Vince Young files for bankruptcy

[BrentMc11]

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."

My dad used to say "The best way to double your money is 'just fold it in half'"  

[lollygagger8]

Reminds of someone else's story......

 

[Balzer40]

My dad used to say "The best way to double your money is 'just fold it in half'"  

 

 

 

Sounds like a wise man. I might steal that and use it on my daughter. I like that.

[Guest TeamLoloJones]

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.

I agree that to blow through money like Vince did, a lot of incredibly stupid decisions have to made.  I'm just willing to give them the benefit of the doubt that they aren't stupid people, but just got caught up in their wealth, and made a series of poor decisions.  I get what you are saying though.

[Guest TeamLoloJones]

My dad used to say "The best way to double your money is 'just fold it in half'"  

Smart man.

[BrentMc11]

Smart man.

 92 years young.

[oldunclemark]

I don't understand why, when players draw multi-million dollar salaries..

 

they dont set aside $500,000 or $1,000,000

 

.....for the time they are no longer playing.....why don't their agents suggest that..

 

.....a trust fund or a retirement fund...

 

.....Hopefully he can start over financially...and maybe get one more minimum contract for a year

[Guest TeamLoloJones]

I don't understand why, when players draw multi-million dollar salaries..

 

they dont set aside $500,000 or $1,000,000

 

.....for the time they are no longer playing.....why don't their agents suggest that..

 

.....a trust fund or a retirement fund...

 

.....Hopefully he can start over financially...and maybe get one more minimum contract for a year

I'll take it one step further...I don't understand why these guys don't just put every cent they can away until they retire.  Their careers could be over at any moment.  Or at the very least, these guys that get big signing bonuses should just put that away, and then they can spend their game checks.

[shakedownstreet]

never judge a man until you've walked in his shoes

[oldunclemark]

never judge a man until you've walked in his shoes

 

 

never judge a man until you've walked in his shoes

You can never walk in anyone's shoes.....its never the same....and he or she may simply not care about any possible future

[jmac_48]

Not to excuse his lack of planning and foolish spending, but I am sure that he never had any idea that he would out of the league at such a young age. I'm sure he thought the big contracts would be coming for quite some time.

 

Many young people have that feeling of invincibility.

Whoops!

[King Colt]

"Better to have fought and lost than to have never fought at all" may apply to fighting but not to having money. Imagine having to get up every day and go to work for 30 years knowing how much money you could have had if you weren't stupid. Having experienced serious downturns in the stock market the knowledge that the money you once had is now gone is not a pleasant experience but that does not compare to blowing money on two thousand pairs of shoes, homes, cars, etc. We make our own beds so sleep in them. Zero sympathy here.

[oldunclemark]

"Better to have fought and lost than to have never fought at all" may apply to fighting but not to having money. Imagine having to get up every day and go to work for 30 years knowing how much money you could have had if you weren't stupid. Having experienced serious downturns in the stock market the knowledge that the money you once had is now gone is not a pleasant experience but that does not compare to blowing money on two thousand pairs of shoes, homes, cars, etc. We make our own beds so sleep in them. Zero sympathy here.

somebody have Vince Young call Marshawn Lynch

[MAC]

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

 

 

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'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.

A difference that you gentleman aren't specifying is that the average person living paycheck to paycheck due to poor impulse control or financial acumen does so with the reasonable expectation of his salary growing each year for the rest of his working life. It can get out of hand, and it rarely ends well, but it's not irrational and the person will STILL end up ultimately enjoying the same quality of life down the road that he would have anyway.

 

A football player making millions is much more comparable to someone winning the lottery. Item #1 on the to-do list is setting aside enough money so that you never have to work again. Failing to take that simple step can hardly be described as "intelligent" regardless of whatever other difficulties hamper them. What are they assuming, that they are going to win the lottery a second time?

[BpG]

Vince Young was known to spend $5,000 at freaking cheescake factory. he was known to roll with an entourage of like 20.

 

He is a *. 

[OffensivelyPC]

I'll take it one step further...I don't understand why these guys don't just put every cent they can away until they retire.  Their careers could be over at any moment.  Or at the very least, these guys that get big signing bonuses should just put that away, and then they can spend their game checks.

Yep, at current interest rates these days, put away $10 million in a bank and you're living off the interest pretty comfortably.  Invest it with safe, but modest returns, and you'd retire with more money than you know what to do with.

[BrentMc11]

never judge a man until you've walked in his shoes

When I was a kid I did...green plastic shoes....I was the best scorer in basketball in my grade, but traveled everytime I got the ball with those slippery things.   I did not even make the team....   I should have taken up ice skating at that point.

[Valpo2004]

Personal finance isn't really well taught in schools and if you didn't learn it from your parents then you don't learn it from anyone.  

 

Given that it isn't surprising that a kid without having learned personal finance from his parents (perhaps his parents where bad at it too.) would go and blow 25 million dollars in guaranteed money.

 

One thing you have to remember is a good portion of that goes to the government in taxes.  So how much of that is really his after the government takes it's share?  Closer to 15 million I would venture to guess.  

 

Still the temptation is there for these guys to blow all that money on cars and parties and the like.  

 

On top of that a lot of the players probably have friends from home that suddenly need some money.  

 

I mean if you don't decide immediately that you are gonna save most of it and live off the interest, it's really not that hard to blow 15 million bucks.  And if you didn't grow up with a good situation or figure it out later in life, saving money is probably an unknown concept.  

 

He's still at fault of course, but I understand why this happens.  A lot of professional athletes go bankrupt.

[Poster X]

These kind of stories remind me of all the people you hear of winning millions in the lottery only to be broke and destitude within a couple of years. If not worse... Some people can't help themselves, and others flat out get taken advantage of by "friends" and family alike. Buy a little house, some nice clothes, put the rest of your cash in the bank, and live simple. You don't need a mansion with a ten car garage.

[Valpo2004]

These kind of stories remind me of all the people you hear of winning millions in the lottery only to be broke and destitude within a couple of years. If not worse... Some people can't help themselves, and others flat out get taken advantage of by "friends" and family alike. Buy a little house, some nice clothes, put the rest of your cash in the bank, and live simple. You don't need a mansion with a ten car garage.

 

Bingo, people get that money and think "I'm a millionare now, I gotta live like a millionare."   The thing they don't get is that a lot of millionares got that way by being extremely frugal and careful with their money.

 

But there really is no shortage of crap to buy if someone hands you $15 million.  And it's also not hard to believe that a guy that thinks there are gonna be more checks like that coming his way might go blow it all and decide they will save money later.  

[oldunclemark]

Yep, at current interest rates these days, put away $10 million in a bank and you're living off the interest pretty comfortably.  Invest it with safe, but modest returns, and you'd retire with more money than you know what to do with.

 

 

Yep, at current interest rates these days, put away $10 million in a bank and you're living off the interest pretty comfortably.  Invest it with safe, but modest returns, and you'd retire with more money than you know what to do with.

This is what I'm saying, PC..       What do you get...at the lowest rate?  1%?

 

Put away $5,000,000 over the length of your first contract and you live off $50,000 a year for life....right?

 

Like an endowment at a college.

 

Doesn't the agent suggest that?  Especially for some one who has kids

[OffensivelyPC]

This is what I'm saying, PC..       What do you get...at the lowest rate?  1%?

 

Put away $5,000,000 over the length of your first contract and you live off $50,000 a year for life....right?

 

Like an endowment at a college.

 

Doesn't the agent suggest that?  Especially for some one who has kids

Yeah, it's tough to say what their agent tells them, because I haven't been there.  But I don't know how it doesn't come up at some point in their careers.  Vince Young is just the classic example of taking bad advice or rejecting good advice.  Some poeple just can't be helped.

[BrentMc11]

Note:  Putting money in the bank...no interest anymore....look to other options.  Trust me

[jvan1973]

somebody have Vince Young call Marshawn Lynch

?

[shakedownstreet]

?

 

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