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 Vince Young and the tragedy of the Lotto Winner

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TheMagnus
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PostSubject: Vince Young and the tragedy of the Lotto Winner   Wed Feb 13, 2013 2:29 pm

Quote :

Even with the $26 million in guaranteed money Young received from the contract he signed with the Tennessee Titans in 2006 , the quarterback was in a financial bind after five seasons in the NFL, according to Peoples. Asked to describe Young's financial situation in May 2011, Peoples replied: ''Not good.''

Peoples said Young's monthly expenses were unpredictable, sometimes running as high as $200,000.

''It's almost like I can have a $30,000 budget that I know we had to pay here, but then, you know, I get an invoice for a Ferrari that he just bought for $176,000, and they want their money,'' he testified.

Dolezal said it's possible Young was on shaky financial ground in 2011 and just didn't know it.

''The fact is we don't have documentation to show where about $5 to $7 million is,'' he said.

Young has filed a lawsuit in Houston in which he claims Peoples and his former agent, Major Adams, misappropriated $5.5 million. The suit, filed five days after the Pro Player loan went into default, also asserts that the loan was another scheme to defraud the quarterback.

http://sports.yahoo.com/blogs/nfl-shutdown-corner/did-vince-young-loan-300-000-party-former-215607296--nfl.html

It is stunning how often this same story gets repeated, athletes that have made litterally 10's, sometimes 100's of millions (A.I. made over $200 Million during his NBA career) and within a year or two of losing their revenue stream they are broke, sometimes even sooner. A lot of people just blame the excess and lifestyle of the dumb athletes, but the fact that they become prey for people looking to steal everything they can get has to be acknowleged.

Truth be told giving a lot of these players millions of dollars before they are even legal drinking age is akin to handing a child a loaded hand gun, showing him what it can do by blowing holes in some stuff, and then introducing him to a bunch of mafia goons, you can almost guarantee that no good is going to come from the situation. People are going to get hurt, lives ruined, and when it becomes time for the child to become a man and face the rest of his life he will likely do so at a greater dissadvantage than if he had never had the "opportunites" at all.

Next thing you know they are doing Celebrity Boxing to earn some cash between jobs as a construction worker and trying figure out a way to compete with guys half their age in a sport that kicked them to the curb years ago.

It is truly a tragedy, as the good Sir William defined, and well they would do to head (or perhaps even just read) the words of Polonius....


"And these few precepts in thy memory
See thou character. Give thy thoughts no tongue,
Nor any unproportioned thought his act.
Be thou familiar, but by no means vulgar.
Those friends thou hast, and their adoption tried,
Grapple them to thy soul with hoops of steel;
But do not dull thy palm with entertainment
Of each new-hatch'd, unfledged comrade.
...
Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
This above all: to thine ownself be true,
And it must follow, as the night the day,
Thou canst not then be false to any man."


-Hamlet, William Shakespear
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PostSubject: Re: Vince Young and the tragedy of the Lotto Winner   Wed Feb 13, 2013 2:44 pm

This may sounds cold, and there is small amount of validity to this being a "tragedy", but honestly, I don't have any sympathy. I work in a world where I help people who are truly in need, people scraping by, people living paycheck to paycheck (and that is rarely enough to get by on). I myself have never been "well off", although I certainly am better off than some. ...... so the idea that people are somehow victims of their own stupidity & that they are being taken advantage of doesn't sit well with me.

These are often times guys that went to college, and at the very least finished high school. If they can't figure out the simple math that is takes to live on millions of dollars, I can't feel bad for them. I will simply welcome them to the real world, where they have to work every day at a job that may not be great, making less than they feel they are worth, and hoping they can provide for the one's they love.

.... hope that wasn't too "real world" and not enough "sport" to fit into our forum. Smile
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PostSubject: Re: Vince Young and the tragedy of the Lotto Winner   Wed Feb 13, 2013 10:22 pm

zero24gravity wrote:
This may sounds cold, and there is small amount of validity to this being a "tragedy", but honestly, I don't have any sympathy. I work in a world where I help people who are truly in need, people scraping by, people living paycheck to paycheck (and that is rarely enough to get by on). I myself have never been "well off", although I certainly am better off than some. ...... so the idea that people are somehow victims of their own stupidity & that they are being taken advantage of doesn't sit well with me.

These are often times guys that went to college, and at the very least finished high school. If they can't figure out the simple math that is takes to live on millions of dollars, I can't feel bad for them. I will simply welcome them to the real world, where they have to work every day at a job that may not be great, making less than they feel they are worth, and hoping they can provide for the one's they love.

.... hope that wasn't too "real world" and not enough "sport" to fit into our forum. Smile

Well that is the true Shakespearean tragedy right? I mean the fact is that the guys that live this scenario are the same guys that if they didn't have their extreme talent (or didn't realize it) would be sitting in front of you. But they have greatness, they are given everything, but they also have the fatal flaw, which, as you indicated, ends up putting them right back there anyways.

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PostSubject: Re: Vince Young and the tragedy of the Lotto Winner   Thu Feb 14, 2013 2:00 am

I have NO sympathy at all for athletes. My wife and I hit 75K this year and that has been our highest income of our lives. When we first got married 10 years ago we brought home a cool 19 thousand dollars.

We have busted our asses for the last 10 years with work and furthering our education to get to 75 thousand a year. We both put in around 50 hours a week at work and support 4 kids on that income.

And 75k is a lot of money to the average blue collar person. Most americans survive on 30-50 thousand a year.

So yeah I have no tears for someone handed more for one season than I will make in my entire lifetime. I don't care how hard of a worker they seem to be, they are paid an outrageous amount of money because they are good at running, jumping or throwing a ball.

I don't begrudge them for the amount they are making, because it's what the market pays, but I damn sure don't want to hear about how I should feel sorry for them because they are too stupid to hire a financial advisory and set up checks and balances to make sure their money is being handled appropriately.

I don't want to hear about the pitfalls of handing someone that comes from poverty a lot of money either. I grew up in Oak Cliff in Dallas. That's a rougher, more poverty stricken part of town than 90% of pro athletes come from. We were on food stamps my entire childhood and our Christmas and birthday gifts came used from a pawnshop.

I saw that my parents were very hard workers and I learned the value of money. If anything it made me not want to spend money. When I graduated high school and was looking to move out I went to find an apartment and I could afford about twice the amount for rent then I ended up paying, I just couldn't bring myself to spend more, because money was always such a big issue in my family. I ended up with about $26,000 in my savings account by the time I was 25. Not because I purposely saved a lot of money, but because I always cashed my check and paid my bills and deposited the rest.

When I realized I had that much money I was afraid to tell anyone about it, because I didn't want anyone hitting me up for loans. So I put it in a low yield investment that I couldn't touch for a couple of years. When I did finally get married I paid cash for my first house. I wasn't really very money savy, because we never had much as a kid for me to learn about. I was cheap, and only spent what I had to to get by.

So yeah long boring story, but I just don't feel bad for guys spending millions on cars and jewelry and spending $60 thousand in a strip club and then crying about not being able to feed their kids. The fact is you have a pretty low character in the first place to treat something as fluid as money like its toilet paper.

You have guys like Hayward that uses his first big million+ payday to buy a Honda, that he still has by the way. Then you have guys like my man Dez Bryant (who I love by the way) blowing through his entire rookie signing bonus on cars and chains and being sued for 1 million dollars by a FN jeweler, for not paying for merchandise.

The difference is Hayward was raised right, by parents that have his best interest in mind, While Dez was raised by a crackhead, hooker that sees him as a meal ticket.

Dez is kind of an extreme example though. Most guys have decent families, and are just too caught up in being a baller and are completely stupid. Those guys I don't feel the least bit sorry for!

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PostSubject: Re: Vince Young and the tragedy of the Lotto Winner   Thu Feb 14, 2013 3:00 pm

Romo, your background actually sounds familiar to mine. Except I'm still trying to find a way to get rich like you and hit $75K! Wink I work, my wife works, and we have an up & coming home business that takes up our weekends.
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