Roger Federer, the richest tennis player of all time, said last week that a "big mattress" could be his salvation from the current world financial meltdown.
Just two days after topping the all-time tennis rich list with a staggering 43.29 million dollars in career prize money, the 27-year-old Swiss revealed at the Madrid Masters that he keeps a close eye on the turbulence in the world money markets.
"It's not been whole lot of fun for anyone," said the multi-millionaire who puts faith in conservative money management.
"I've followed closely to know what's going on. It seems like the markets may come back a bit now, but I think it will take a while for things to calm down. Anyway, I have a big mattress," he joked. The turbulence in the markets admittedly is enough to make investors want to take their money out of the market and stuff it in their mattress, piggy bank, or in jelly jars buried in the side yard. Any one of those steps would be stupid. "Going to cash" is one thing — a strategy some people are using to insulate themselves against the short-term volatility of the stock market. Just as important, money in the mattress faces its own set of risks. The bailout bill Congress just passed contained a provision to increase the FDIC guarantee of deposits in your bank up to $250,000. Simply keeping your dollars in an interest bearing savings account would be a smarter choice. We may be facing difficult decisions financially. Do not make things worse by poor choices with the money you do have available.
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