It may surprise you to realise that it took Warren Buffett 50 years to hit US$700 million. Yet, in his next 33 years, he'd bank an astounding US$62.3 billion more wealth.
Buffett grew that wealth through a series of savvy business moves by buying great companies that found huge success in the years after he took a stake in them.
Now, imagine where Buffett might be if he had been worth hundreds of millions in his twenties.
That's the position US basketball star LeBron James finds himself in at the age of 29. And he's quietly building sport's most powerful business empire with the help of Warren Buffett.
Buffett is glowing in his praise for LeBron, saying he's 'savvy', and 'plenty smart about financial matters'.
Australia's own Lance 'Buddy' Franklin could learn a thing or two from LeBron and Buffett. Having signed a whopping $10.2 million, nine-year deal with the Sydney Swans in 2013, Franklin will earn more than a million dollars a year in seven of those nine years.
With the career-life of many AFL players ending in their 30s, Franklin needs to start planning for life after football now – if he hasn't already.
The path to being a billionaire: build businesses
LeBron James says he wants to be a billionaire – following in the steps of another basketball great, Michael Jordan. Jordan achieved billionaire status last year at the age of 50. Most of his wealth comes from a savvy business move.
An estimated 60% of NBA players are broke within five years of retirement, despite earning millions a year. Franklin won't want to find himself in that position, and should instead aim for the stars.
Follow Buffett's lead
Great investors have always said, "invest in what you know" or stick to your circle of competence", so Franklin needs to invest in businesses that he knows. Sports apparel, AFL merchandise and consumer brands like shoes and clothing are my guesses for potentially great investments for Buddy.
He could always sign up for Motley Fool Share Advisor if he wants great stock tips too!
