subject: Leveraged Wealth: Contrast Dennis Rodman And Magic Johnson [print this page] A profound lesson in the power in living richly from the inside out played out in the pages of the Los Angeles Times recently. On the very same day there was news of Dennis Rodman's walk of shame in court and Magic Johnson's Guggenheim Baseball Management group's announcement of their pending acquisition of the Los Angeles Dodgers.
Rodman was facing a possible 20-day jail sentence for contempt of court unless he came up with $860,376 in child support he owes his ex-wife. His attorney and financial advisor said their client is broke and an alcoholic. The police have visited his posh Newport Beach oceanfront home 80 times responding to his raucous parties. His wildly over-the-top lifestyle came at a cost of $31,000 a month with very little to show for it. He owes the state of California $350,000 in back taxes. Instead of serving up winning shots, Rodman is serving no one least of all himself.
Johnson, and his Guggenheim Baseball Management partner Stan Kasten and investors entertainment mogul Peter Guber, Todd Boehly and Bobby Patton look to build upon the legacy of the Dodgers and provide long-term stability to the team. The fans are thrilled, the city of Los Angeles is happy and the health of the sport itself is enriched and empowered. Johnson is leading the way in serving the greater good of all including himself.
Unfortunately, Rodman's seemingly unbelievable rags-to-riches to rags story is all too common among athletes. Instead of leveraging wealth by investing in what makes a meaningful difference pro-athletes and others who squander away fortunes buy what feeds an unhealthy ego. Depending upon whose statistics you rely upon anywhere between 74% and 95% of pro-athletes wind up broke and/or divorced within 5 years of retirement.
What saddens me is Rodman didn't deliberately screw up his life in such a way. The number of people who wake up in the morning thinking up ways they could deliberately make a mess for themselves is miniscule. Yet his fall from grace is still his responsibility. Instead of following what would serve his best interests he devoted his time, energy and financial resources into what served a needy unhealthy ego.
What gives me hope is Rodman also has everything he needs within him to rise above this challenge. He couldn't achieve what he did in sports without the talent and skills to overcome obstacles and powerfully learn from his mistakes. That's how you stop a pattern of unwanted results - you change the behavior that created them. I'm looking forward to see what Rodman does next. I'd love to see him come back and thrive in his personal and professional life.
Two extraordinary human beings with extraordinary talent and wealth to last several lifetimes. One down and out and broke. The other continuing on as a champion in the game of life, business and a meaningful legacy. I hope aspiring pro-athletes and those who seek to accumulate great wealth pay attention to how they show up in life when they achieve success. One path leads to an ongoing life of inner and outer wealth, the other to a life that 'could have been'.
Ultimately, the life you lead is the legacy you leave.
