beyond the hardwood."
In addition to co-founding Uninterrupted, which raised $15.8 million in 2015, the NBA star was an early backer of Beats Headphones. When the company sold to Apple for $3 billion, James reportedly earned $30 million. And his "next thing " is to own an NBA team.
James also does his homework. In 2015, the superstar asked legendary investor Warren Buffett for some investing tips.
Buffett advised he keep things simple by making monthly investments in a low-cost index fund.
"Athletes generally tend to get promoted by people with restaurants and real estate," the Oracle of Omaha said. "Everybody's got an idea for him and, usually, the simplest is the best."
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