With eight-figure yearly earnings and a reported net worth of $500 million, Magic Johnson should not have any huge regrets when it comes to making bad financial decisions. But during a recent appearance on The Ellen DeGeneres Show, Magic admitted to one costly error in judgment when he was leaving Michigan State to go into the 1979 NBA Draft. "When I first came out of college, all the shoe companies came after me," he said. "And there was this guy, Phil Knight, who just started had Nike."

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