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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, 09:21 AM   #3
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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, 09:36 AM   #4
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Default Re: Vince Young files for bankruptcy

Quote:
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, 09:58 AM   #5
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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   #6
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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, 10:00 AM   #7
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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, 10:50 AM   #8
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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, 11:07 AM   #9
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Default Re: Vince Young files for bankruptcy

Quote:
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   #10
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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.
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, 11:16 AM   #11
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Default Re: Vince Young files for bankruptcy

Quote:
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   #12
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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, 12:13 PM   #13
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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, 12:14 PM   #14
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Default Re: Vince Young files for bankruptcy

Quote:
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, 12:16 PM   #15
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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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Old 01-23-2014, 12:17 PM   #16
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Default Re: Vince Young files for bankruptcy

Pretty sure the NFL now puts on a required financial seminar for all the new rookies coming in.
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Old 01-23-2014, 12:22 PM   #17
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Default Re: Vince Young files for bankruptcy

his mental bills probably didn't help either.
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Old 01-23-2014, 01:25 PM   #18
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Default 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.
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Old 01-23-2014, 02:06 PM   #19
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Default 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.
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Old 01-23-2014, 02:39 PM   #20
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Default 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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