Vince Young files for bankruptcy

[Pombi9]

http://bleacherreport.com/articles/1932769-vince-young-files-for-chapter-11-bankruptcy?utm_source=cnn.com&utm_medium=referral&utm_campaign=editorial&hpt=hp_t3

Rookie of the year and hottest commodity, what feels like only years ago... Truly sad.

[MAC]

It WAS only years ago, and it is sad. I'll never for the life of my understand how when someone is handed "enough money to never have to worry about money again", they * it all away, and end up having to worry about money again - or worse.

[Iancolts]

Well when you make say 4 thousand a month take home you rent or buy a home with mortgage of say 1 thousand a month. In Vince young case he made a lot more so he got blinged out bought girls cars girls and diamond encrusted teeth Gucci shoes and girls lol.

[dgambill]

A story that will be relived over and over again....from sport to sport. I hope he got a degree at Texas because he is going to need it.

[amfootball]

There was a study done that I need to find that said most pro football players are totally broke 10 years after retirement. The data showed that they did not know how to manage the money given they had never gotten a real college degree or had any sound financial advice and made poor investments as a result or were had by money vultures in the vein of Don King. I believe Tony Dungy is trying to help with this by helping to educate rookies when they come into the league.

[New Zealands #1 Colts Fan]

There was a study done that I need to find that said most pro football players are totally broke 10 years after retirement. The data showed that they did not know how to manage the money given they had never gotten a real college degree or had any sound financial advice and made poor investments as a result or were had by money vultures in the vein of Don King. I believe Tony Dungy is trying to help with this by helping to educate rookies when they come into the league.

 

You are right about the study. Its a huge topic now during the rookie symposium how to manage their money.

[southwest1]

A story that will be relived over and over again....from sport to sport. I hope he got a degree at Texas because he is going to need it.

Truer words were never more spoken dgambill. Even HOF player Warren Sapp filed for Chapter 11 not too long ago. 

 

If Jeff Fisher got fired by the Tennessee Titans & hired by the St. Louis Rams, then Vince Young should have been given another chance in Green Bay IMO or the GM should have brought him in sooner. 

[Balzer40]

Not surprising at all. Young is dumb as a brick. People like him should never be able to have that much money. I could live the rest of my life off of a 1/4 what he made and still leave plenty for my kid. You have to be an incredibly stupid human being to blow through that kind of money in less than 10 yrs..

[supremecoltsfan300]

Not surprising at all. Young is dumb as a brick. People like him should never be able to have that much money. I could live the rest of my life off of a 1/4 what he made and still leave plenty for my kid. You have to be an incredibly stupid human being to blow through that kind of money in less than 10 yrs..

Completely agree. I don't have any sympathy for these guys that blow their money.

[southwest1]

Not surprising at all. Young is dumb as a brick. People like him should never be able to have that much money. I could live the rest of my life off of a 1/4 what he made and still leave plenty for my kid. You have to be an incredibly stupid human being to blow through that kind of money in less than 10 yrs..

Financial management is a skill that not everyone possesses, let alone really understands. A brief NFL symposium lecture for rookies is just the tip of the iceberg. Plus, friends & family always have their handout wanting cash, expensive gifts, bills paid, not to mention agent fees, & federal & state property taxes. 

 

It's never as simple as "an athlete was fiscally reckless." [No, I am not quoting you directly. I am just pointing that the common stereotype has it's roots in reality because bankruptcy happens frequently, but the real reasons for it are seldom simple in scope.]

 

Does Mr. Young bear some personal responsibility for his current fate? Yes, but true financial management is seldom taught for the longhaul especially when an athlete went from rags to riches overnight. Telling someone who raised you from childhood that their ATM money gravy train is officially over is easier said than done Balzer40.  

[southwest1]

Completely agree. I don't have any sympathy for these guys that blow their money.

Have you ever heard of people who win a multi-million powerball lottery ticket & they end up completely broke & their loyal family dynamic is totally destroyed? Believe me, it happens a lot. 

 

Don't be too quick to pass judgment supremecoltsfan300 unless you have a direct frame of reference yourself. 

 

Naturally, you are entitled to your own point of view. I don't have all the answers by any stretch of the imagination, but I also know that Chapter 11 is never as black & white or red as it may seem from a distance. 

 

To quote Deion Sanders, "money makes you more of what you are." A mechanism through which to express yourself that is influenced by your societal expectations & your own environment growing up. 

[southwest1]

http://bleacherreport.com/articles/1932769-vince-young-files-for-chapter-11-bankruptcy?utm_source=cnn.com&utm_medium=referral&utm_campaign=editorial&hpt=hp_t3

Rookie of the year and hottest commodity, what feels like only years ago... Truly sad.

Yes it is Pombi9. I think a great deal about the NFL Rookie Symposium lecture guest speakers. How do you convince new players listen to my tragic tale of drug addiction, gambling addiction, shady investment schemes, or gold digging women out to bleed me dry?

 

How do you make them see than no athlete ever thought they would be poor & destitute, but it still happened nevertheless...It's easy to blame others; It's hard to propose viable solutions...

 

It's always labeled laziness or stupidity until it lands right on your doorstep....That's what people love to sweep under the rug.

[braveheartcolt]

I'm sure he had the time of his life. Who are we to judge. Maybe some are jealous. Everyone to his own, and he has to live with the consequences of his actions.

No pity, but would he want any?

[braveheartcolt]

And....George Best, a world famous UK soccer player of the 1960/70's, who led a playboy life style, once said, "I spent a lot of money on girls, booze and fast cars. The rest I just squandered".

[southwest1]

And....George Best, a world famous UK soccer player of the 1960/70's, who led a playboy life style, once said, "I spent a lot of money on girls, booze and fast cars. The rest I just squandered".

I do respect George Best's candor there. I also think that is why NBA Champion Dennis Rodman is over in North Korea right now too. He's flat out broke living off someone's else dime. 

 

Athletes, so many of them, think they are invincible & that their bodies will never breakdown or the game checks will never stop coming someday. 

 

I just watched the top 10 Soccer plays by George Best on You Tube BHC. He was very fast, determined, & always making goals. Wow! Swimmers, soccer players, & tennis players are such well toned, well conditioned, individual athletes with incredible stamina. Very impressive! 

[Pombi9]

Yes it is Pombi9. I think a great deal about the NFL Rookie Symposium lecture guest speakers. How do you convince new players listen to my tragic tale of drug addiction, gambling addiction, shady investment schemes, or gold digging women out to bleed me dry?

 

How do you make them see than no athlete ever thought they would be poor & destitute, but it still happened nevertheless...It's easy to blame others; It's hard to propose viable solutions...

 

It's always labeled laziness or stupidity until it lands right on your doorstep....That's what people love to sweep under the rug.

I agree Completely.

There is a really good documentary about this topic called Broke it's a 30 for 30 ESPN film and it really is rather touching to be honest you really feel for these guys. Many are supporting cousins and all sorts of extended family are literally draining them. We can never really know what outside factors are at play here whether they be noble or not.

I think this piece of the article shouldn't be overlooked and if true perhaps Vince Young went through something similar to Dwight Freeney, or perhaps he's simply lying... Should be interesting to watch this situation develop though.

"this stems directly from a $1.8 million loan that Young took out from Pro Player Funding during the 2011 NFL lockout. Young reportedly owes the company $2.5 million in accrued interest, but Young is suing his former financial adviser Ronnie Peoples and former agent Major Adams II, claiming that they defrauded him by obtaining the loan without Young ever receiving any of the mone"

[GoColts8818]

I wish I could say I am surprised but I am not.

[Blue Horseshoe]

Lots of people have gone bankrupt in the last 5 years.  

[Balzer40]

Financial management is a skill that not everyone possesses, let alone really understands. A brief NFL symposium lecture for rookies is just the tip of the iceberg. Plus, friends & family always have their handout wanting cash, expensive gifts, bills paid, not to mention agent fees, & federal & state property taxes. 

 

It's never as simple as "an athlete was fiscally reckless." [No, I am not quoting you directly. I am just pointing that the common stereotype has it's roots in reality because bankruptcy happens frequently, but the real reasons for it are seldom simple in scope.]

 

Does Mr. Young bear some personal responsibility for his current fate? Yes, but true financial management is seldom taught for the longhaul especially when an athlete went from rags to riches overnight. Telling someone who raised you from childhood that their ATM money gravy train is officially over is easier said than done Balzer40.  

 

 

 

I am not trying to knock those who have to file for bankruptcy. I myself was forced to do it after my divorce 11 yrs. ago. There's a difference in someone who works hard for a living  and still have to live paycheck to paycheck and going broke or getting in over their heads and someone who blew over 26 million dollars in less than 10 yrs.. There is no other explanation besides complete and utter stupidity and ignorance to do that. I can't even pretend to have sympathy for these athletes/actors/actresses or whoever that have been given such a blessing in life to do something to make multi-millions of dollars and blow it all on trying to show everybody else just how incredibly rich they are. It's foolish and stupid!

[adamthyst]

I feel bad for him but at the same time I don't because it's his fault he's broke. He could honestly be starting in the NFL right now too, there are plenty of QB needy teams right now.

[braveheartcolt]

I am not trying to knock those who have to file for bankruptcy. I myself was forced to do it after my divorce 11 yrs. ago. There's a difference in someone who works hard for a living  and still have to live paycheck to paycheck and going broke or getting in over their heads and someone who blew over 26 million dollars in less than 10 yrs.. There is no other explanation besides complete and utter stupidity and ignorance to do that. I can't even pretend to have sympathy for these athletes/actors/actresses or whoever that have been given such a blessing in life to do something to make multi-millions of dollars and blow it all on trying to show everybody else just how incredibly rich they are. It's foolish and stupid!

I'm not sure why you are getting so riled up. It's his life, his money (some of it clearly not) and he can do with it what he wants. And face the consequences.

 

I do have plenty sympathy for your own predicament, but also respect for (I assume) recovering from it.....

[Thewholefnshow28]

Most of these guys come from places where they did not have money nor where they really taught about financial management.  You take guys who never had money nor been taught how to save or what to do with money and then drop millions on them and no wonder so many go broke.

 

A lot of these guys have horrible friends and families who just want to suck them dry with "great ideas" or they feel obligated to take care of once they get out of their old town.

 

Education will help with a lot, but of course even with education many of these guys will still be dumb and spend it all.

[Balzer40]

I'm not sure why you are getting so riled up. It's his life, his money (some of it clearly not) and he can do with it what he wants. And face the consequences.

 

I do have plenty sympathy for your own predicament, but also respect for (I assume) recovering from it.....

 

 

 

I'm not really riled up, but it does annoy me to keep seeing these kind of stories. I guess I just can't fathom the ignorance that it takes to throw away such a great gift that has been given to them when you see thousands upon thousands of people struggling everyday just to feed their families. While he and anybody else that has had those type of opportunities can do whatever they want with that money, it still really irks me to see them be so careless and ignorant. Maybe I shouldn't let it get under my skin, but I just can't understand what the hell they are thinking(or not thinking).

[Gavin]

I'm not really riled up, but it does annoy me to keep seeing these kind of stories. I guess I just can't fathom the ignorance that it takes to throw away such a great gift that has been given to them when you see thousands upon thousands of people struggling everyday just to feed their families. While he and anybody else that has had those type of opportunities can do whatever they want with that money, it still really irks me to see them be so careless and ignorant. Maybe I shouldn't let it get under my skin, but I just can't understand what the hell they are thinking(or not thinking).

The concept is actually the same for those that have a job that dont pay as well as being in the NFL, People with far less money then he has go out and blow there money on trivial things every single day(Most people who live paycheck to paycheck dont live that way solely because the amount of bills they have or how heigh they are....Its not anywhere near unfathomible, They just do it on a different pay scale then the average american...Many americans dont invest there money and put it into something worth while or save it...He is not the only one and doing that is not exclusive to famous people with alot of money

[Balzer40]

The concept is actually the same for those that have a job that dont pay as well as being in the NFL, People with far less money then he has go out and blow there money on trivial things every single day(Most people who live paycheck to paycheck dont live that way solely because the amount of bills they have or how heigh they are....Its not anywhere near unfathomible, They just do it on a different pay scale then the average american...Many americans dont invest there money and put it into something worth while or save it...He is not the only one and doing that is not exclusive to famous people with alot of money

 

 

 

I know it's not exclusive to only wealthy people, but lets face it...the average annual income in America is around 45,000. Vince Young got a guaranteed 26.7 million dollars. That means it would take the average American over 590 yrs. to make the same amount of money that Vince had. Since that is completely impossible(on the average income), I think comparing the average person going bankrupt to someone that made the amount that Vince did completely ridiculous IMO. So like I said already, it takes an incredibly stupid person to blow that kind of money in less than 10 yrs..

[braveheartcolt]

I'm not really riled up, but it does annoy me to keep seeing these kind of stories. I guess I just can't fathom the ignorance that it takes to throw away such a great gift that has been given to them when you see thousands upon thousands of people struggling everyday just to feed their families. While he and anybody else that has had those type of opportunities can do whatever they want with that money, it still really irks me to see them be so careless and ignorant. Maybe I shouldn't let it get under my skin, but I just can't understand what the hell they are thinking(or not thinking).

Yep, I understand. Maybe the Texans will recruit him. He'd certainly improve their roster....

[Coltsince4]

Are you kidding?????

[Gavin]

I know it's not exclusive to only wealthy people, but lets face it...the average annual income in America is around 45,000. Vince Young got a guaranteed 26.7 million dollars. That means it would take the average American over 590 yrs. to make the same amount of money that Vince had. Since that is completely impossible(on the average income), I think comparing the average person going bankrupt to someone that made the amount that Vince did completely ridiculous IMO. So like I said already, it takes an incredibly stupid person to blow that kind of money in less than 10 yrs..

Wow, I said it before and Ill say it again, you seem to go to extremes often in my opinion(using incredibily stupid...or HATE or other extreme type words...just an observation not meant to offend of course). If the average person made 26 mill most would go out and blow it just like he seemingly did, The concept wont change even if the average american made that type of money...It just means the average american would have a much larger paycheck to blow

[OffensivelyPC]

Don't really feel bad for the guy.  When you have to take a loan out to throw a party, bankruptcy is on the horizon.  There's always someone out there who will find clever ways to take your money, so you need to be smart with it.  If you don't know how to be smart with it, then go learn.  Money isn't difficult to manage.

[Balzer40]

Wow, I said it before and Ill say it again, you seem to go to extremes often in my opinion(using incredibily stupid...or HATE or other extreme type words...just an observation not meant to offend of course). If the average person made 26 mill most would go out and blow it just like he seemingly did, The concept wont change even if the average american made that type of money...It just means the average american would have a much larger paycheck to blow

 

 

 

Well, that's your opinion and you're welcome to it, but I believe most people have much more intelligence than that. Of course if the average person was making 26 mil. that just means athletes and other famous people would be making billions. 

[Gavin]

Well, that's your opinion and you're welcome to it, but I believe most people have much more intelligence than that. Of course if the average person was making 26 mil. that just means athletes and other famous people would be making billions. 

"but I believe most people have much more intelligence than that."

 

 

That has very little to do with intelligence and everything to do with impulse

[Balzer40]

"but I believe most people have much more intelligence than that."

 

 

That has very little to do with intelligence and everything to do with impulse

 

 

 

I disagree with that too. While I'm sure people would be more impulsive and more apt to spend a little more freely, I still think most people would know to be smarter with their money. Most people would love to leave a nest egg for their children and they think ahead with their finances instead of throwing their money around like it's trash. 

[Guest TeamLoloJones]

Well, that's your opinion and you're welcome to it, but I believe most people have much more intelligence than that. Of course if the average person was making 26 mil. that just means athletes and other famous people would be making billions. 

There are plenty of people (athletes included) on both sides of the spectrum.  People that blow an entire lifetime of wealth in a few years like Vince did, and then there are people who barely spend any of their wealth.

[Gavin]

I disagree with that too. While I'm sure people would be more impulsive and more apt to spend a little more freely, I still think most people would know to be smarter with their money. Most people would love to leave a nest egg for their children and they think ahead with their finances instead of throwing their money around like it's trash. 

I think we will have to agree to disagree on this, Nothing wrong with that, Thats what the forum is for. I agree some people would leave something for there kids and that some would think about there finances but impulsing shopping is very real no matter a persons income

[Balzer40]

There are plenty of people (athletes included) on both sides of the spectrum.  People that blow an entire lifetime of wealth in a few years like Vince did, and then there are people who barely spend any of their wealth.

 

 

 

I know that, all I'm saying is that if people don't think blowing that kind of money in just about 8 yrs. now, has nothing to do with a serious lack of intelligence, then I just don't know what else to say. Vince was drafted in 2006 which means it will be 8 yrs. later this summer when he got paid. He was paid a guaranteed 26.7 million dollars. If you break that down its over 3 million a yr. and almost 65000 dollars a week. If you're blowing 65000 dollars a week for 8 yrs. straight...then you have a serious lack of brain cells and I think Vince has displayed that over the yrs.. I didn't need him to go bankrupt to know he was stupid but this this should validate that he is to anybody that had doubts.

[BrentMc11]

I know that, all I'm saying is that if people don't think blowing that kind of money in just about 8 yrs. now, has nothing to do with a serious lack of intelligence, then I just don't know what else to say. Vince was drafted in 2006 which means it will be 8 yrs. later this summer when he got paid. He was paid a guaranteed 26.7 million dollars. If you break that down its over 3 million a yr. and almost 65000 dollars a week. If you're blowing 65000 dollars a week for 8 yrs. straight...then you have a serious lack of brain cells and I think Vince has displayed that over the yrs.. I didn't need him to go bankrupt to know he was stupid but this this should validate that he is to anybody that had doubts.

Tell us what you really think buddy....love it!  

[Guest TeamLoloJones]

I know that, all I'm saying is that if people don't think blowing that kind of money in just about 8 yrs. now, has nothing to do with a serious lack of intelligence, then I just don't know what else to say. Vince was drafted in 2006 which means it will be 8 yrs. later this summer when he got paid. He was paid a guaranteed 26.7 million dollars. If you break that down its over 3 million a yr. and almost 65000 dollars a week. If you're blowing 65000 dollars a week for 8 yrs. straight...then you have a serious lack of brain cells and I think Vince has displayed that over the yrs.. I didn't need him to go bankrupt to know he was stupid but this this should validate that he is to anybody that had doubts.

I'm not arguing about anything really just speaking my mind..  I'm sure their are plenty of smart people that blew a fortune, and plenty of unintelligent people that saved their money.  You really would have to take everyone on a case by case basis, and not generalize.  Money can do strange things to people when they all of a sudden have a lot of it.

[BrentMc11]

I think we will have to agree to disagree on this, Nothing wrong with that, Thats what the forum is for. I agree some people would leave something for there kids and that some would think about there finances but impulsing shopping is very real no matter a persons income

I am trying to teach my kids the value of a dollar.  One wants to save every penny (Like me )  The other wants a new video game EVERY day.  GRRRR.  

 

I think the bottom line is everyone is different.  Athletes from varying backgrounds feel the need to either spend that ever-present dollar or even Give it away to needy family members...or those who simply USE them!  A shame to have to say I know.

[Guest TeamLoloJones]

I am trying to teach my kids the value of a dollar.  One wants to save every penny (Like me )  The other wants a new video game EVERY day.  GRRRR.  

 

I think the bottom line is everyone is different.  Athletes from varying backgrounds feel the need to either spend that ever-present dollar or even Give it away to needy family members...or those who simply USE them!  A shame to have to say I know.

Best line I've ever hear from someone and I adhere to it like gospel..."Spending money won't make you happy, but being broke will make you miserable."

[Balzer40]

I'm not arguing about anything really just speaking my mind..  I'm sure their are plenty of smart people that blew a fortune, and plenty of unintelligent people that saved their money.  You really would have to take everyone on a case by case basis, and not generalize.  Money can do strange things to people when they all of a sudden have a lot of it.

 

 

 

I will agree that money does have the ability to change people. I actually knew a man that won over 10 million dollars in the lottery and in less than 2 yrs. after he won it he committed suicide. He couldn't handle all the people coming out of the woodwork claiming to be family members and old buddies. I'm not necessarily saying that only smart people know how to manage money, what I'm saying is that it takes a complete lack of intelligence to blow through that kind of money in so little time. A smart person can also be unintelligent with money. Maybe I'm wording it wrong how I want it come across, sometimes it's hard to explain the way you want things to mean on the internet.