- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: What type of accounts do professional athletes keep their tens of millions in?
Posted on 7/2/17 at 10:44 pm to Peazey
Posted on 7/2/17 at 10:44 pm to Peazey
quote:
Mayweather has a single bank account with $123 million in it
Doesn't surprise me considering he probably can't finish a book cover to cover.
That cash money though...
1
Posted on 7/2/17 at 10:50 pm to OweO
quote:
I hope they put some in a ROTH.
Yeah there's income limits to be able to put money into a Roth IRA. These people make way too much money for a Roth.
When you have that type of money, best thing to do is live in a state with no capital gains tax or no income tax. Also look into muni bonds, those are one of the few tax free investment options you have.
Posted on 7/2/17 at 10:54 pm to achenator
Cap One goes under and he is in a ton of trouble.
Posted on 7/2/17 at 11:05 pm to lsu13lsu
This is because proceeds of insurance polices to beneficiaries are tax free. Put $10 mil into a whole life and it turns into $20 mil by the time you pass. Not the best return on your money at all but you're not paying taxes on that other than the inevitable estate tax.
Posted on 7/2/17 at 11:53 pm to Devil_doge
quote:
Doesn't surprise me considering he probably can't finish a book cover.
FIFY. That guy has zero knowledge or concept of cash, where it comes from and would not have the slightest chance of answering what FDIC means.
My god I envy that man.
Posted on 7/2/17 at 11:55 pm to stout
The guy with $100 mil in his account. Yet here you are telling him how to make money.
Posted on 7/3/17 at 12:06 am to Winston Cup
It's not even about making money. It's how to protect and manage his money, on even a basic level. He knows how to box at the highest level in the world. I don't know why you think that money management is a transferable skill to that. Could you explain how throwing a punch means that a person knows personal finance?
This post was edited on 7/3/17 at 12:07 am
Posted on 7/3/17 at 12:07 am to DAbully
quote:
FIFY. That guy has zero knowledge or concept of cash, where it comes from and would not have the slightest chance of answering what FDIC means. My god I envy that man.
Yeah, Floyd "Money" Mayweather has zero concept of cash.
Posted on 7/3/17 at 12:39 am to CapperVin
Sam's Club membership
Posted on 7/3/17 at 12:52 am to Peazey
Agreed.
Posted on 7/3/17 at 2:31 am to CapperVin
Hibernia hassle-free checking
Posted on 7/3/17 at 3:52 am to CapperVin
lots of different kinds
Posted on 7/3/17 at 5:50 am to LfcSU3520
When i was a broker we took care of a couple retired athletes in the area. We would take a third of their liquid assets and put it into the market with blue chip, dividend paying plays. Another third would follow the indexes. The last third we would ladder in triple tax free state bonds usually in infrastructure and municipalities.
Posted on 7/3/17 at 7:25 am to Kafka
quote:
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%)
This would be Isleworth as well as Lake Nona. Shaq's 35,000 sq ft home is in Isleworth.
This post was edited on 7/3/17 at 7:26 am
Posted on 7/3/17 at 7:41 am to stout
2.75 atm fee? wtf
Posted on 7/3/17 at 8:45 am to CapperVin
quote:
That is nuts. The crazy thing is he probably has another $500 million chilling someplace else.
No he doesn't. That's from an interview they did with him. All his money is in one bank account, nowhere else. That's really the crazy thing. He's made 1B+ in lifetime earnings and "only" 100ish million in the bank.
Of course I'm sure he has plenty of high value assets- cars, houses, I think he has his own jet. So his net worth might be pushing or over 1 Billion.
But the man spends like crazy. Remember reading in an article that he went into the mall one time, without anything in mind to buy, came out with a 65k piece of jewelry for his daughter. She also had two luxury cars by the time she was like 11 years old.
I mean he's not "smart" with his money in a traditional sense, but he's living life to the fullest and still a nice nest egg left over, so can't really blame him.
Posted on 7/3/17 at 8:52 am to stout
quote:
$100 million in one bank account.
This is scary since the FDIC only protects $250k right?
Posted on 7/3/17 at 9:17 am to Box Geauxrilla
quote:
$100 million in one bank account.
I was gonna comment on him not being diversified but this probably IS his diversification strategy.
$1B spread throughout 10 banks. I believe you can purchase additional FDIC insurance for your accounts.
Posted on 7/3/17 at 9:28 am to Kafka
quote:
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%)
That makes sense for sure.
Sidenote: for away games, I've read that the athlete has to pay the income tax of the state the game is played in.
Pretty interesting and makes for a hefty CPA bill I'm sure.
quote:
Athletes file taxes not only in their home state but also in every state—and some cities—in which they play. Not every state uses the same calculation to determine what portion of an athlete’s income to tax, and some use different calculations based on the sport. For example, Pennsylvania taxes baseball, basketball and hockey players on the ratio games in the state over total games played, including pre- and postseason, but they tax football players based on days worked in the state over total days worked. Michigan uses the same method but excludes the preseason. Most other states use the days worked method.
Forbes Article
Page 2 of 2
Back to top
Follow TigerDroppings for LSU Football News