Doc Rivers Has Used His Substantial NBA Wealth to Make Smart Investments
NBA fans all know Doc Rivers. The proud Chicago native has proved his skills since starting his coaching career in 1999. Rivers has taken teams to championships, including winning the 2008 title with the Boston Celtics. Since 2013, he’s been the revered coach of the Los Angeles Clippers.
Just impressive as Rivers’ success on the court, however, is his off-court financial expertise. The coach has used his wealth to make some brilliant investments.
Passionate, opinionated, and respectful
The Chicago-born legend played for 13 years in the NBA after the Atlanta Hawks drafted him in 1983. Rivers also received recognition for his excellent character. In 1990, he earned the NBA J. Walter Kennedy Citizenship Award, which is awarded to a player, personal trainer, or coach who shows service and dedication to the community.
Rivers’ character kept being recognized after he transitioned from player to coach. In 2019, he was a finalist for the Rudy Tomjanovich Award, which honors coaches for their professionalism and performance. Despite Rivers’ respect and care, however, he’s not afraid to speak his mind.
The coach has voiced his opinion about LeBron James being more akin to Magic Johnson than Michael Jordan. Rivers even nearly quit his Clippers coaching job after less than a week in the position. Moves like this demonstrate that although Rivers speaks his mind, he also puts his character and morals behind his words and actions.
Investments making the world a better place
Although many NBA athletes and coaches go broke, Rivers is not one of them. He’s made smart investments that ensure his wealth only grows. Over the years, his real-estate investments have proven profitable. Rivers first began working in Los Angeles, reports the LA Times. He bought a condo for $5.506 million, only to sell it a year later for $6.02 million.
Most recently, he placed his Hollywood Hills home on the market for nearly $12 million. That would give him an almost $4 million profit in five years! Although real estate has proved profitable for Rivers, he also invests in more altruistic enterprises. Rivers was part of a $47 million round of funding in Aspiration, reports Business Wire.
This revolutionary banking company allows consumers cutting edge features, including cashback opportunities, industry-high interest rates, and the choice to choose their account fee, even if that amount ends up being zero. While all of these features are consumer-friendly, the dedication to sustainability is what sets Aspiration apart from other bank accounts.
The company donates 10% of revenue to charities and generates an Aspiration Impact Score. This score allows customers to track how their spending impacts the environment so that they can adjust with ease. Rivers’ investment was not only smart but is a step in making the world a better place for everyone.
How Rivers’ coaching style translates to investing
Rivers sat down with another eco-conscious investment company, BlackRock, to discuss how his investment style could be explained by coaching. Together with BlackRock’s Head of Factor Investing Andrew Ang, Ph.D., Rivers identified three strategies that apply both in basketball and investing.
The playbook details how pursuing diversification, going on the offense, and seeking the defense are the three key strategies needed to win both on the court and in the world of finance. The playbook is an innovative way to help the everyday individual develop a deeper understanding of what it takes to develop a profitable portfolio.
BlackRock’s vision to help everyone from hourly workers to the wealthy find financial health worked in perfect congruence with River’s belief system. He has always been a class act who cares about humanity. Rivers has found the key to success not only in coaching but in growing wealth and desires to spread his knowledge with his fellow man.