Dr. J: Focus Less on Money, Focus More on the Game

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Nov. 7 (Bloomberg) -- Basketball legend Julius Erving reflects on his time in the NBA, competing against Larry Bird and Magic Johnson, and his financial advice to young professional athletes. He speaks with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg)

From loss to victory, julius irving has been through it all.

His new book is dedicated to his mother am a father, stepfather and sister, all of whom are deceased.

However, julius spends his life working through hardships to persevere, particularly where it finds a home thriving in pro basketball with the nets back in 1973. you talk about, like christmas, like knowing back to long island.

I was born and raised, my hometown is there in hempstead.

We were playing basketball in the neighboring town and roosevelt is right there.

I thought i had died and gone to basketball heaven.

This is really cool.

I'm pursuing my degree because i've was a part-time student.

I was still in the program called the university without walls.

It seemed to be a time which everything was coming together and then we started the season with the nets and we win one game and lose nine and a row.

That's a lot of games to lose.

We have a new coach and a lot of new players, nassau coliseum, and last-place.

Fortunately, we were able to turn that around and end up with the second best record in the league that year and when the championship.

What do you think about the new new york nets?

I kind of like the play.

Let's go get some veterans and we've got a rookie coach, but he has been on the floor for many years.

We've got money to spend and we are following the rules.

We are going to compete in this city.

They are going to give the knicks all they can muster in terms of competing force boards dominance in new york.

The battle between the nets and the next has begun.

I'm pulling for the nets.

Look at basketball, playing for the sixers.

Your number six.

Yes.

That becomes almost your adopted home.

It was literally an adopted home.

I speak highly of philadelphia and when i go to philadelphia, if you like i'm coming home because from age 26 pretty much 240, even beyond 40, philadelphia became a home for me during an 11 year basketball run and another nine years after that.

I spent quality time as well as quantity time there and roulette.

Victory time there.

We won the nba championship and we were runner-up three times.

Second best in the world three times, the last time we went, and philadelphia will always appreciate that because there was a huge unification in philadelphia that was ms.

Terry at the time we won.

That basketball championship might have been the only thing that could have old the city together.

Do you have any guidance or thoughts about current players like lebron james and their business interest?

The money is to be different.

Is a lot different.

If the model is wealth creation, then all you've got to do is play.

If it is wealth preservation, they have to work really hard at deciding what they are going to do with the money and how they're going to be responsible from a tax perspective, obviously from a savings and investment perspective.

Success on the court, if you are a champion, there's going to be playoff money and bonuses and incentives tied to that.

I think even an average player can make more than he needs if he plays his cards right.

There are too many conversations about money.

Do the contract, put it in the drawer, and let's go to work.

If you can't do the contract, put it in the drawer him and next week we pull it out of the drawer and then pull it back.

The media picks it up and report anybody, so money, money, money is an issue.

Leave it alone.

Your team is your team.

Address the player by the number , not how much money they're making.

You met a lot of people in your career.

On struck couple of names at you.

Start with larry bird.

One of the ultimate warriors.

He was the type of guy who if you get in a fox hole, he might be one of those guys you need to have with you.

There is no quit in his style.

I saw him with a bad back.

When he came out of the game, he had to lay on the sideline because he was so hurt, but he wanted to play.

You know how bad it is when you look at players now to have a hang nail and they don't want to play?

Are you kidding me?

This is a guy you want to have as a teammate.

Somebody has a rivalry with boston.

We are not supposed to love each other or like each other, but we have to respect each other and that is part of what sportsmanship is all about.

Even though we went to blows one night, it could have been anybody.

There were times we did not go to lowes and competed so hard and went and hugged each other and shook hands, played on multiple all-star teams together, that is what's important.

Magic johnson.

Magic is the type of guy, he could be anybody's teammate.

There's not one franchise in the league today that would not take the magic johnson.

If you need him to score, he can do that very if he needs to rebound, he can do that area how to keep the glue together.

He's the facilitator.

Then he does it with this stupid smile on his face all the time like he's happy even though he is catching elbows and knees.

He comes up and is still smiling.

Is there something in the water in michigan?

A great guy and a good friend.

Give us some insight into what dr.

J is doing now.

I live in atlanta georgia and have a beautiful wife and three children at home.

I have four children who are all adults.

The youngest is dirty two and the oldest will be 41 this month.

They have their own lives.

We have five grandchildren, and i'm the managing partner of dr.

J enterprises.

We have six or more and every time one gets deleted, we have another one gets added on.

It's a manageable situation associated with where i am in life.

I know the book coming out is going to create a new type of energy and maybe some resistance, but it is what it is.

I'm 63 years old, so i'm ready for whatever comes to the door.

This text has been automatically generated. It may not be 100% accurate.

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