BlackRock’s IShares Future Baller$ Program Assists NBA Draft Prospects

Michael Jordan became the first billionaire athlete in 2014, according to Forbes. Jordan’s success on the court during the 1990s propelled the Chicago Bulls star into mainstream pop culture as everyone wanted to “Be like Mike.” Jordan, who owns the Charlotte Hornets, totaled $90 million in salary as a player, but has earned $1.8 billion (pre-tax) from partners including Nike, Hanes and Gatorade to bring his current net worth up to $1.7 billion.

More than a decade later, LeBron James became the first active athlete to join the three comma club according to Forbes’ estimates, further linking the two as the GOAT debate rages on.

Tiger Woods recently joined the two basketball stars as athlete billionaires, making a triumvirate of talented, savvy and successful athlete-entrepreneurs for others to admire and aspire to emulate.

As more and more athletes utilize their popularity and platform to expand their reach, influence and financial wellbeing outside the lines, young athletes are looking to get a leg up on the competition as they begin their professional careers in the hopes of joining that elite club.

BlackRock’s iShares is partnering with 2022 NBA Draft prospects Bennedict Mathurin, E.J. Liddell, Jaden Hardy, Jaden Ivey and Jalen Duren to do just that as part of its Future Baller$ program.

IShares is the largest exchange-traded funds (ETFs) provider giving investors access to asset classes like stocks and bonds. The program is not only giving each player $100,000 to invest any way they like, but also the ability to work with financial coach Lauren Simmons, who in 2017 at 22 years old became the youngest female trader in Wall Street history and only second Black woman trader in New York Stock Exchange history.

“Obviously the earlier you start investing the better,” says Simmons, a coach, speaker, host, author and angel investor who went from earning $12,000 a year on Wall Street to $650,000. “Having these programs and having these conversations around investing and financial literacy only helps, not only players but people who are looking at their own financial futures, especially while we’re at a time where there’s so much uncertainty going on in the market.

“What’s always persevered is playing the financial long game so the earlier you prep, the better.”

Duren, a 6-foot-11 freshman from the University of Memphis, is projected to be the No. 9 pick by the San Antonio Spurs according to ESPN and NBA.com in the upcoming NBA Draft on June 23.

Working with iShares was too good of an opportunity to pass up for Duren, who averaged 12 points per game, 8.1 rebounds per game, 2.1 blocks per game for the Tigers, especially as the average NBA career is just 4.5 years and that an estimated 60% of former players go broke within five years of leaving the league.

“I looked at it as an opportunity to get a head start because a lot of guys say they wish they did it early on, so to have the opportunity to do so was very important to me,” he says. “I’m excited to learn more from Lauren and the program and grow my knowledge in those areas.”

While he’ll take his time to see which investment and business opportunities pique his interest, the 18-year-old Duren says he looks up to Jordan, James and Woods to aspire to not only due to their playing success, but what they’ve accomplished outside of it.

“Definitely all three of those guys, but especially LeBron,” Duren says. “Just seeing what he’s able to accomplish off the court as well as on the court, it’s the blueprint on how to do it.”