This week on La blague de la dette, I went through much consternation in regard to my pending credit card balance transfer reset explosion and depleting my emergency fund toward paying it off, but then I calmed down.
Hey, the weekend’s here. Let’s have some fun.
TIL that Floyd “Money” Mayweather, Jr. keeps all of his money in one bank account. I bet he doesn’t have any worries about the size of his emergency fund.
The reporter narrates the events surrounding how he found out:
“[Mayweather] looks around to make sure nobody is watching before holding out a slip of paper cupped in his right hand. It is a bank slip, and Floyd is watching me watch it as my eyes attempt to focus on the balance. I look at the numbers spread out across the thermal paper….
….And yes, it’s right there, 11 numbers long.
There is more than $123 million in Floyd Mayweather Jr.’s bank account.
He nods, folds the slip and says, ‘One account, baby.'”
Tim Keown. “The last great American prizefighter.” ESPN The Magazine, Sep. 4, 2013
My first reaction was first to think that the FDIC only insures personal accounts up to $250,000 and second, that there are so many vehicles where he could be earning more than what he’s getting from a depositary bank account.
But $123 million!
That’s more than I could spend in a dozen lifetimes.
Now, let me be clear that he makes questionable decisions when spending his money (e.g. his penchant for Bentleys) and has made absolutely reprehensible decisions in the way he has chosen to live his life (e.g. episodes of domestic abuse), but Mayweather is famously good at earning money. Not only is he the highest paid athlete in the world, Mayweather is his own promoter, does his own marketing, and picks his own fights — making decisions that endlessly frustrate boxing fans (Most notably, we’ll never know if he could beat Manny Pacquiao in his prime) but that give him huge paydays while maintaining the mystique that comes along with being an undefeated fighter. Not only that, Mayweather makes all his money without endorsements, choosing to sell his own goods branded with The Money Team.
In other words, in the world of professional sports where sleazy promoters, sleazy “advisors,” and sleazy marketing deals, have dragged many an athlete down, Mayweather has survived and thrived largely by maintaining his independence.
Maybe keeping his wealth entirely liquid is just an extension of that.
Onto some link lovin’
Read these in between rounds of Mayweather’s fight with Saul “Canelo” Alvarez.
- Robert Farrington posts at Frugal Portland to say effectively say he’s more on board with Mayweather’s point of view of making more not spending less
- Tina at Carrots ‘n’ Cake has a recipe for gluten- and egg-free cookie dough
- Monica on Money shares the 50 ways she used to become debt-free
And that’s that. Enjoy your week everyone!