|Floyd & 50 Cent counting the loot|
Much to my chagrin, I have written about the same group of folks who have made fortunes only to lose them by reckless spending and poor investment.
Boxer Floyd Mayweather, Jr. -- esteemed member of "The Money Team" -- is in a class all to his own:
Boxing champion Floyd Mayweather Jr. has a specific fascination with cash.
He has taken video of himself counting $1 million in hundred dollar bills, and posted photos where 50 Cent is balancing bricks of cash on his forearms.
His nickname is "Money," and his apparel business is called "The Money Team" — which also doubles as the name of his entourage.
So it should be no surprise that he keeps a significant portion of his assets in cash.
Mayweather has a single bank account with $123 million in it, according to an ESPN The Magazine feature by reporter Tim Keown.
Keown was with Mayweather in a Grand Rapids, Mich. Foot Locker when the boxer discreetly showed him his bank account receipt and said, "One account, baby." source
Full disclosure: I am not a finance expert, but maintaining one's fortune in one bank account sounds risky. If anything, Fall 2008 re-taught the American public that banks can and do fail. The FDIC insures bank deposits only up to $250,000: If Floyd's bank goes belly up his cash is flushed down the commode.
Second, if this is a checking account, he is letting a bank pimp out his moola for free. If Floyd does not trust financial advisers -- who can blame him -- he may want to sit down with Magic, MJ, Oprah, Junior Bridgeman or Jamal Mashburn for some one-on-one consultation.
Post Script: Sometimes I facetiously ponder: Does Fox News have brothers like this on retainer?