http://www.thebiglead.com/index.php...act-in-2006-included-25-7-million-guaranteed/
I am not surprised, Hope he had fun...
I am not surprised, Hope he had fun...
Vince Young is Broke.....26 Million Gone...
- Thread starter fishwater99
- Start date
We hear these stories all the time. And it pisses me off for some reason. I guess at least these retards help stimulate the economy.
When you have nothing and your family has nothing and then one day you wake up and you are rich you think the pit is bottomless and you spend on yourself, your family and your friends. Then the next thing you know you are broke. Most lotto winners become broke. When I worked at Tyson foods I had a lady who worked for me who had a scared face. She got burned at another plant and won millions a in law suit but she was working on the line in a chicken plant. She told me that she basically blew through the money buying cars and homes for family and friends. I use to work with two guys who played football at Alcorn State with McNair. When he was in town they would go out with him and he would spend 1000's on them. I think the NFL would do it self some good if they required all rookies to take some type of financial course that teaches them how to manage money. How do we know that some player who is hurting for money isn't on the take? Who knows maybe his financial problems affected the way he played.<O
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I sort of hope its just a narrator reading off a list of names
with their photos scrolling across the screen, each captioned with the word: "DUBMASS"
with their photos scrolling across the screen, each captioned with the word: "DUBMASS"
He did have an adviser but said he got taken advantage of by him. Even if you have a good financial planner, you still control your money and can do with it whatever you wish. A financial planner can only give advice. He can't legally control the flow of it. One of the biggest ways they get hurt is not only in spending on a lavish lifestyle but in poor investments (Looking at you Duece McCalister). Someone will talk them into pouring millions into an auto dealer/chain of restaurants and they have no business acumen to understand the downfalls. But overall you're right, the posse's/cling on's ruin these guys.
I should become an investment advisor for pro athletes. For the low cost of 0.5% of your annual earnings, I will
1) Open an account at an online brokerage of your choice (or probably mine since your *** would be broke in 5 years if you weren't doing this with me)
2) Put half of your earnings into the account
3) Invest the money in a mix of mutual funds
4) Once you're retired, draw out 1-2% of your account balance each year for you to live on.
Hell, if I can do it with much less money in my 401k, it should be easy for these guys.
1) Open an account at an online brokerage of your choice (or probably mine since your *** would be broke in 5 years if you weren't doing this with me)
2) Put half of your earnings into the account
3) Invest the money in a mix of mutual funds
4) Once you're retired, draw out 1-2% of your account balance each year for you to live on.
Hell, if I can do it with much less money in my 401k, it should be easy for these guys.
It's hard to believe that some sort of mandated retirement fund hasn't been negotiated. A percentage would come out of every paycheck and then the league could also fund a portion. Due to the short work life of an NFL player, there probably wouldn't even be a need to invest anything. Just set some money aside that is paid out on a schedule when they retire.
They do make all rookies go through financial seminars and such when they first come into the league but apparently it doesn't work. What would really be beneficial is continuing education for the duration of an NFL player's career (which who knows, maybe they already have it). I don't care how good of people you have in your life, when you want to spend money you do it. It's your money and you control the flow of it.
Honestly I dont think the player even have to "seek out" financial advice. Investors are usually falling over themselves to try to help these players, but the players just end up blowing it on their entourage. It's ridiculous and sad.
I wish I could say this was surprising
The bad financial decisions, general lifestyle, cultural expectations, and in some cases bad financial advice (taking advantage of them at times) of a large number of pro athletes makes this a tough cycle to break.
It might be a good idea to bring in players who lost everything and others who have done well during personal finance seminars for rookie players. The guys who lost everything at least would be able to make some money talking about their stupidity.
The bad financial decisions, general lifestyle, cultural expectations, and in some cases bad financial advice (taking advantage of them at times) of a large number of pro athletes makes this a tough cycle to break.
It might be a good idea to bring in players who lost everything and others who have done well during personal finance seminars for rookie players. The guys who lost everything at least would be able to make some money talking about their stupidity.
Now see... I don't get the "sad" part about it. It's not sad. It's moronic. A fool and his money are soon parted.
What's sad about it? Vince young can get a job the same as anyone else can.
What's sad about it? Vince young can get a job the same as anyone else can.
I think it's more like
the pedophiles show up at the kitchen where the stake out is rather than Chris Hanson shows up at the pedophiles kitchen. Although, it would be entertaining if they did show up at the predator's house.
the pedophiles show up at the kitchen where the stake out is rather than Chris Hanson shows up at the pedophiles kitchen. Although, it would be entertaining if they did show up at the predator's house.
Jimmy Key's mother used to be our secretary. She said he did indeed hire a good financial manager and because of that he was set for life. Never wasted money and was a good family man. But he did buy his parents a really nice house. Of course, he was pretty intelligent and came from a middle-class family.
