Vince Young out of the game and out of money

Post #1 » by **HMFFL** » Wed Sep 19, 2012 4:38 pm

Six years after entering the NFL as the third player taken in the draft, Vince Young finds himself without a team and with just a fraction of the money he received from a contract that guaranteed him $26 million.

The question is, where did it all go?

In an increasingly caustic war of words, attorneys have been arguing for months over whether Young is an out-of-control spender who put himself deeply in the hole or simply a victim of inexperienced advisers, one of whom was his own uncle.

Either way, the quarterback whose future seemed unlimited after he led Texas to a Rose Bowl victory in 2006 is now back home in Houston and in a tenuous financial condition.

''I would just say that Vince needs a job,'' said Trey Dolezal, Young's attorney, when asked to give a general assessment of his client's finances. http://sports.yahoo.com/news/qb-young-g ... --nfl.html

LAKESHOW · Post #2 » by **LAKESHOW** » Wed Sep 19, 2012 6:03 pm

I dont think hes broke. He still has monies and assets. But this is a lesson that is often spoke of. Just get 1 house and 1 car. Monies should be saved or invested in a way that can be spread in monthly allotments after one retires or leaves the game. Like a monthly retirement check, which can easily be done if your talkin 26 million that he received. And then lastly, you gotta re-invent yourself. Not the football playing lavish spender. But a police officer, real-estate broker, football coach, educational counselor, collegiate or high school administrator...somethin like that.

Post #3 » by **Nolan** » Wed Sep 19, 2012 7:43 pm

If its true I can't say i'm suprised. He doesn't seem like the most financially responsible dude out there.

Post #4 » by **Da Schwab** » Wed Sep 19, 2012 9:37 pm

They did a story like this on one of the local Jacksonville affiliates about Mark Brunell a couple months back. Apparently Brunell lost about $30 million in bad investments (new businesses, real estate, etc.) and ended up filing for bankruptcy and getting an actual 9-5, even though he was a backup with the Jets up through last season.

He sells medical supplies around the city now, but he's still well off. My roommate and a good friend of mine work for a water sports store in town and they say Brunell comes in regularly and buys thousands of dollars worth of wakeboarding and windsurfing equipment. They've also made deliveries to his house, so I guess he never ended up having to give that away.

Post #5 » by **Icness** » Thu Sep 20, 2012 1:21 pm

Brunell got some money back as part of a settlement against one of the developers on a failed venture. Not sure the exact amount but it was six figures. He took a bath on the AVP tour, among other things.

Young reportedly had 17 cars in his name at one point. I sort of feel bad for him because it can be real hard to say no, but at some point it just becomes ridiculous. Did anyone not see the Behind The Music on Hammer?!

trwi7 · Post #6 » by **trwi7** » Thu Sep 20, 2012 3:15 pm

You feel bad for a guy who had 17 cars and is now out of money?

Post #7 » by **Icness** » Thu Sep 20, 2012 5:52 pm

trwi7 wrote:You feel bad for a guy who had 17 cars and is now out of money?

Some of his issue was his agent and business manager (two separate people) both took money from him. He had people going behind his back and over his head with a lot of his money and Vince wasn't smart enough or savvy enough to figure it out until it was too late. Sort of like how he played QB...

reeDfense · Post #8 » by **reeDfense** » Fri Sep 21, 2012 1:47 am

Icness wrote:
trwi7 wrote:You feel bad for a guy who had 17 cars and is now out of money?

Some of his issue was his agent and business manager (two separate people) both took money from him. He had people going behind his back and over his head with a lot of his money and Vince wasn't smart enough or savvy enough to figure it out until it was too late. Sort of like how he played QB...

Rude much? he is a professional athlete not a fricken finance expert....i personally think its sad..people are always quick to crucify pro ahtletes when they get into financial toruble...if he truly was taken advantage of..its not different from someone pinching off theire grandmas SS every month.....some people trust others way too much.

Ong_dynasty · Post #9 » by **Ong_dynasty** » Fri Sep 21, 2012 7:49 am

^^^
You do not need to be a finance grad to have financial responsibility.
What ever happened to accountability?

Anyways, biggest problem with the likes of athletes like VY is, he was coming off pro-bowl seasons / expected to have a long career to basically no income. Him having 17 cars, while extravaggant would have been fine if he had a the long NFL Starting QB career he expected. That I accept is hard to plan for.

Post #10 » by **sunshinekids99** » Fri Sep 21, 2012 12:00 pm

Icness wrote:
trwi7 wrote:You feel bad for a guy who had 17 cars and is now out of money?

Some of his issue was his agent and business manager (two separate people) both took money from him. He had people going behind his back and over his head with a lot of his money and Vince wasn't smart enough or savvy enough to figure it out until it was too late. Sort of like how he played QB...

I thought I read somewhere that one of the people, I'm assuming the business manager was his uncle?

Post #11 » by **HMFFL** » Fri Sep 21, 2012 1:52 pm

sunshinekids99 wrote:
Icness wrote:
trwi7 wrote:You feel bad for a guy who had 17 cars and is now out of money?

Some of his issue was his agent and business manager (two separate people) both took money from him. He had people going behind his back and over his head with a lot of his money and Vince wasn't smart enough or savvy enough to figure it out until it was too late. Sort of like how he played QB...

I thought I read somewhere that one of the people, I'm assuming the business manager was his uncle?

The article says that.

I'm with Icness here. Vince Young probably obviously spent freely, but he most likely thought his investments would cover him, and he was probably being assured that it was the case. I hope he focuses on his career, gets his life back in order, and plays again.

LAKESHOW · Post #12 » by **LAKESHOW** » Fri Sep 21, 2012 2:32 pm

I always thought Vince Young would be a helluva defensive end, jason pierre-paul type. osi youmenuria type.

trwi7 · Post #13 » by **trwi7** » Fri Sep 21, 2012 10:41 pm

sunshinekids99 wrote:
Icness wrote:
trwi7 wrote:You feel bad for a guy who had 17 cars and is now out of money?

Some of his issue was his agent and business manager (two separate people) both took money from him. He had people going behind his back and over his head with a lot of his money and Vince wasn't smart enough or savvy enough to figure it out until it was too late. Sort of like how he played QB...

I thought I read somewhere that one of the people, I'm assuming the business manager was his uncle?

And I'm guessing he was unqualified for that position. Sorry, no sympathy from me.

sharonz · Post #14 » by **sharonz** » Mon Sep 24, 2012 7:04 am

what u said were meaningful!!

Post #15 » by **Rooster** » Tue Sep 25, 2012 4:35 am

LAKESHOW wrote:I dont think hes broke. He still has monies and assets. But this is a lesson that is often spoke of. Just get 1 house and 1 car. Monies should be saved or invested in a way that can be spread in monthly allotments after one retires or leaves the game. Like a monthly retirement check, which can easily be done if your talkin 26 million that he received. And then lastly, you gotta re-invent yourself. Not the football playing lavish spender. But a police officer, real-estate broker, football coach, educational counselor, collegiate or high school administrator...somethin like that.

This is in no way a defence of VY or any of his advisors but it's not very accurate when people (there's a commenter in the article too) think he was somehow given this money all up front as a lump sum tax-free. While he certainly made a ton of money, he never just had $26M to sock in the bank.

Hope the litigation discovers the truth, whatever that is, and hope these people can move on. Shame VY and his uncle now have an irreparably damaged relationship no matter what happens.

High 5 · Post #16 » by **High 5** » Tue Sep 25, 2012 7:49 am

Maybe he could be a referee.

AdamTheGreek · Post #17 » by **AdamTheGreek** » Tue Sep 25, 2012 12:42 pm

No sympathy for this bum.

The Gibbet · Post #18 » by **The Gibbet** » Wed Sep 26, 2012 5:26 am

Ong_dynasty wrote:Anyways, biggest problem with the likes of athletes like VY is, he was coming off pro-bowl seasons / expected to have a long career to basically no income. Him having 17 cars, while extravaggant would have been fine if he had a the long NFL Starting QB career he expected. That I accept is hard to plan for.

Nah man, if Vince Young had gotten another big contract, he'd just have ended up with 34 cars instead of 17. He was doomed to overspend no matter what. You see it all the time with guys like Antoine Walker or Allen Iverson. They made over $100M and still went broke. They simply don't know any better.

Carson Palmer on the other hand threatened to retire from the Bengals when he wanted a trade, knowing he could follow through because he had saved most of the 80M he had made.

It just comes down to many professional athletes coming from backgrounds that offer very little guidance in the way of managing money. For instance, when you sign a contract for 24 million dollars like Young, you're going to lose about 40% of that to the government. But the bill doesn't come till the end of the year. So you spend 100% of what you make (which you shouldnt do anyway), but then you find out you really only had 60% to spend at most.

I mean a lot of these guys simply come from a world where flash is status. Gold chains and car collections and grills and flaunting money and wasting money is considered bein a "boss." That's what they saw on TV growing up. It's no different than how you hear about athletes getting involved in fights/robberies by shady characters outside of seedy clubs at 3 in the morning. And you think "You're rich, why the hell are you still hangin out in the ghetto!" But that's what they know. They never saw a golf course growing up, they probably weren't exposed to the fine art of home decor, or any other such "white people" habits that would occupy their free time. They were exposed to runnin around, mixing it up, getting into confrontations of pride or whatever. So even when they're rich, that's still what they wanna do. Pacman Jones was never going to be sitting in a recliner, sipping tea and looking through his investment portfolio. He was destined to be shooting up strip clubs. He'd have been doing it whether he made a million dollars or not. That's just how it is.

Vince Young was GOING to go broke. No matter how much he ended up making, his spending still would have exceeded it.

BossHoggin · Post #19 » by **BossHoggin** » Thu Sep 27, 2012 5:53 pm

reeDfense wrote:
Icness wrote:
trwi7 wrote:You feel bad for a guy who had 17 cars and is now out of money?

Some of his issue was his agent and business manager (two separate people) both took money from him. He had people going behind his back and over his head with a lot of his money and Vince wasn't smart enough or savvy enough to figure it out until it was too late. Sort of like how he played QB...

Rude much? he is a professional athlete not a fricken finance expert....i personally think its sad..people are always quick to crucify pro ahtletes when they get into financial toruble...if he truly was taken advantage of..its not different from someone pinching off theire grandmas SS every month.....some people trust others way too much.

Vince Young deserves ridicule. Sometimes people are just not smart.