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Former NFL quarterback Vince Young files for bankruptcy just seven years after signing $25million..
UK Daily Mail ^ | January 22, 2014 | Ryan Gorman and Staff

Posted on 01/23/2014 7:05:22 AM PST by C19fan

Former NFL and star college quarterback Vince Young has filed for Chapter 11 bankruptcy protection only years after signing a massive contract. Mr Young’s reckless spending habits have him running for cover from debt collectors despite making millions during his pro career. The filing was made last week in Houston as two lawsuits seeking more than $2million from the ex-Tennessee Titan were ruled in favor of the plaintiffs.

(Excerpt) Read more at dailymail.co.uk ...


TOPICS: Sports
KEYWORDS: longhorns; nfl; texas; titans
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I think pro sports leagues need some sort of trust system so athletes are unable to blow through their salary in a few years.
1 posted on 01/23/2014 7:05:22 AM PST by C19fan
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To: C19fan

How can it be? Doesn’t he have a college degree?


2 posted on 01/23/2014 7:08:24 AM PST by ImJustAnotherOkie (zerogottago)
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To: C19fan

This is exactly why there are disparities in wealth between individuals.


3 posted on 01/23/2014 7:08:32 AM PST by Paladin2
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To: C19fan

You can lead a horse to water (in this case, prudent financial advice) but you can’t make him drink. The culture needs people who blow it, spectacularly, to serve as counterexamples for posterity.


4 posted on 01/23/2014 7:09:01 AM PST by Pearls Before Swine
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To: C19fan

Rumor has it he was dropping thousands a day taking “friends” out to restaurants, bar, and events.


5 posted on 01/23/2014 7:09:22 AM PST by Resolute Conservative
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To: C19fan

I understand what you are saying, but that is too “Democrat” for my book. They are adults and certainly many are doing fantastic with their money. In every walk of life, a certain percentage are going to screw up. We cannot have an even more nanny state then we have already.


6 posted on 01/23/2014 7:10:19 AM PST by napscoordinator ( Santorum-Bachmann 2016 for the future of the country!)
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To: ImJustAnotherOkie

Hook ‘em...


7 posted on 01/23/2014 7:11:29 AM PST by Eric in the Ozarks ("Say Not the Struggle Naught Availeth.")
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To: ImJustAnotherOkie

BA Basketweaving.


8 posted on 01/23/2014 7:12:11 AM PST by carriage_hill (Peace is that brief glorious moment in history, when everybody stands around reloading.)
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To: C19fan
And if you dont believe him and feel sorry for him,,, yep you got it,,, You're a Racist !
9 posted on 01/23/2014 7:14:15 AM PST by ▀udda▀udd (>> F U B O << "What the hell kind of country is this if I can only hate a man if he's white?")
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To: ImJustAnotherOkie

Too much money too young.


10 posted on 01/23/2014 7:16:51 AM PST by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: C19fan

1) Declare bankruptcy.
2) Get a job.
3) Stop living like a drunken sailor on shore leave.


11 posted on 01/23/2014 7:17:06 AM PST by IronJack
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To: Resolute Conservative
Rumor has it he was dropping thousands a day taking “friends” out to restaurants, bar, and events.

Yeah, I'll bet they don't pass the "friend test":

"A good friend will help you move. A REAL friend will help you move a body."
12 posted on 01/23/2014 7:18:06 AM PST by BikerJoe
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To: Paladin2

Pro athletes need to know that the big money and their careers won’t last forever. They really need good financial advice. It’s hard to believe that somebody could go through millions like that.

Just as all these players have an agent, they also need a financial person, someone who is not a yes man, to manage their money.


13 posted on 01/23/2014 7:18:59 AM PST by Dilbert San Diego (Interesting)
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To: C19fan

Car dealers, realtors, jewelers, night clubs love guys like Vince and lick their chops when they see those big salaries.


14 posted on 01/23/2014 7:19:00 AM PST by Uncle Chip
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To: C19fan
A fool and his money.....

But I don't think it justifies a nanny sate approach by the NFL. People just need to learn not to be fools.

15 posted on 01/23/2014 7:19:13 AM PST by The_Victor (If all I want is a warm feeling, I should just wet my pants.)
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To: C19fan

Agree that most of the money paid to young athletes should be placed in trust. However it will never happen. Try telling a twenty two year old pampered athlete that he is simply not mature enough to manage his money. Yet it is a good idea.


16 posted on 01/23/2014 7:20:11 AM PST by allendale
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To: IronJack

1) Declare bankruptcy.
2) Get a job.
3) Stop living like a drunken sailor on shore leave.


More like:

1. Declare bankruptcy
2. Blame concussions
3. Sue
4. Spend like a drunken sailor again


17 posted on 01/23/2014 7:20:15 AM PST by greatvikingone
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To: C19fan

“I think pro sports leagues need some sort of trust system so athletes are unable to blow through their salary in a few years.”

Isnt that what finacial advisors are for? Having said that, if one doesn’t heed the advice then its too damn bad.


18 posted on 01/23/2014 7:23:48 AM PST by V_TWIN
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To: ImJustAnotherOkie

If he has a degree its from Texas... what can you expect?? :)


19 posted on 01/23/2014 7:25:14 AM PST by kjam22 (my newest music video:http://www.youtube.com/watch?v=l7gNI9bWO3s)
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To: greatvikingone

5) Blame the racist white man for his problems and live off
reparations the rest of his life.


20 posted on 01/23/2014 7:25:40 AM PST by Josa
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To: carriage_hill
BA Basketweaving.

I had a high school acquaintance that took basket weaving in college. When he graduated he made custom baskets that fit into the night depository chutes outside of banks. Last I heard he received 15yrs.That's after a few years of getting away with it.

21 posted on 01/23/2014 7:25:44 AM PST by Puppage (You may disagree with what I have to say, but I shall defend to your death my right to say it)
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To: Paladin2

It has been speculated that if all the world’s wealth were suddenly redistributed equally to all people, within one generation it would be back to where it was, simply because some would spend what they had and some would make profits selling what the spenders bought. This is the hardcore truth about collectivism: it goes against human nature and human nature explicitly shows some people are frugal, industrious, entrepreneurial,and some are not. It is common to hear of people who win the lottery and are broke within a few years. It is also common to hear of people who have nothing and within a few years are wealthy. And so it goes.


22 posted on 01/23/2014 7:25:59 AM PST by NotTallTex
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To: C19fan

The answer is don’t pay players 25 million dollars. Lower ticket prices so that fans can better afford to go to games.


23 posted on 01/23/2014 7:26:42 AM PST by kjam22 (my newest music video:http://www.youtube.com/watch?v=l7gNI9bWO3s)
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To: C19fan
What's that say about his University of Texas education?

It's not the league's responsibility to look after a grown-ass man's personal business.

24 posted on 01/23/2014 7:27:07 AM PST by TexasCajun
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To: NotTallTex

I’ve been making that argument for a while now. Take all the money from the haves and give it to the don’t haves. It will find its way right back where it came from.


25 posted on 01/23/2014 7:27:33 AM PST by kjam22 (my newest music video:http://www.youtube.com/watch?v=l7gNI9bWO3s)
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To: C19fan

They should feature this dumb $hit on Lottery Losers.


26 posted on 01/23/2014 7:27:49 AM PST by tennmountainman (Just Say No To Obamacare)
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To: Josa

He should have learned to read defenses better and throw over hand. He might have had a longer career...


27 posted on 01/23/2014 7:29:36 AM PST by kjam22 (my newest music video:http://www.youtube.com/watch?v=l7gNI9bWO3s)
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To: greatvikingone

More like:

1. Declare bankruptcy
1.a insist on keeping all the expensive toys you bought
2. Blame concussions
3. Sue
4. Spend like a drunken sailor again


28 posted on 01/23/2014 7:30:53 AM PST by Mr. K (If you like your constitution, you can keep it...Period.)
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To: V_TWIN

Most Advisors raid their clients accounts because sport stars are just plain lazy and don’t want to be bothered with stuff like that.
If I ever won the lottery I would set aside a million dollars and let a advisor handle the rest. And I would tell the advisor that I will use the million dollars for my lawyer because if I caught him stealing the advisor would be room temp in a matter of days.


29 posted on 01/23/2014 7:32:12 AM PST by Yorlik803 ( Church/Caboose in 2016)
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To: napscoordinator

I would not advocate some law but perhaps the leagues and union could agree to pro player salaries can be paid as an annuity instead of a huge lump sum.


30 posted on 01/23/2014 7:33:13 AM PST by C19fan
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To: Yorlik803

You’re suppose to work WITH an advisor. Not FOR an advisor. Giving anyone like that POA of your finances is just foolish. But it sounds like Vince was just loving life....


31 posted on 01/23/2014 7:34:55 AM PST by kjam22 (my newest music video:http://www.youtube.com/watch?v=l7gNI9bWO3s)
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To: BikerJoe

My definition of friend is someone you can call for bail money at 3am and they don’t ask what you were arrested for.


32 posted on 01/23/2014 7:35:21 AM PST by Mouton (The insurrection laws perpetuate what we have for a government now.)
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To: Puppage

Heh. Very creative use of baskets; I never would have thought it could be done like that with so many ‘safeguards’ built into banks’ systems. Bug duh on me.


33 posted on 01/23/2014 7:38:16 AM PST by carriage_hill (Peace is that brief glorious moment in history, when everybody stands around reloading.)
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To: Mouton

But a true friend is sitting in jail with you trying to make bail as well.


34 posted on 01/23/2014 7:40:53 AM PST by Ingtar (The NSA - "We're the only part of government who actually listens to the people.")
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To: C19fan

To spend that much, as well as run up that much debt, he would have had to spend about $10,000 a day.


35 posted on 01/23/2014 7:42:57 AM PST by Ingtar (The NSA - "We're the only part of government who actually listens to the people.")
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To: ImJustAnotherOkie
How can it be? Doesn’t he have a college degree?

Earl Campbell had a degree but couldn't read or write when he joined the Houston Oilers. 'Bum' Phillips had to teach him. He has invested his money wisely and has a nice business to show for it.

One size fits all laws that specify results do not work in a society of individuals.

36 posted on 01/23/2014 7:50:04 AM PST by fella ("As it was before Noah so shall it be again,")
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To: Resolute Conservative

Like Justin Beaver dropping 75K at a strip club over the weekend.


37 posted on 01/23/2014 7:50:23 AM PST by ErnBatavia (The 0baMao Experiment: Abject Failure)
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To: C19fan
I think pro sports leagues need some sort of trust system so athletes are unable to blow through their salary in a few years.

A good education might work, like bringing back a classical K-12 education, with Home Economics classes in Jr. High?

And if that doesn't work, life accepts the applications from people like Vince Young every day to demonstrate for the rest what to do and what not to do in order to live life according to the rules the world actually runs on.

Horse, meet water.

38 posted on 01/23/2014 7:50:43 AM PST by GBA (Here in the Matrix, life is but a dream.)
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To: C19fan

Really sad. I hope someone has befriended the young man and is keeping a suicide watch. He needs serious help.


39 posted on 01/23/2014 7:51:20 AM PST by Buckeye McFrog
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To: fella

Bum took Earl under his wing. That was a formula for success. Certainly Earl was the most powerful running back I’ve seen. He ripped OU a new one.


40 posted on 01/23/2014 7:54:05 AM PST by ImJustAnotherOkie (zerogottago)
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To: C19fan

This is just a variation on the theme where you hear of people winning a state lottery of millions and then managing to blow every single dollar of it. I remember seeing TV shows where they document what these people bought; mountains and mountains of stuff (ex. not 1 or 2 or 3 Rolex watches but hundreds of them, etc.).

No matter how much money one might get, there is always a way to blow it all. Just ask the Feds.


41 posted on 01/23/2014 7:56:13 AM PST by Flick Lives (Got a problem with the government? Have a complaint. Get a free IRS audit!)
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To: C19fan

A financial adviser is just that - an adviser, not a controller. If the person doesn’t heed the advice, well then.


42 posted on 01/23/2014 7:58:54 AM PST by SkyDancer (Imagine a world without politicians, lawyers and federal judges.)
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To: Mouton
My definition of friend is someone you can call for bail money at 3am and they don’t ask what you were arrested for.

I like it!
43 posted on 01/23/2014 8:04:17 AM PST by BikerJoe
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To: Resolute Conservative
" Rumor has it he was dropping thousands a day taking “friends” out to restaurants, bar, and events. "

Word around here is fact, not rumor.

We have a guy here in my hometown who has a sports radio show who... let's say he's in a position to know. He's really concerned for the guy, says "...issues..." and not much more, except "I hope someone can figure something out for him before they end up having to call the swat team out on him again" or something to that effect.

Maybe we oughta pray for him.

44 posted on 01/23/2014 8:05:50 AM PST by OKSooner ("As the riders went on by him, he heard one call his name...")
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To: OKSooner

I am sure weed and other substances play a major role.


45 posted on 01/23/2014 8:08:22 AM PST by Resolute Conservative
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To: C19fan

For those blaming The U of Texas, or any school, I read 78% of all NFL athletes are broke within 5 years of retirement. MOST of them are idiots, and Vincy is one of the kings of that catagory. My biggest complaint is that your child or mine might not get into his school of choice yet a football player who can’t read and you know can’t do college algebra gets in, gets it paid for, and gets a tutor doing the work for him.


46 posted on 01/23/2014 8:09:19 AM PST by WhyisaTexasgirlinPA
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To: C19fan

A fool and his money are soon parted. Natural capitalistic redistribution in action.


47 posted on 01/23/2014 8:09:33 AM PST by libstripper (Asv)
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To: C19fan

His”Foolishness”will ALL be blamed on The NFL!!!!!!!!!!!!!


48 posted on 01/23/2014 8:10:48 AM PST by bandleader
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To: C19fan
I think pro sports leagues need some sort of trust system so athletes are unable to blow through their salary in a few years. <<

(I think youre on the wrong forum here...lol...your “thinking” is more fit for DU!)

49 posted on 01/23/2014 8:11:20 AM PST by M-cubed
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To: C19fan
I think pro sports leagues need some sort of trust system so athletes are unable to blow through their salary in a few years.
Not sure if there's a trust system, but I know a guy who played in the NBA for 5-7 years and he said the NBA held more than a few sessions regarding money.
The classes were emphatic that the players realize their careers were only 15 minutes of fame ... and then they had to live the rest of their lives.
My friend listened to the advice and hasn't worked a day since he left basketball.
50 posted on 01/23/2014 8:13:29 AM PST by oh8eleven (RVN '67-'68)
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