Giannis Antetokounmpo, also known as the Greek Freak, is in the news for his actions off the court. Though the Freak is still dominating the opposition on the hardwood, he is also making power moves with his money. Several news outlets have reported that the Bucks star recently deposited a quarter-million dollars into 50 bank accounts. The news tidbit was made public by Marc Lasry, the owner of the Bucks franchise.
Diversification is the Key to Financial Success
As is often said, diversifying your funds is essential to achieving financial freedom. Antetokounmpo has taken financial diversification to a new level, depositing his earnings into several dozen different banks. The baller’s logic in spreading out his cash is that there is a chance one or several banks will go under in the years and decades ahead so it makes sense to diversify funds across a plethora of banking institutions.
The Buck megastar recently led the team to its first NBA championship since 1971. Antetokounmpo celebrated the feat by opening 50 bank accounts and maxing out the allowable deposit, adding $250,000 to each. Any amount deposited in excess of this sum is not covered by the FDIC, short for Federal Deposit Insurance Corp. The purpose of the FDIC is to provide consumers with confidence in the country’s banking system.
Antetokounmpo is Following Lasry’s Lead
Antetokounmpo’s decision to spread out his money into the different bank accounts stems from advice provided by the aforementioned Lasry. Lasry made his money as a hedge fund manager so it makes sense that he provides investment advice to other Bucks players in addition to the Greek Freak.
Antetokounmpo is the team’s most valuable player and the league’s MVP, so his financial situation is a bit different. All in all, Antetokounmpo earned nearly $48 million from his basketball salary and endorsements in 2021 alone.
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Lasry also advised the Greek Freak to purchase U.S. Treasuries in addition to diversifying his cash savings across the 50 banks. The Bucks are currently seeded second in the Eastern Conference of the NBA finals, meaning they might end up facing the suddenly hot Brooklyn Nets in the first round of the playoffs.