Nah, breh. Keeping $123 million dollars in a savings account is hilariously stupid. Not only is it a security risk in terms of having that much money in one account, a bank only secures up to $250K IIRC. And pays ridiculously low interest rates. So he's giving the bank $123 million dollars to loan out and he's getting in return an abysmal interest rate and imo, an uneasy feeling as commercial banks aren't set up to have that much cash from retail non-enterprise customers. This is why they have private wealth departments at Goldman Sachs, Merrill Lynch and JP Morgan. For people like Floyd. Just waltz your ass up to New York, demand to see the top portfolio manager at Goldman and let him manage your fund. Not some dinky shady ass guy you met at an NFL party. The guy whose already managing nine figures and servicing clients 10x richer than you. And if you scared of risk, have that manager park all your money into US bonds. That's about as safe as it gets and it pays better than a freaking savings account. If US bonds fail, than we all have bigger problems to worry about in that scenario, especially Floyd with all his money parked in a savings account in a bank in a country that just defaulted.
You have to invest your money otherwise it loses purchasing power over time. $1 million dollars used to have the purchasing power of $5 million dollars back in the 80s. In the next 40 years, $1 million dollars will have the purchasing power of $400,000. So instead of just picking up a book (or 30 books) and educating yourself on money, you'll just be cool with your money dwindling in value over time? That's silly. Just pick up a damn book and learn. There's so many SAFE things you can do with your money that doesnt involve trying to play Wall Street. You can just park it in an index/mutual fund (put it in Vanguard) or buy treasury bonds. So now you're earning a safe 5% or more instead of nothing in a savings account. These players losing their money aren't doing that. They're being manipulated by shady investors who're promising them 20% returns, investing in the next "Facebook" or a new property development that's going to make tons of money. And I doubt they got fleeced by a money manager from Goldman Sachs because people managing billions of dollars don't have time to steal from athletes with $50 million. They got fleeced by some shady ass cac like Andy Garcia off Ballers who promised them crazy deals they should have known were too good to be true. You basically saying not to learn how to have basic financial literacy because other people made stupid decisions with their money. That's like not learning to drive because your friends drove drunk and died in a car crash.
.....soon as these cats land a contract some cac money manager is in they face tellin them to invest their money ...."it's the right thing to do financially"
..... No it isn't.....if you clearing 43milion over 9 years.....no need for investments ....just save in a good interest bearing account......investments lose value,good interest bearing savings accounts don't
