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-   -   Vince Young files for bankruptcy (http://www.cockytalk.com/showthread.php?t=203446)

Gamecock_Aholic 01-23-2014 03:17 AM

Vince Young files for bankruptcy
 
http://espn.go.com/nfl/story/_/id/10...les-bankruptcy

Lalli25 01-23-2014 09:15 AM

Re: Vince Young files for bankruptcy
 
Part of me feel bad but the other part of me is tired of this stuff. How long until these athletes stop doing this? The culture in pro sports needs to change and people need to learn how to save money. Agents should start getting contracts written in a way that sets money aside into a savings so it can be used as futures payments and not removed until 20 years after the fact. I know the athletes would hate it but something needs to be done for these guys.

Sir Cuss 01-23-2014 09:21 AM

Re: Vince Young files for bankruptcy
 
An agent's job is to get them the money, not save it for them.

What do you think would happen if an agent told a 23 year-old athlete who never had money that he was going to give the athlete $1 million of his $5 million earned that year and "put away the rest." The athlete would think he was getting screwed.

cockinraleigh 01-23-2014 09:36 AM

Re: Vince Young files for bankruptcy
 
Quote:

Originally Posted by Lalli25 (Post 4067916)
Part of me feel bad but the other part of me is tired of this stuff. How long until these athletes stop doing this? The culture in pro sports needs to change and people need to learn how to save money. Agents should start getting contracts written in a way that sets money aside into a savings so it can be used as futures payments and not removed until 20 years after the fact. I know the athletes would hate it but something needs to be done for these guys.

He's an adult. It's not the agents fault.

WayzUp 01-23-2014 09:58 AM

Re: Vince Young files for bankruptcy
 
Another example of you can't fix stupid.

usc90grad 01-23-2014 09:59 AM

Re: Vince Young files for bankruptcy
 
He scored a 6 on his Wonderlic. Should have been a warning.

Sir Cuss 01-23-2014 10:00 AM

Re: Vince Young files for bankruptcy
 
I'll trade you these TEN one dollar bills for that ONE twenty dollar bill you have.

Lalli25 01-23-2014 10:50 AM

Re: Vince Young files for bankruptcy
 
Quote:

Originally Posted by cockinraleigh (Post 4067927)
He's an adult. It's not the agents fault.

Quote:

Originally Posted by Sir Cuss (Post 4067918)
An agent's job is to get them the money, not save it for them.

What do you think would happen if an agent told a 23 year-old athlete who never had money that he was going to give the athlete $1 million of his $5 million earned that year and "put away the rest." The athlete would think he was getting screwed.

I get the system and the agents job but I'm just saying, about the only way to reduce this problem is the way contracts are structured. May he it would take the pro sport leagues changing the style but just pointing out we will continue to hear these stories more and more, which is sad.

Gamecock_Aholic 01-23-2014 11:07 AM

Re: Vince Young files for bankruptcy
 
Quote:

Originally Posted by Lalli25 (Post 4067916)
Part of me feel bad but the other part of me is tired of this stuff. How long until these athletes stop doing this? The culture in pro sports needs to change and people need to learn how to save money. Agents should start getting contracts written in a way that sets money aside into a savings so it can be used as futures payments and not removed until 20 years after the fact. I know the athletes would hate it but something needs to be done for these guys.

It's very hard to feel sorry for him. Making that much money, it shouldn't be an issue to save enough to live on.

Lalli25 01-23-2014 11:11 AM

Re: Vince Young files for bankruptcy
 
Quote:

Originally Posted by Gamecock_Aholic (Post 4068008)
It's very hard to feel sorry for him. Making that much money, it shouldn't be an issue to save enough to live on.

It is a huge culture problem. Athletes want to live like the movie stars and singers they see, but what they don't realize is that those people are going to make money until they are dead off their work, whereas sports is a 3-15 year window to make money. This is also why I say that paying athletes in college won't make a difference, because they will just waste it and always want more. There needs to be a change somewhere to help reduce this stuff. The leagues do clinics but it seems that the statistics have only risen since this started.

ShutTheSuccop 01-23-2014 11:16 AM

Re: Vince Young files for bankruptcy
 
Quote:

Originally Posted by Lalli25 (Post 4067916)
Part of me feel bad but the other part of me is tired of this stuff. How long until these athletes stop doing this? The culture in pro sports needs to change and people need to learn how to save money. Agents should start getting contracts written in a way that sets money aside into a savings so it can be used as futures payments and not removed until 20 years after the fact. I know the athletes would hate it but something needs to be done for these guys.

For example: Allen Iverson has like a 30 million dollar trust fund from Reebok that he can access when he is 55

Lalli25 01-23-2014 11:18 AM

Re: Vince Young files for bankruptcy
 
Quote:

Originally Posted by ShutTheSuccop (Post 4068018)
For example: Allen Iverson has like a 30 million dollar trust fund from Reebok that he can access when he is 55

Exactly. If you want, structure it so he can have the interest off of the 30 million each year, but keep a large portion stored away.

usc90grad 01-23-2014 12:13 PM

Re: Vince Young files for bankruptcy
 
Read a little more about Vince and the dude was an idiot with his money. Pissed it away left and right like he would always have an endless supply. So it's hard to feel sorry for him.

Bet Charlie Strong gives him a position on his coaching staff.

Rooster'srule 01-23-2014 12:14 PM

Re: Vince Young files for bankruptcy
 
Quote:

Originally Posted by Lalli25 (Post 4067988)
I get the system and the agents job but I'm just saying, about the only way to reduce this problem is the way contracts are structured. May he it would take the pro sport leagues changing the style but just pointing out we will continue to hear these stories more and more, which is sad.

There is a flaw in your thinking. These stories will continue no matter what you do. It not sad it is just life.

PageUSC 01-23-2014 12:16 PM

Re: Vince Young files for bankruptcy
 
Terrible. Just plain dumb you get that much $ and lose it all. No sympathy whatsoever from me.

usc1 01-23-2014 12:17 PM

Re: Vince Young files for bankruptcy
 
Pretty sure the NFL now puts on a required financial seminar for all the new rookies coming in.

Gamecock_Aholic 01-23-2014 12:22 PM

Re: Vince Young files for bankruptcy
 
his mental bills probably didn't help either.

Acockolypse Now 01-23-2014 01:25 PM

Re: Vince Young files for bankruptcy
 
0 sympathy. The Players Union has a full seminar for these guys on how to manage their money.

He didn't.

Gamecocks1137 01-23-2014 02:06 PM

Re: Vince Young files for bankruptcy
 
I saw this yesterday, honestly I don't care. If I could get paid millions of dollars to play the game I love, I could save money. Instead I have to work for a living making substantially less than what he earned and I still have money, because I save it.

Cock Kool-Aid 01-23-2014 02:39 PM

Re: Vince Young files for bankruptcy
 
This isn't just a sports problem. It's wasteful spending and it happens all over the world. Do you know what causes it? Being stupid AF. So, unless the entire world starts genetically modifying all human beings to not be stupid AF, there are always going to be people who can't manage money. Young can get himself a job as a fry cook at McDonalds, where the rest of the stupid AF people work, so the other stupid AF people have low quality, cheap, unhealthy food to eat to make sure that they live just long enough to produce 20 other stupid AF children before they die at a young age from being stupid AF.

Atleast he stimulated the economy and probably paid a few strippers' way through school. Kudos, Vince.


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