During an interview for an ESPN The Magazine article, The Champ showed writer Tim Keown his ATM slip. Floyd has $123 million in there.
I was shocked. WOW, a boxer who still has money! That’s as rare as Halley’s Comet, an albino lifeguard, or me turning down a plate of nachos. Prize fighters rarely hold onto the prize.
First of all, Floyd, you should not be taking financial advice from Turtle, Tiny or whichever entourage member has your ear. Secondly, don’t throttle me for saying so. Check that. First – don’t beat me up. Then listen to me.
Only $250,000 is FDIC insured. If your bank sank, you’d lose all the rest. I know you made $41 million dollars for showing up to work a couple weeks ago, but some guy was trying to beat you up the whole time. You earned that money the hard way.
There are ways to exceed the $250,000 FDIC limit at the same bank and still be insured. Check that out here on the FDIC website.
Mr. Mayweather, I know you are a busy man, but I am here to help. What I propose is a win-win. I will make sure all of your money is insured and it won’t cost you a dime. We will have to open up a bunch of accounts at a bunch of banks to stay under the FDIC limits. My compensation will be a fraction of the increased interest that the new accounts bring in. Everybody wins!
I don’t know your specifics, but let’s assume you are earning 2/10ths of 1% interest on your $123 Million. That is about $20,000 per month. We can put your cash in FDIC insured banks that pay 4 times that, or $80,000 per month. That’ll buy a lot of Cristal, Maybach, diamonds on your timepiece, jet planes, islands, tigers on a gold leash… whatever you want. That’s your business.
Please get back to me. It will take some work, but I am happy to do it for you.
Whether or not you are in danger of exceeding the $250K FDIC limit, you money has to be somewhere. Why not put it where it is FDIC insured and earning the most interest?
Here’s a short list of high paying liquid accounts. You can withdraw the money whenever you want. No minimums. No fees.
I have or had accounts at all these banks:
EverBank’s Yield Pledge Money Market Account (1.1%)
Everbank’s Pledge Checking Account (1.1%)
American Express Personal Savings (.85%)
Capital One 360 Checking (.85%) + $50 BONUS
Capital One 360 Savings (.75%)