$26 Million Dollars Later, NFL QB Vince Young is Broke

How did he lose all that money?

From CBS Sports

Another athlete has joined the long list of sports stars who earned millions and then went broke.

A month after being released by his latest NFL team, the Buffalo Bills, former #3 pick in the NFL Draft Vince Young is reportedly broke.

Young, who once had a contract that guaranteed him $26 million, also had an endorsement deal with Reebok, Madden Video Game and the National Dairy Council for $30 million.

Read more at CBS Sports

ACROSS THE WEB
  • http://usabg.net/rsingleton Robert B. Singleton

    Money won’t solve your personal problem; money will show you what your problem is.

  • TheElleWoods

    I never understood why these athletes don’t get a financial advisor and be smart with their money. They continue to have many examples of how not to be when it comes to spending yet they don’t want to be wise. You would think they would invest, buy stock, etc. Money never last forever, that’s why you have to find way to make it reproduce.

  • Jaz

    Magic or Isiah need to help these young guys. Although, it really does not matter what his contracts were for it only matters how much he got. Football contracts can be crazy, big numbers with little payouts.

  • Adrian Khan (The Soca Warrior)

    Ya big dummy.

  • lisa

    I understand that the NFL and NBA (not sure of the others) have a rookie orientation program to help them navigate the “stardom” and big money of being a professional athlete. They have to tools, whether or not to utilize them is the responsibility of the athlete.

    • http://www.facebook.com/people/Jack-Pod/100003586712431 Jack Pod

      They hold financial management classes for the players that want to attend. Apparently Vince lost the memo from the NFL Office, or perhaps he cannot read. By the way, “where in the same hill” was his agent? I guess once they, the agents, get their cut of the contract they throw the player under the bus. Surely Vince’s agent knew that he needed some basic training in financial management. Perhaps his agent tried to help him but Vince rejected any assistance. What a big dummy.

  • Kopperhead

    As soon as the checks cleared in his bank accounts, his Mama and his Uncles, Aunts and Cousins where all getting a slice. Vince tried to take care of his hood while trying to live the ‘baller” life himself. He “bought up the bar” with Patron and other expensive beverages, and he was known to spend thousands in strip clubs.

    Oh well, I hear Walmart is hiring.

  • OlayinkaFab

    Getting the RIGHT financial advisor and paying attention to your own money is what a lot of athlete’s don’t do. Many of these black male athletes are coming from single parent homes where they have struggled most of their lives and may not have any sense of value or understanding of finances because they have never had to be responsible for anything. If Vince let his uncle who had no financial management experience, manage his money, it’s clear that he is trusting and a bit ignorant. Add in frivolous spending habits and hangers on and the dwindling pockets are inevitable. It should be a requirement for athletes to complete a money management course before signing on the dotted line but that would be too much like right. Throw in shady agents and their “friends” who do this or that and they’re really screwed. Common sense is not that common and you take some kid and hand him $26 million and say enjoy your life but spend it all. A fool and his money will always part.