When you hear the name Larry Johnson, what comes to mind? Basketball lovers would know instantly who Larry Johnson is; even people who are interested in sports might know too but for the rest of us who aren’t into basketball but love ourselves a juicy story (peep the title), we have to learn a lot about Larry Johnson quickly.
Every sport has its peculiarities but one thing stands out: everyone wants to know what a player is worth. People are obsessed with money and want to know who is rich, who is broke, who is aspiring, and who is comfortable, especially if the individual in question is a sportsman or celebrity.
So, despite being a retired basketball player, the question of Larry Johnson’s net worth is one on the lips of many people. How much does he make? What is his net worth? Is he in debt?
I don’t want to assume everyone reading this article knows what net worth is or who Larry Johnson is; therefore, in this article, we’ll talk about net worth and its significance, acquaint ourselves with Larry Johnson, and learn about Larry Johnson’s net worth. It’s going to be a juicy talk, so grab your popcorn, your favorite drink and a chair. Let’s begin right away.
What Is Net Worth All About?
Net worth is the total assets minus the total liabilities of an individual or company. When we talk about the assets of an individual, we mean everything that generates money for that individual. It could come from all the earnings from sports, brand deals and endorsements, personal brands and companies, real estate and others.
When we talk about liabilities, we mean everything that takes money away from an individual, a financial debt owed or a responsibility. This includes things like mortgage payments, utility payments owed, payroll expenses and others.
Net worth is calculated by adding all assets together and subtracting the liabilities from it.
How Much Net Worth Is Considered Wealthy?
According to forecasts for 2021, an individual needs to attain a certain amount of net worth to be considered wealthy. A breakdown of this is presented below:
- Millennials (24 to 39 years old): $1.4 million
- Gen X (40 to 55 years): $1.9 million
- Baby Boomers (56 to 74 years old): $2.5 million
These figures are the minimum amount an individual should have before he or she can be called a wealthy person.
Who is Larry Johnson?
Larry Johnson (born March 14, 1969) is an American former professional basketball player who spent his career as a power forward with the Charlotte Hornets and the New York Knicks of the National Basketball Association (NBA).
According to him, he had a tough upbringing and basketball helped him cope. Here are his words: “A little bit of my story. I grew up in the housing projects of South Dallas Dixon Circle Terrible Texas. For me, basketball was a way out. Not only for me, but for my mom and sister.”
You would agree with me that a lot of stars we have today across different fields of business and sports came from rough and tough situations. Remember the saying that some people are just diamonds in the rough who need a good refiner to shape them into the beauty they are.
For Larry Johnson, basketball was that refiner. It gave him a sense of purpose and helped him overcome his hard situation in life. In the early stages of his career, Elordi faced financial difficulties, with less than $1,000 in his bank account. He even found himself sleeping in his car. However, his determination and talent propelled him forward, leading to his breakthrough role in “The Kissing Booth.”
Elordi’s role as Noah Flynn in the Netflix film series not only catapulted him to fame but also opened doors to lucrative opportunities. While the exact salary from the franchise is undisclosed, it is safe to assume that Elordi made a significant amount of money from the sequels.
Larry Johnson began to play professional basketball in 1991 after being selected by the Charlotte Hornets as the first pick and first overall pick in the NBA draft that year. He played the Power Forward and Small Forward positions. He signed a 12-year contract with them, in what was considered the richest contract signing. He finished his career in basketball with the New York Knicks, playing from 1996 – 2001, after which he retired in 2001 due to a chronic back problem.
Larry Johnson also became famous and increased his earnings through a brand deal with Converse (the shoe brand) where he featured in their “Grandmama” TV commercial ad as the character “Grandmama”. He also appeared in the movies “Family Matters” as the Grandmama character and “Eddie” and “Space Jam” as himself.
Calculating Larry Johnson’s Net Worth
Larry Johnson’s net worth is calculated by deducting his earnings in basketball, his brand endorsement deals, his acting career and his administrative duties in basketball clubs after his retirement from his liabilities.
Let’s consider his earnings in each of these endeavors, shall we?
In Basketball
Basketball was Larry Johnson’s primary source of income. He signed a contract worth $84 million with his first team, the Charlotte Hornets, which was considered the richest contract ever in the history of basketball. Also, Larry Johnson spent ten years in the NBA, during which he earned about $90 million.
With Converse
Larry Johnson signed a contract deal with Converse for the endorsement of their Aero Glide basketball shoe brand. Converse wanted to prove their shoes was so light and fast that “a grandmother can whoop you in them”. That gave birth to the Grandmama Converse commercial ad. He earned a million dollars from that contract.
Other Activities
The earnings from his other acting careers and administrative duties are not available to the public, so we don’t know and may never know their worth. I know you like gossip. I’m sorry, did I say gossip? Never! (winks). Let me rephrase. I know you like to be well-informed but we don’t need to know everything do we? See, you agree with me!
So let’s respect him, not knowing how much he earned and still earns from those other activities. Now onto the main thing you want to know. What is Larry Johnson’s net worth?
Larry Johnson’s net worth
As of 2023, Larry Johnson’s net worth was estimated to be 10 million dollars ($10 million). Yup, a whopping … you know. What would you do if you had all that money? Put yourself in his shoes for a minute and let your mind take you to that place where your net worth is $10 million. How do you feel? Anyway, let’s come back to reality.
What does Larry Johnson’s net worth mean? I’m sure you don’t need me to spell it out. It means Larry Johnson is W.E.A.L.T.H.Y! It’s way beyond the $1.9 million benchmark for someone his age.
In conclusion, Larry Johnson is an American retired basketball player who began his career with the Charlotte Hornets, from which he made his biggest financial earnings His brand deal with Converse, acting career and administrative work after his retirement increased his finances further. Currently, Larry Johnson’s net worth stands at ten million dollars and I hope he enriches me to become a wealthy person too. Do you want in?
