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-   -   Vince Young is out of money (http://www.insidehoops.com/forum/showthread.php?t=276963)

StateProperty 09-19-2012 01:37 PM

Vince Young is out of money
 
http://mobile.philly.com/sports/?wss...s&id=170277346

niko 09-19-2012 01:40 PM

Re: Vince Young is out of money
 
It's very sad. A person like me, i could easily sit with him and give him a plan in a day that would enable him to live his entire life very comfortably, as a rich person who can travel, run a business, etc. That he has nothing is ridiculous. It's a waste of his whole career.

-p.tiddy- 09-19-2012 01:54 PM

Re: Vince Young is out of money
 
Quote:

Originally Posted by niko
It's very sad. A person like me, i could easily sit with him and give him a plan in a day that would enable him to live his entire life very comfortably, as a rich person who can travel, run a business, etc. That he has nothing is ridiculous. It's a waste of his whole career.

It's not nearly as easy as you or everyone else assumes but I am sure he was immature and careless with his money...obviously

prolly has 6 cars on 50 inch diamond rims decked out with TVs and condos in multiple states not understanding that you have to pay bills on those objects forever...smh

The average NFL player has a short career like his and has to work after football though...

2LeTTeRS 09-19-2012 02:10 PM

Re: Vince Young is out of money
 
From what I've heard the biggest problem he's had financially wasn't even that he was spending his money recklessly. Seems like some financial advisor's (inculding Vince's uncle) mishandled about $5 mil of VY's money.

Sucks for him if true.

niko 09-19-2012 05:14 PM

Re: Vince Young is out of money
 
Quote:

Originally Posted by -p.tiddy-
It's not nearly as easy as you or everyone else assumes but I am sure he was immature and careless with his money...obviously

prolly has 6 cars on 50 inch diamond rims decked out with TVs and condos in multiple states not understanding that you have to pay bills on those objects forever...smh

The average NFL player has a short career like his and has to work after football though...


It's not hard to set up a sound financial plan on $26M. You need enough in a safe place to give you a good yearly amount to spend, a good real estate investment (a good house but not one thats' upkeep kills you) and you limit which relatives get things (buy you mom a house, buy your brother a house, don't give them $100k a year jobs forever).

It wouldn't be hard at all.

JMT 09-19-2012 05:30 PM

Re: Vince Young is out of money
 
Quote:

Originally Posted by niko
It's not hard to set up a sound financial plan on $26M. You need enough in a safe place to give you a good yearly amount to spend, a good real estate investment (a good house but not one thats' upkeep kills you) and you limit which relatives get things (buy you mom a house, buy your brother a house, don't give them $100k a year jobs forever).

It wouldn't be hard at all.


Agreed. There are certainly players whose income/longevity mean their working days aren't over post-pro sports. Butfor someone in Young's income group, there should never be a day when he or his children have to worry about money.

Can't recall who I saw talking about it, but his point was that when you get rich, you already KNOW which relatives/"friends"/hangers on are going to try and leech off of you. Write each a check for a predetermined amount, smile, hand it to them, hug them, and say "That's all you're getting. Use it wisely". And stick to it.

-p.tiddy- 09-19-2012 06:07 PM

Re: Vince Young is out of money
 
just about every human on the planet thinks they know exactly how to manage huge amounts of money...it isn't nearly as easy as people think, esp dealing with a job that short term, I'm sure Young had assumed he would still be playing today, he probably thought he would be a starter today.

over 90% of lottery winners go broke after 5 years...and yeah that's a lot of dumb white trash but it still shows how easy it is to lose money...

hiring a money manager is the first step...none of these guys do it, they always take things into their own hands and they know jack shit about numbers...

BrickingStar 09-19-2012 08:06 PM

Re: Vince Young is out of money
 
Sucks I'd take him over Romo

knickballer 09-19-2012 09:19 PM

Re: Vince Young is out of money
 
Quote:

Originally Posted by -p.tiddy-
just about every human on the planet thinks they know exactly how to manage huge amounts of money...it isn't nearly as easy as people think, esp dealing with a job that short term, I'm sure Young had assumed he would still be playing today, he probably thought he would be a starter today.

over 90% of lottery winners go broke after 5 years...and yeah that's a lot of dumb white trash but it still shows how easy it is to lose money...

hiring a money manager is the first step...none of these guys do it, they always take things into their own hands and they know jack shit about numbers...


It's not hard at all. The athletes who go broke are usually the idiots who are dumb as bricks w/ no common sense(T.O, Walker, Dez Bryant, etc).. The smart athletes like Shane Battier or Carson Palmer never go broke because they don't have a thousand baby mamas and they don't waste their money on bling at any given moment.

-p.tiddy- 09-19-2012 10:16 PM

Re: Vince Young is out of money
 
Quote:

Originally Posted by knickballer
It's not hard at all. The athletes who go broke are usually the idiots who are dumb as bricks w/ no common sense(T.O, Walker, Dez Bryant, etc).. The smart athletes like Shane Battier or Carson Palmer never go broke because they don't have a thousand baby mamas and they don't waste their money on bling at any given moment.

The average NFL player has to work after the NFL...it would be a very small percentage in the league that can successfully retire after they quit the game, even most of the famous players have to keep doing work on shows and random media if they want to stay in their huge homes and keep living that life...

Balla_Status 09-19-2012 10:20 PM

Re: Vince Young is out of money
 
Texas Quarterbacks!

kentatm 09-20-2012 12:34 PM

Re: Vince Young is out of money
 
Quote:

Vince Young Spent $5k a Week at the Cheesecake Factory, Bought Entire Southwest Flights

link


:biggums:

methinks I know why he be broke

DuMa 09-20-2012 03:12 PM

Re: Vince Young is out of money
 
LOL at least he didnt father 6 babies whose alimony payments he cant afford now. (TO)

a fool and his money are soon parted. always true

imdaman99 09-20-2012 04:20 PM

Re: Vince Young is out of money
 
im not gonna make a big deal out of this because this happens ALL THE TIME in the celebrity/athlete world... but something about bad parenting/guidance prob plays a big role in these dudes going broke so fast.


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