Giannis Antetokounmpo opened SEVEN US bank accounts to spread his cash when he first joined the NBA😲🤑

Giannis Antetokounmpo is looking for fresh methods to succeed both on and off the court. Because of the FDIC's $250,000 cap, Bucks owner Marc Larsy suggested that the two-time NBA MVP put his money in US treasuries and other assets rather than distributing it across several bank accounts.

 Giannis, now 28, remembers when he learned of the typical deposit insurance coverage limit in the US and opened six bank accounts to protect his inheritance after moving to the US from Greece in 2013 at the age of 18. 

 "I had no money growing up, so I asked them, ''Is my money safe?'" Giannis, who Forbes reports has earned $80.9M since being picked almost ten years ago, stated.

With the 'Greek Freak' admitting that he opened accounts at 'five, six, seven' other financial institutions after learning about the $250,000 cap, the FDIC's consumer protection strategy has come under scrutiny since Silicon Valley Bank's unexpected bankruptcy filing in February. 

 When Marc Lasry, co-owner of the Milwaukee Bucks, the basketball team that has Antetokounmpo on its books, first discovered the power forward's several bank accounts at the Bloomberg Wealth Summit last year, he was left perplexed.

According to Forbes, Lasry, who is estimated to be worth $2.1 billion and the 1,426th richest person in the world, remarked, "I'm like, Giannis, you can't be having accounts at 50 different banks."  

 Let me tell you something: your tiny, insignificant banks will fail if JPMorgan does.  Allow me to clarify what you ought to purchase: US Treasuries, this etc.

 Antetokounmpo's fear of losing his money, according to hedge fund manager Lasry, who specializes in distressed debt investing, is probably related to his early years, which he spent solely in Greece after his parents left Nigeria before the star was born.

In 2015, Greece's $1.7 billion IMF debt went into default.  The nation's citizens were terrified of losing their bank accounts because the financial crisis was mostly caused by structural issues that disregarded the loss of tax revenues as a result of systemic tax evasion. 

 As the 2021 NBA champion looks to increase his financial literacy, Antetokounmpo has taken Lasry's advise after witnessing the dire economic situation in his own country.  

 The seven-time All-Star told Bloomberg that he has been learning new financial techniques to increase his portfolio since the outbreak, saying, "There are way smarter ways to do it, keep your money safe."