What's new
Fantasy Football - Footballguys Forums

This is a sample guest message. Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

Hey everybody. Vince Young is broke (1 Viewer)

I just don't get it. Maybe it is a product of being my in my 40's. I could take 2M today, never work a day, and still have a super nice life until I am dead. I am really starting to doubt that 2nd Wonderlic score of his.

 
I never understand why football players never hire an accountant and if they do, how come none of them tell them to put half of the money into mutual funds or something. If he would have invested just 5 mil, he could be potentially making 500k/year.

 
'drew726 said:
I never understand why football players never hire an accountant and if they do, how come none of them tell them to put half of the money into mutual funds or something. If he would have invested just 5 mil, he could be potentially making 500k/year.
Click to expand...
they do, and then the accountant steals all their money.
 
'drew726 said:
I never understand why football players never hire an accountant and if they do, how come none of them tell them to put half of the money into mutual funds or something. If he would have invested just 5 mil, he could be potentially making 500k/year.
Click to expand...
According to the video he is suing his financial planner for $5.5 million
 
What do you even spend your money on? Buy like 20 houses across the world. Assets.

Rent out condos in California, open a McDonalds do those ever go bankrupt?

These guys are idiots.

 
While many of these players are truly stupid, is disgusting how they get taken advantage of.

All of the players' unions from the various professional sports should form a joint financial corporation to manage players' (mandatory) retirement contributions. Have a progressive minimum contribution requirement (minor leaguers don't have to contribute, guys making 10 mil per year have to contribute a high percentage) and once the player retires have it pay out over his entire lifetime.

So basically it's like a second social security (its managed for you, you don't have direct access to it) but the accounts are private, so its not like Peyton will be paying for Ryan Leaf's retirement.

I think some of the leagues have some sort of retirement ... does anyone know how they work?

 
'Eminence said:
What do you even spend your money on? Buy like 20 houses across the world. Assets.Rent out condos in California, open a McDonalds do those ever go bankrupt?These guys are idiots.
Click to expand...
They are really no different than the typical Lotto winner. They get huge $ thrown their way and they have no clue what to do about it. They spend like the $ will always come in. 'Friends' come out of the wood work and start siphoning $ like blood sucking leeches. Once the $ is gone the leeches fall off the prey.I think the 'retirement' is similar to social security. The sooner you tap it, the less your monthly check so the NFL loves the 78% club. Less $ they have to dole out.
 
Im glad he's broke. He's a knuckle head. I remember the year he came out a dude on here called "the hairyscottsman" thought he was the next great QB. LOL.... far from it.

 
'ImTheScientist said:
Im glad he's broke. He's a knuckle head. I remember the year he came out a dude on here called "the hairyscottsman" thought he was the next great QB. LOL.... far from it.
Click to expand...
That guy was awesome. Reading his HOF worthy Vinc threads are still great entertainment.
 
'coachbobbyfinstock said:
'lod01 said:
Shocking. http://sports.yahoo.com/sportsminute

Another former player joins the 78% club. :thumbup: He made it there instantly upon being fired form the NFL. The average is 3 years. Finally he is better than average. Worth a double :thumbup: :thumbup:
Click to expand...
completely inappropriate reaction by you to a very unfortunate situation. What did VY ever do to you? what goes around comes around..
Click to expand...
The guy is given millions and loses. Self-proclaimed "dream team" last year. It's not that we want to glorify his failures, it's just fitting if you've followed Young's career....you're not Vince Young, are you?

 
I bet the "Hairy Snowman"(is he still around here?) would lend him money, he was absolutely in love with Vince Young.

oops i see above it was the Hairy Scotsman

 
Last edited by a moderator:
'Eminence said:
'coachbobbyfinstock said:
'lod01 said:
Shocking. http://sports.yahoo.com/sportsminute

Another former player joins the 78% club. :thumbup: He made it there instantly upon being fired form the NFL. The average is 3 years. Finally he is better than average. Worth a double :thumbup: :thumbup:
Click to expand...
completely inappropriate reaction by you to a very unfortunate situation. What did VY ever do to you? what goes around comes around..
Click to expand...
The guy is given millions and loses. Self-proclaimed "dream team" last year. It's not that we want to glorify his failures, it's just fitting if you've followed Young's career....you're not Vince Young, are you?
Click to expand...
Inappropriate! I have spoken!
 
'12punch said:
'coachbobbyfinstock said:
'lod01 said:
Shocking. http://sports.yahoo.com/sportsminute

Another former player joins the 78% club. :thumbup: He made it there instantly upon being fired form the NFL. The average is 3 years. Finally he is better than average. Worth a double :thumbup: :thumbup:
Click to expand...
completely inappropriate reaction by you to a very unfortunate situation. What did VY ever do to you? what goes around comes around..
Click to expand...
looks like it came around to bite young on the ###.
Click to expand...
Touche.
 
It's sad. They are talented individuals (more or less) who get paid huge amounts of money for a few years and have no idea how to handle it. And they end up with the worst of all outcomes; remembering better times that will never come again.

 
A decade ago, I saw an article in Money Magazine about how Steve Smith (then in his first couple of years in the NFL) was using his NFL income to buy annuities for his future after the NFL. The guy was surprisingly forward looking, although I would never consider annuities all that great an idea. The point is he was the exception in realizing that an NFL income is fragile and can be cut short at any time. Today, after many years, he has plenty of money and still has things to say about player money mismanagement.

http://profootballtalk.nbcsports.com/2012/05/23/steve-smith-isnt-surprised-some-players-are-broke/

The flip side of the story is a guy like Rae Carruth, who had his pregnant girlfriend murdered so he wouldn't have to pay child support for yet another kid.

http://sportsillustrated.cnn.com/vault/article/magazine/MAG1206007/index.htm

 
'drew726 said:
I never understand why football players never hire an accountant and if they do, how come none of them tell them to put half of the money into mutual funds or something. If he would have invested just 5 mil, he could be potentially making 500k/year.
Click to expand...
They hire accountants with names like "Ronnie T. Peoples".
 
'FreeBaGeL said:
'drew726 said:
If he would have invested just 5 mil, he could be potentially making 500k/year.
Click to expand...
Maybe in 1995.
Click to expand...
I was thinking about this in the car and broke it down like this:$26M minus $3M to his agent leaves him $23M.

Take out $8M for taxes and that leaves him $15M.

Let him take $5M of that and put it in his 'to blow' account, leaves him $10M.

With $10M I could put him in a preferred stock that pays 6% after taxes, giving him an income of $600k per year for the rest of his life.

 
'drew726 said:
I never understand why football players never hire an accountant and if they do, how come none of them tell them to put half of the money into mutual funds or something. If he would have invested just 5 mil, he could be potentially making 500k/year.
Click to expand...
I see you are good with math and money. Do you have a newsletter?
 
'cstu said:
'FreeBaGeL said:
'drew726 said:
If he would have invested just 5 mil, he could be potentially making 500k/year.
Click to expand...
Maybe in 1995.
Click to expand...
I was thinking about this in the car and broke it down like this:$26M minus $3M to his agent leaves him $23M.

Take out $8M for taxes and that leaves him $15M.

Let him take $5M of that and put it in his 'to blow' account, leaves him $10M.

With $10M I could put him in a preferred stock that pays 6% after taxes, giving him an income of $600k per year for the rest of his life.
Click to expand...
When the market crashes again, you would lose a lot of it.

 
'bulger2holt said:
'cstu said:
'FreeBaGeL said:
'drew726 said:
If he would have invested just 5 mil, he could be potentially making 500k/year.
Click to expand...
Maybe in 1995.
Click to expand...
I was thinking about this in the car and broke it down like this:$26M minus $3M to his agent leaves him $23M.

Take out $8M for taxes and that leaves him $15M.

Let him take $5M of that and put it in his 'to blow' account, leaves him $10M.

With $10M I could put him in a preferred stock that pays 6% after taxes, giving him an income of $600k per year for the rest of his life.
Click to expand...
When the market crashes again, you would lose a lot of it.
Click to expand...
Unless the company goes bankrupt he would still get the income.
 
'Maurile Tremblay said:
'bumpman said:
The flip side of the story is a guy like Rae Carruth, who had his pregnant girlfriend murdered so he wouldn't have to pay child support for yet another kid.
Click to expand...
Yes, some people take sharp money management a little too far.
Click to expand...
Sorry, but :lmao:
 
http://www.outkickthecoverage.com/vince-young-spent-5k-a-week-at-the-cheesecake-factory-bought-entire-southwest-flights.php

Yesterday news broke that former Tennessee Titan quarterback Vince Young was broke.

As you can imagine, this has been a big story.

How could a player go through twenty-six million dollars -- after taxes -- in about six years? Especially since Young spent much of his time in Nashville, one of the most affordable pro cities in the country. So we asked the question on 3HL today, if you saw Vince Young spending large sums of money in the city tell us about it. So where did all that money go?

The answer, according to 3HL callers, is chain restaurants and commercial airline flights that he bought up all the available seats on.

You need to listen to the entire audio for yourself, but here are the highlights of waiter reports from the city's chain restaurants:

1. Vince Young's favorite restaurant to hang out in? T.G.I. Friday's on Nashville's West End Avenue.

It was here he once dropped $6k on a meal for he and other players.

Yes, $6k.

At a T.G.I.Friday's.

Players would congregate at the bar

2. The bartenders, who got to know Vince thanks to his frequent visits at T.G.I. Friday's, told Vince they'd make him a "special" drink.

It was a melon drop.

Which VY had everytime he came to the restaurant.

3. During his rookie season VY spent $5k a week at the Cheesecake Factory.

He always picked up the tab for multiple teammates.

4. On a 2007 Southwest flight from Nashville to Houston, VY bought all of the seats except for about ten passengers who'd bought tickets before he could buy the entire plane.

The plane seated 130 passengers, meaning VY purchased 120 of the seats.

5. After each home football game, VY headed for the Morton's downtown where he would sit at the bar and order $600 shots of Louis XIII.

That can add up in a hurry.

6. LenDale White consumed quantities of Patron tequila that would kill a normal man.

In fact, LenDale was kicked out of the T.G.I. Friday's in Cool Spring for bringing his own bottles of Patron to the restaurant's happy hour.

White once ordered 75 shots of Patron at Dave and Buster's -- located next door to the Opryland Hotel in Opry Mills Mall which makes this even better -- spent thirty minutes there, and paid a $1500 tab.

Again, these are all reports from restaurant employees in Nashville. You need to listen to the audio yourself from our 3HL radio show. I promise it will be some of the most entertaining radio you'll listen to this year.

So where did all VY's millions go?

No one knows, but if these stories are representative of his lifestyle hundreds of thousands of his dollars went to Nashville's chain restaurants.
Click to expand...
 
'bulger2holt said:
'cstu said:
'FreeBaGeL said:
'drew726 said:
If he would have invested just 5 mil, he could be potentially making 500k/year.
Click to expand...
Maybe in 1995.
Click to expand...
I was thinking about this in the car and broke it down like this:$26M minus $3M to his agent leaves him $23M.

Take out $8M for taxes and that leaves him $15M.

Let him take $5M of that and put it in his 'to blow' account, leaves him $10M.

With $10M I could put him in a preferred stock that pays 6% after taxes, giving him an income of $600k per year for the rest of his life.
Click to expand...
When the market crashes again, you would lose a lot of it.
Click to expand...
Not if its done right.there are tons of corporate bonds, corporate preferred shares that return 5-6%. a good investment guy would have no problem making these investments for you.

where people run into problems is when these investment guys tell you they can get 10-15% return and invest your monies in a place where the return is higher but you do have to realize that the better return is quite often given to you because of a larger perceived risk in the market place.

If the market views company A as the same risk as company B but Company B has a higher rate of return, then people will sell company A shares and buy company B. company B's shares will go up and company A's shares will go down until the return is the same. so the stock price and the rate of return are a direct function of the perceived risks in the market place.

so if any broker is telling you they are offering up a 15% return, you need to ask yourself what kind of risks are you taking with your money.

As mentioned by this guy earlier, a 6% rate of return is very easy to achieve in the market and you can a very diverse portfolio mixture of stocks, bonds and whatever else you want to invest in.

The problem is that people are greedy and want a 10% return. That will work fine when the economy is good, but those higher risk investments turn into a problem when the economy goes in the toilet.

anyhow, this thread is supposed to be about football, so I will not say any more.

 
Vince should sell all of of his answers to the Wonderlic so the players coming into the NFL know which ones are wrong.

 
ESPN has a new "30 for 30" movie coming out about athletes losing their fortunes quickly after their career ends. It's called "Broke" and airs in two weeks.

 
You must log in or register to reply here.

Similar threads

JohnnyU
Do you remember Roger Carr?
Replies
21
Views
2K
Uruk-Hai
Uruk-Hai
T
Travdogg's Free Agency Predictions and 2 round mock (updated 4/8/22)
2
Replies
73
Views
6K
rockaction
rockaction
T
My final 2022 mock draft, 3 rounds
2
Replies
56
Views
5K
travdogg
T

Users who are viewing this thread

Total: 1 (members: 0, guests: 1)
Back
Top