There is no doubt that NBA players often make a lot of money on their contracts. Of course, when one makes an enormous amount of money, the question that comes with that is how to store it safely.
Milwaukee Bucks star Giannis Antetokounmpo reportedly had his money at 50 different banks, prior to getting help from Marc Lasry, a co-owner of the Milwaukee Bucks. Lasry stated that he helped Giannis Antetokounmpo invest his money. Claire Ballentine of Forbes relayed the news.
Milwaukee Bucks superstar Giannis Antetokounmpo had more banks than letters in his name before Avenue Capital Group founder Marc Lasry stepped in.
The National Basketball Association’s two-time most-valuable player had accounts open at 50 different banks, with each of them holding up to the Federal Deposit Insurance Corp. coverage limit. That shocked Lasry, who co-owns the Milwaukee team.
“I spend a lot of time with them explaining where they should invest,” he said of his players on Thursday at the Bloomberg Wealth Summit in New York. “I’m like, Giannis, you can’t be having accounts at 50 different banks. Let me tell you something, if JPMorgan goes under, your little dinky banks are going to go under too. Let me explain what you should buy, you should buy U.S. Treasuries, you should buy this.”
It is good to see that Giannis Antetokounmpo now has a better avenue to storing his money than having 50 different bank accounts. That number of accounts is definitely tough to manage, and having a few investments seems like a far more efficient way of storing money.
This has been a good season for Giannis Antetokounmpo, with him putting up 29.9 PPG, 11.6 RPG, and 5.8 APG and being included in MVP talks. He's definitely among the top superstars in the league, with a case for being the best player in the world. Perhaps we'll see him win an NBA championship once again.
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