Aug 23, 2016 04:17 AM EDT By Jane Reed, UniversityHerald Reporter

You know him as the point guard for the Los Angeles Lakers in the National Basketball Association. He played for 13 seasons. But did you know that he has an honorary doctorate degree in business?

NBA Sports legend Magic Johnson was recently awarded an honorary doctorate degree at Xavier University. According to Business Insider, he received a Doctorate of Business.

"I am now Dr. Magic!" boasts Magic Johnson. He proudly proclaimed the honor on his Instagram page. His recent award just boosts his net worth further above the $500 million mark. But why Business and not sports?

The retired professional NBA basketball legend attended Michigan State for two years. But he has already garnered successes in the entrepreneurial aspect. He owns his own companies and even has a movie theater chain. In addition, he is also a co-owner of the Los Angeles Dodgers. This earned him the title of Doctor from Xavier. Through his tenure in sports and business, he is known to be one of the most successful businessmen in the United States.

Magic Johnson's career stats shows three NBA MVP awards, and notable NBA nominations. In his tenure, he became a two time inductee into the Basketball Hall of Fame.

At a young age, his parents inspired him to become a hard worker. His parents influenced him with their strong work ethic. His father was a GM assembly worker and his mother a school custodian. At night, his mother would care for her seven children while his dad worked nights as a janitor.

He loved basketball at a young age. He started taking it seriously in high school. He wanted to go to Sexton High School, a school with a very successful basketball team but he was bused to Everett High instead. When recalling the events in his autobiography, My Life, he talked about how his time at Everett had changed him.

Eventually he was recruited by several colleges such as Indiana and UCLA but he wanted to stay close to home. He stayed with Michigan State University. He did not aspire to play professionally at first. He wanted to focus on his communications major and become a TV commentator - which he was able to do as sports analyst.

Check out Magic Johnson's commencement speech at Michigan State below:

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