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Old 01-23-2014, 03:17 AM   #1
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Default Vince Young files for bankruptcy

http://espn.go.com/nfl/story/_/id/10...les-bankruptcy
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Old 01-23-2014, 09:15 AM   #2
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Default 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.
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Old 01-23-2014, 09:36 AM   #3
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Default Re: Vince Young files for bankruptcy

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Originally Posted by Lalli25 View Post
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.
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Old 01-23-2014, 11:07 AM   #4
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Default Re: Vince Young files for bankruptcy

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Originally Posted by Lalli25 View Post
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.
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Old 01-23-2014, 11:11 AM   #5
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Default Re: Vince Young files for bankruptcy

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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.
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Old 01-23-2014, 02:54 PM   #6
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Default Re: Vince Young files for bankruptcy

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Originally Posted by Gamecock_Aholic View Post
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.
I mean, it is not completely his fault though. Did he make a bunch of dumb purchases? Probably, that's the culture, that's the world we live in. But honestly, what do expect from a kid that had nothing and now has MILLIONS and MILLIONS of dollars? He was a "franchise" QB, and probably thought he was going to be making millions of dollars for the next 15 years. He got in over his head and nobody stepped in. Nobody. His agent, his teams, the NFL, they should all be held somewhat accountable as well. They all made plenty of money of the kid, and none of them are hurting.
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Old 01-23-2014, 03:28 PM   #7
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Default Re: Vince Young files for bankruptcy

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Originally Posted by black_magic85 View Post
I mean, it is not completely his fault though. Did he make a bunch of dumb purchases? Probably, that's the culture, that's the world we live in. But honestly, what do expect from a kid that had nothing and now has MILLIONS and MILLIONS of dollars? He was a "franchise" QB, and probably thought he was going to be making millions of dollars for the next 15 years. He got in over his head and nobody stepped in. Nobody. His agent, his teams, the NFL, they should all be held somewhat accountable as well. They all made plenty of money of the kid, and none of them are hurting.
I'm picking up what you're putting down. But I stopped reading after the first couple sentences because it is, in fact, entirely his fault.
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Old 01-23-2014, 03:33 PM   #8
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Default Re: Vince Young files for bankruptcy

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Originally Posted by black_magic85 View Post
I mean, it is not completely his fault though. Did he make a bunch of dumb purchases? Probably, that's the culture, that's the world we live in. But honestly, what do expect from a kid that had nothing and now has MILLIONS and MILLIONS of dollars? He was a "franchise" QB, and probably thought he was going to be making millions of dollars for the next 15 years. He got in over his head and nobody stepped in. Nobody. His agent, his teams, the NFL, they should all be held somewhat accountable as well. They all made plenty of money of the kid, and none of them are hurting.
That's such a load of crap.

If he worked in a factory would that same senario be true?
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Old 01-23-2014, 11:16 AM   #9
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Default Re: Vince Young files for bankruptcy

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Originally Posted by Lalli25 View Post
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
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Old 01-23-2014, 11:18 AM   #10
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Default Re: Vince Young files for bankruptcy

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Originally Posted by ShutTheSuccop View Post
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.
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Old 01-23-2014, 02:49 PM   #11
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Default Re: Vince Young files for bankruptcy

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Originally Posted by Lalli25 View Post
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.
I kind of agree with this, but it shouldn't be the agents. This should be something done by the NFL. They are making so much money off of the players, these executives are set for life, while a lot of players are broke after their playing days are done. EVERY rookie should have to take mandatory financial classes. They should be taught how to invest their money wisely for the long run. They should be made aware of what the wrong purchases are as well. I bet it would keep a lot of players out of trouble off the field as well. If you don't attend? Simple, you don't play and you pay a fine. They should also make it a stipulation in EVERY contract, 3% of each pay check go into a savings account that cannot be touched until after you have officially retired for good. It's just further proof that the NFL doesn't care about its players health or finances. I don't know, just my thoughts. GO COCKS!
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Old 01-23-2014, 09:21 AM   #12
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Default 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.
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Old 01-23-2014, 10:50 AM   #13
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Default Re: Vince Young files for bankruptcy

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Originally Posted by cockinraleigh View Post
He's an adult. It's not the agents fault.
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Originally Posted by Sir Cuss View Post
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.
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Old 01-23-2014, 12:14 PM   #14
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Default Re: Vince Young files for bankruptcy

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Originally Posted by Lalli25 View Post
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.
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Old 01-23-2014, 09:58 AM   #15
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Default Re: Vince Young files for bankruptcy

Another example of you can't fix stupid.
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Old 01-23-2014, 09:59 AM   #16
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Default Re: Vince Young files for bankruptcy

He scored a 6 on his Wonderlic. Should have been a warning.
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Old 01-23-2014, 05:58 PM   #17
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Default Re: Vince Young files for bankruptcy

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He scored a 6 on his Wonderlic. Should have been a warning.
This. I mean, you can be physically an adult but you don't necessarily gain maturity with age. I mean it is not like just become a wise spender over a few years when you have no EXPERIENCE with handling money. That is what is important, they don't have money growing up, then all of a sudden they have literally more than they know what to do with.


Do these guys not have financial advisors or did they just ignore their advice? These players NEED financial advisors and the NFL should have their teams employ them these guys for the players. Put that in the contracts.
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Old 01-23-2014, 10:00 AM   #18
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Default Re: Vince Young files for bankruptcy

I'll trade you these TEN one dollar bills for that ONE twenty dollar bill you have.
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Old 01-23-2014, 12:13 PM   #19
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Default 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.
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Old 01-23-2014, 12:16 PM   #20
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Default Re: Vince Young files for bankruptcy

Terrible. Just plain dumb you get that much $ and lose it all. No sympathy whatsoever from me.
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