Crimson Red Sports

We have heard about his problems before, but now they are really getting bad. How can anyone be this stupid?




http://msn.foxsports.com/nfl/story/vince-young-ordered-to-auction-possessions-to-settle-debt-072513


 :facepalm:

He has the commonly known disease as "Stupid is as stupid does", which is quite common with ex-NFL players.  :think:

Oh brother.

 :facepalm: :facepalm:

From $26 million to $60,000 in possessions. You have to feel a slight tinge of sympathy for such a fool. How long before we hear he is homeless or drug addicted or in jail, or all three?



 :dunno:

How can a person spend this amount of money and not have assets like homes, cars and boats. He must has spent a lot of money and made some terrible investments. It amazes me how often this happens to athletes and lottery winners (people who did not earn their money the old fashion way).

It says "personal property."  Legally, real estate, houses, are not considered "personal property," but "real property," so he might own a house or two, some land.  You would hope he didn't blow all his money.

In Texas, someone can file bankruptcy and keep a house as a primary residence, with unlimited value, a retirement account of unlimited value...  Texas and Florida have very generous exemptions.  In Alabama, for example, I think the residence value one can keep is about $5K, one of the lowest in the country.

I have always been fascinated by that, too. How does a guy make $75 million in his career, but have nothing to show for it 5 years after he retires? This is very true in the NBA. He will have a house with a huge mortgage with almost no equity in it, cars which are not paid for, and owe $10 million in loans from a bank. Where did all the money go? Plus, you never hear about some investment which went bad, the money just disappeared.


 ???

I really don't know what to say other than this another point of a great athlete that the school played the no child left behind ploy. Texas didn't didn't teach him anything. Lordy, I never seen such ignorance. RTR!

Really?  Allow me to introduce you to some that is even more ignorant.  His name is Mike Tyson.

(http://www.yourblackworld.net/wp-content/uploads/2013/04/30/mike-tyson.jpeg)

In August 2003, after years of financial struggles, Tyson finally filed for bankruptcy. (http://en.wikipedia.org/wiki/Mike_Tyson)  This after an estimated earnings of between $300-400 million.

In fairness to Iron Mike, I'm guessing most of that money went straight to Don King and he never saw it.  They probably gave him a couple hundred bucks every once in a while so he could take care of his pigeons.

Yep, these guys pay a lot of "handling fees." 

There's one enrolled at the U of A right now that signed for a lot of money, I wonder how much of it he has left. Fun and toys seem much higher on the priority list of these players and explayers than planning for the future.  :duh:

I wonder why some NFL/NBA owners don't require their players to place say 10% of their base salary in some type of money fund which can not be touched until they are 40. It could be in their contracts to require this.


 ???

Hey NALT and guys I didn't think about Mike because he don't play football. Did he even go to college? I can remember anywhere he went, I may be the ignorant one now. RTR!