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Luol Deng. Photo: Stacy Revere/Getty Images

Luol Deng has made $151 million playing basketball during his 15-year NBA career. All the while, he's been investing in real estate, amassing an impressive portfolio worth $125 million.

Why it matters: "Real estate might not be as sexy or generate the headlines of athletes pouring money into tech startups, but the potential returns can be much more lucrative," writes Forbes' Kurt Badenhausen.

  • "[And] the new 2017 tax law raises that threshold even higher with the creation of Opportunity Zones ... [which] allow investors to plow recent capital gains into projects or companies in low-income areas in each state."

How it works: There are nearly 9,000 "O-zone" areas across the country, which are required to have a poverty rate of 20% or higher or a median household income that is less than 80% of the surrounding area.

  • "Gains compound tax-free, and there are no limits on how much money you put in and how much tax you can avoid," writes Badenhausen.
  • "Deng and at least a half-dozen NBA stars are part of Our Opportunity, which is a new O-zone fund seeking to raise $300 million this year."

Go deeper: Sports stars dive into tech investing

Go deeper

Updated 3 hours ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: Coronavirus variant surveillance varies widely by state — Omicron cases confirmed in 5 U.S. states America probably won't lead the effort to understand Omicron.
  2. Vaccines: Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters — Moderna loses patent battles tied to COVID vaccine.
  3. Politics: Nevada to impose insurance surcharge on unvaccinated state workers — New Jersey GOP lawmakers defy statehouse COVID policy — Oklahoma sues Biden administration over Pentagon vaccine mandate — Omicron travel bans are sign of what's to come.
  4. World: WHO: Delta health measures help fight Omicron — COVID cases surge in South Africa in sign Omicron wave is coming — Germany approves new restrictions for unvaccinated people.
  5. Variant tracker: Where different strains are spreading.

Prosecutors charge parents of Michigan school shooting suspect

Photo: Scott Olson/Getty Images

The parents of a 15-year-old accused of killing four students and wounding seven other people at a Michigan high school have been charged with involuntary manslaughter, according to court documents.

Driving the news: James and Jennifer Crumbley were each charged with four counts of involuntary manslaughter.

4 hours ago - World

Putin to demand legal guarantee against NATO expansion in call with Biden

Biden and Putin meeting in Geneva in June. Photo: Mikhail Metzel\TASS via Getty Images

Russian President Vladimir Putin is demanding a legally binding guarantee that NATO will not expand east — including to Ukraine — and plans to raise the issue in an upcoming phone call with President Biden, according to the Kremlin.

Why it matters: Russia has massed more than 94,000 troops on the border with Ukraine and could be preparing for a large-scale invasion at the end of January, Ukraine's defense minister said Friday.