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.
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How can it be? Doesn’t he have a college degree?
This is exactly why there are disparities in wealth between individuals.
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.
Rumor has it he was dropping thousands a day taking “friends” out to restaurants, bar, and events.
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.
Hook ‘em...
BA Basketweaving.
Too much money too young.
1) Declare bankruptcy.
2) Get a job.
3) Stop living like a drunken sailor on shore leave.
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.
Car dealers, realtors, jewelers, night clubs love guys like Vince and lick their chops when they see those big salaries.
But I don't think it justifies a nanny sate approach by the NFL. People just need to learn not to be fools.
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.
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
“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.
If he has a degree its from Texas... what can you expect?? :)
5) Blame the racist white man for his problems and live off
reparations the rest of his life.
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