Billionaire Success Lessons: Why Tiger Deserves To Be A Billionaire Athlete!
| September 2, 2008 | Posted by Roshawn Watson under Uncategorized |
Well Tiger Woods is on track to become a billionaire by year 2011.
Image Credit: thatswetblog
Why Woods
Although many athletes are celebrated, Woods remarkably broad appeal is paralleled by few (i.e. “His Airness” Michael Jordan and “The Greatest” Muhammad Ali). With his undeniable talent and wow-factor, Woods is often credited with resurrecting interest in golf as a sport.
In fact, with Woods-less golf tournaments (as he recovers from an injury), ratings have been in the toilet. Additionally, he’s been known to receive millions just in appearance fees alone (regardless of tournament outcome).
Make no mistake, Woods is not only a golf champion, he is a financial champion as well. Let’s look at how he developed billionaire potential.
Excellence
Brand Equity
What do you get when Woods endorses your product? Well, you get an athlete who is at the very top of his game who is free of drama.
I am convinced that endorsement deals are a driving factor behind many celebrities cleaning up their acts. Although the bad apples may get tons of attention, it is the clean ones that are endorsement gold. One example of this is Omarosa, of The Apprentice fame. Although she may still be the most recognizable reality TV villain, she has continually been unable to properly capitalize on her celebrity because her bad girl image draws disdain. The same is true for a slew of celebrity starlets.
Arguably, his brand is his most valuable asset. The numbers do not lie: his endorsement earnings far outpace his direct golf earnings.
Although there have been several accounts of individuals with modest incomes becoming multi-millionaires, no such examples exist for billionaires. For several years, Tiger Woods has been amongst the highest earning celebrities, period. Just check out Forbes Celebrity 100 (2006, 2007, and 2008). As alluded to earlier, the primary driving factor behind Woods wealth is ability to secure lucrative endorsement deals. In fact, out of the nearly $850 million he has earned so far, his golf earnings account for about 1/9th of his wealth according to a recent post by the Wall Street Journal.
Net Worth
Perhaps the most extraordinary part about Tiger Woods wealth is his ability to build his net worth. Although with respect to sports, Tiger is in a financial league of his own, several others have had fantastic incomes and yet failed to achieve the elusive billionaire status. It is always a lot easier to achieve a high income (not that it is easy to achieve a 9-figure income) than to obtain a high net worth, which typically requires at least some financial planning and discipline. It is not “how much you make” but rather “how much you keep” that is the true mark of financial intelligence. In financial arena, Woods is a “pro” as well.
It is no wonder why Tiger is about to cross the billionaire threshold, after all, he has earned it!
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Copyright 2008, Roshawn Watson, Pharm.D. All Rights Reserved.
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