QB Vince Young is being forced to sell all his stuff

[Pacman Fever]

Police entered Vince Young’s home Monday morning to settle an old debt.

According to a report by KHOU Houston, police constables in Harris County, Texas, entered Young’s home to take an inventory of all his belongings and value them for auction. These items will be auctioned off by court order to settle a $1.7 million debt Young owes a company called Pro Player Funding.

Pro Player Funding gave Young a high-risk loan during the 2011 NFL lockout that Young then defaulted on. Young claims the company and his former financial adviser Ronnie Peoples duped him into taking out the loan. A court ruled in favor of Pro Player Funding, and Young has been disputing the judgment ever since.

The story is sad on a lot of levels. It’s sad Young couldn’t handle the rapid acquisition of wealth and couldn’t be more responsible with his money. It’s also sad people gave him bad advice and offered him high-risk loans he probably shouldn’t have been offered. Sad all around.

As part of the judgment, Young will be allowed to keep $60,000 worth of personal belongings, but the rest must be auctioned off to settle the debt.

http://ftw.usatoday.com/2013/07/vinc...uction-police/

[Yachtzee]

I have always felt it would be wise for college athletes to major or minor in business or finance, just so that they can have a better understanding of how to handle large sums of money properly. They'd probably still have to hire a money manager, but they'd at least be informed enough to recognize when they're being duped.

[dougdirt]

I have always felt it would be wise for college athletes to major or minor in business or finance, just so that they can have a better understanding of how to handle large sums of money properly. They'd probably still have to hire a money manager, but they'd at least be informed enough to recognize when they're being duped.

While there are certainly baseball players that go broke, fewer do than in the NFL or NBA. One of the reasons it is believed that it happens that way is that they have to actually learn how to manage money while in the minor leagues. While there are certainly the first or second rounders who get big money, most guys don't get those kinds of deals and they make about $800 a month in their first season or two, then get bumped up to maybe $2000 a month by the time they reach AAA. It gives you a better idea of how to truly manage money.

I still think it is insane that our education system doesn't have required finance classes starting in middle school.

[Spazzrico]

This thread is screaming for everyone to watch the ESPN 30 in 30 on athletes who go bankrupt. You get a better sense of how these people end up in the situations they do. Ignorance on money issues, people taking advantage, youth, stupidity. All are in play and it's quite interesting and sad.

[bucksfan2]

I was in a bar in Dallas last year on business. I got into a conversation with the bartender who said something to the extent of "Its a shame how they treated that boy in the NFL" It kinda shocked me that someone would be taking that stance toward Young but he was a legend in Texas. He should go back to Texas where he is pretty much loved. Elsewhere NFL fans think him of someone who liked to talk who could never back it up.

[medford]

While there are certainly baseball players that go broke, fewer do than in the NFL or NBA. One of the reasons it is believed that it happens that way is that they have to actually learn how to manage money while in the minor leagues. While there are certainly the first or second rounders who get big money, most guys don't get those kinds of deals and they make about $800 a month in their first season or two, then get bumped up to maybe $2000 a month by the time they reach AAA. It gives you a better idea of how to truly manage money.

I still think it is insane that our education system doesn't have required finance classes starting in middle school.

I think another benefit of minor league ball in that respect for the big bonus guys could be that they're primarily hanging around w/ guys who didn't get the big bonus check. You get drafted in the NFL, you get a sizable bonus and everyone on your team is making, at a miminum, 300k+ a year. Many of them are making a mil plus. In baseball, you're playing w/ guys making small potatoes by most everyone's standards, you can't get a bunch of guys on the team to go out to dinner every night, there is no pressure to get the bentley like everyone else, etc... Additionally, minor league guys are mostly forgotten, unrecognized to the average person. They tend to play in smaller cities, they are very mobile, and don't stay around long. In the NFL or NBA, if you make the team, you're often of abnormal size, so you stand out on the street, you tend to stay in the same city for several years in a row, making it easier to find tag alongs.

Its sad enough in the first place that Vince Young had to even take out a loan during the lock out. Its a shame the players ever find themselves in that situation as they should be stowing away money every day, so that even in the worst of situations, a guy like Vince Young should have a nest egg paying him 20k+ a month no matter if he plays football or not. (that's 10 mil at a 2.5% rate of return for those wondering how I got there, something vince Young's 1st deal and signing bonus should have been easily attainable by the time the lockout came around)

[Slyder]

I agree with those who say colleges and high schools should require a basic economics/accounting/etc course that sole purpose is teaching students to handle money, or at the very least have people on staff that can help those exploring the professional option to set up something to where they don't get into a situation like Vince Young.

Pay him to let him speak at the rookie symposium as a case study. I wonder does everyone think the individual NFL teams do enough to help orientate the rookies to the limelight?

[oneupper]

I wonder does everyone think the individual NFL teams do enough to help orientate the rookies to the limelight?

From what I read/seen, the league and the teams try. But a lot of these kids are too cocky/stubborn to listen.

[Revering4Blue]

I was in a bar in Dallas last year on business. I got into a conversation with the bartender who said something to the extent of "Its a shame how they treated that boy in the NFL" It kinda shocked me that someone would be taking that stance toward Young but he was a legend in Texas. He should go back to Texas where he is pretty much loved. Elsewhere NFL fans think him of someone who liked to talk who could never back it up.

Sure, there's no defense for his financial troubles, but that (no offense) is a ridiculous statement. How quickly we forget:

#Winning record as a starter.

#Two time Pro Bowler.

#Led his team to the National Championship, while losing out on the Heisman to a player who should have been ineligible in the first place.


I'm certain that he can help an NFL in some sort of role Wildcat role at the very least. Whether or not an NFL team will is another story, as they don't seem to think outside of the box offensively as well as their NCAA counterparts.

If Matt Leinart -- a FAR bigger bust from the same '06 draft -- can carry a clipboard, so can Young.

[bucksfan2]

Sure, there's no defense for his financial troubles, but that (no offense) is a ridiculous statement. How quickly we forget:

#Winning record as a starter.

#Two time Pro Bowler.

#Led his team to the National Championship, while losing out on the Heisman to a player who should have been ineligible in the first place.


I'm certain that he can help an NFL in some sort of role Wildcat role at the very least. Whether or not an NFL team will is another story, as they don't seem to think outside of the box offensively as well as their NCAA counterparts.

If Matt Leinart -- a FAR bigger bust from the same '06 draft -- can carry a clipboard, so can Young.

I don't care about what happened in college. He was a college legend and no one is going to take that away from him.

The last thing I remember about Vince Young was his proclamation that the Eagles were the dream team. That he had to take out a loan during the lockout. Being named to the Pro Bowl doesn't do anything for me. Andy Dalton has been a Pro Bowl QB. Vince Young had an impressive start to his NFL career but it tailed off quickly. Just for comparison, Tim Tebow has a winning record as a NFL QB.

[MWM]

I don't think any classes or education would have prevented any of this. I'm guessing Vince Young assumed he was going to be in the NFL a long time with a couple of big contracts coming down the road. Most of these guys have enormous egos and can't possibly see a scenario where he wasn't in the NFL. He'd probably have been fine if he were still collecting a check.

[Chip R]

I agree with those who say colleges and high schools should require a basic economics/accounting/etc course that sole purpose is teaching students to handle money, or at the very least have people on staff that can help those exploring the professional option to set up something to where they don't get into a situation like Vince Young.

You have to remember that a lot of these players don't have the basic math skills that they would need to understand these classes.

Even if they did, it still might not help them stay out of financial trouble. Look at the general public. How many normal people have declared bankruptcy? How many normal people have lived or are living beyond their means?

As those of you who have raised kids know, kids in their late teens early 20s think they are invincible. They don't think they are going to get hurt or get sick or die. The upper echelon of athletes at that age think the money's always going to be coming in. They will play till they are 40 and not get hurt and they will have a soft TV job waiting for them when they retire. No amount of classes or lecturing is going to make them think different.

Even the ones who listen and learn and believe they know what they are doing can have problems. If you hire the wrong people to take care of your money that can really set you back. If you are getting $10M a year and you have an accountant of financial advisor who is only making $40K a year, it has to be tempting for them to embezzle. If the athlete starts to ask questions, the financial person can always say it was a bad investment.

[sonny]

Laurence Funderburk leads a mission to teach young athletes the importance of financial responsibility. I think it might be just for nba players now, but would be a good thing to incorporate for all leagues.

[medford]

I think theres a lot of truth to the statement that they can preach it all they want, not everyone is going to listen. There is also an enourmous amount of pressure put on some of these guys to take care of "their family" once they hit it big. Its hard to say no to family, even harder once you've said once, that could have contributed.

An additional thought, its not neccessarily in the best interest of the owners to have all of these guys financial stable. Afterall, if you "kind of just 'like' the game" there's an awful lot of incentive to retire at the age of 28 w/ 10 mil in your back pocket and no need to do anything other than hire someone you trust to manage your money well (with your eye kept on what they're doing)