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What type of accounts do professional athletes keep their tens of millions in?
Posted on 7/2/17 at 9:44 pm
Posted on 7/2/17 at 9:44 pm
Just curious what specific type of banking/investment accounts are being used. What's the risk factor like when your dealing with so much money? Can these accounts be insured?
17
Posted on 7/2/17 at 9:45 pm to CapperVin
Straight cash homey
Posted on 7/2/17 at 9:45 pm to CapperVin
Probably brokerage accounts
Posted on 7/2/17 at 9:46 pm to CapperVin
quote:
What type of accounts do professional athletes keep their tens of millions in?
Rich people ones.
Posted on 7/2/17 at 9:46 pm to CapperVin
Mayweather is smart with his. He keeps like $100 million in one bank account. Truly a wise money man.
ETA: His ATM receipt he posted as proof
ETA: His ATM receipt he posted as proof
This post was edited on 7/2/17 at 9:49 pm
Posted on 7/2/17 at 9:46 pm to CapperVin
Ask Bernie Maddof
Posted on 7/2/17 at 9:48 pm to CapperVin
Pretty much all banks offer wealth management services. They will diversify the money through many different investments . Some safe , mutual funds, tax free munnies , others more risky , stocks. Probably keep some in a savings account, but not much.
Posted on 7/2/17 at 9:48 pm to CapperVin
A lot of them usually don't keep it long
This post was edited on 7/2/17 at 9:48 pm
Posted on 7/2/17 at 9:53 pm to stout
That is nuts. The crazy thing is he probably has another $500 million chilling someplace else.
Posted on 7/2/17 at 9:55 pm to CapperVin
The kind that's easily stolen by their money managers and wasted by their posse.
Posted on 7/2/17 at 9:58 pm to CapperVin
The interest accrued on a multi-million dollar account must worth it.
Posted on 7/2/17 at 9:58 pm to stout
quote:99 mill in his account and Capital One still has a $400 daily ATM limit LOL
ETA: His ATM receipt he posted as proof
Posted on 7/2/17 at 9:59 pm to CapperVin
There's some sort of gated community in Orlando where a lot of star athletes live, or at least keep as a legal address: no income tax in FL (IIRC CA is 13%)
FL also has a law where your house cannot be seized in a civil judgment. This is why OJ moved there.
FL also has a law where your house cannot be seized in a civil judgment. This is why OJ moved there.
Posted on 7/2/17 at 10:06 pm to CapperVin
Everyone who sells life insurance tells me they keep it all in Whole Life policies.
Posted on 7/2/17 at 10:10 pm to CapperVin
I hope they put some in a ROTH. I am sure some invest in businesses, although I am sure they have people coming to them to invest in all kinds of bullshite ideas.
If it were me, I would not want the biggest house or a bunch of nice cars just because I can. I'd live in a rural area on 10-15 acres of land, with a nice house, but not a "look at how much money I have" house. A truck and a car... And the one thing I might do in terms of a "custom vehicle". I'd buy one of those mercedes vans and have it customized to be a business type vehicle, but that would be more of an investment.
I'd put money in Roth IRAs, I'd invest some at an investment firm, then start off with buying a business that isn't that risky. It will not make a lot of money, but it will eventually consistently generate a profit. Then when I retire I would look for failing businesses (that are failing because of the way it is managed, not because the demand of what they offer isn't there).
If it were me, I would not want the biggest house or a bunch of nice cars just because I can. I'd live in a rural area on 10-15 acres of land, with a nice house, but not a "look at how much money I have" house. A truck and a car... And the one thing I might do in terms of a "custom vehicle". I'd buy one of those mercedes vans and have it customized to be a business type vehicle, but that would be more of an investment.
I'd put money in Roth IRAs, I'd invest some at an investment firm, then start off with buying a business that isn't that risky. It will not make a lot of money, but it will eventually consistently generate a profit. Then when I retire I would look for failing businesses (that are failing because of the way it is managed, not because the demand of what they offer isn't there).
Posted on 7/2/17 at 10:20 pm to OweO
The total amount you can contribute to either a Roth IRA or a Traditional IRA remains unchanged at $5,500. People 50 and over can contribute an additional $1,000 for a total of $6,500.. Idk if a Roth was designed to benefit professional athletes.
Posted on 7/2/17 at 10:28 pm to lsu13lsu
quote:
Everyone who sells life insurance tells me they keep it all in Whole Life policies.
That's how an insurance agent pitched her Whole Life sale to me. That is apparently how Jim Harbaugh is getting paid at Michigan. 9 mill per year- 5 in salary, and 2 million in 2 separate "life insurance" policies each
Posted on 7/2/17 at 10:30 pm to CapperVin
Some people start their own banks - 
Posted on 7/2/17 at 10:37 pm to CapperVin
LINK
quote:
Boxing champion Floyd Mayweather Jr. has a specific fascination with cash.
He has taken video of himself counting $1 million in hundred dollar bills, and posted photos where 50 Cent is balancing bricks of cash on his forearms.
quote:
Mayweather has a single bank account with $123 million in it, according to an ESPN The Magazine feature by reporter Tim Keown.
Keown was with Mayweather in a Grand Rapids, Mich. Foot Locker when the boxer discreetly showed him his bank account receipt and said, "One account, baby."
This post was edited on 7/2/17 at 10:38 pm
Posted on 7/2/17 at 10:42 pm to MDTiger 13
Like clockwork, there is always an agent in their office who manages Saints players money.
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