View Single Post
Old 09-19-2012, 05:30 PM   #6
JMT
NBA lottery pick
 
JMT's Avatar
 
Join Date: Feb 2010
Posts: 5,688
JMT has an incredible reputation hereJMT has an incredible reputation hereJMT has an incredible reputation hereJMT has an incredible reputation hereJMT has an incredible reputation hereJMT has an incredible reputation hereJMT has an incredible reputation here
Default 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.
JMT is offline   Reply With Quote