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Vince Young, former first rounder with $26 million contract... now is broke/jobless

I think Antoine Walker blew his $100 million+ fortune, and was having to share an apartment with a NBA D-League player at Idaho Stampede last year:
"He lives south of the city, in a generic complex of drab buildings where men take the trash out in their pajamas, old women walk small dogs in slow circles and a newsletter admonishes residents to "PLEASE dispose of cigarette butts properly."

After a second knock on the door, and a two-minute wait, there is the sound of movement in the ground-floor, two-bedroom apartment, outside of which two yellowed phone books are stacked like ancient, withered paperweights. Finally, the door opens a crack, but whoever opened it retreats quickly to one of the bedrooms.

The air is thick with the smell of smoke. The blinds are drawn. A lighter sits on the coffee table, next to a giant jug of Crystal Geyser water. Unlit incense sticks are nearby. On the TV a game of NBA 2K12 is paused in the second quarter-the Pacers versus the Spurs. There is a large box of Cheez-Its on the floor and bagged-up cartons of Kentucky Fried Chicken in the corner. Boxes of Corn Pops and Cap'n Crunch line the top of the refrigerator.

In five hours Walker will take the court for the Idaho Stampede of the NBA's Development League. For now he has agreed to talk about how and why he came to be here-a three-time All-Star living in a $915-a-month apartment he shares with reserve guard Chris Davis, and playing for a salary of less than $25,000. He has no car, subsists mainly on cold cuts and fast food and plays in front of crowds as small as 155."

...

"At 34, Walker should have been in the final years of his NBA prime. Sure, he'd fallen on hard times, declaring personal bankruptcy in May 2010 after blowing the $110 million he made as a player (as well as the unspecified millions he landed in endorsements) due to a lavish lifestyle, a series of disastrous real estate deals, sizeable gambling losses and well-intentioned largesse-at one point he reportedly had between 30 and 70 friends and family members on his payroll. Most players of his stature looking for a payday head overseas, where they can earn seven-figure salaries. But Walker was choosing the NBADL, a place for young dreamers, never-weres and never-will-bes. The league's average age hovers around 25, and the average NBA experience is 33 games. "He's got some balls, you have to give him that," Spurs coach Gregg Popovich told SI recently. "A lot of people, their pride wouldn't allow them to do something like that."

...

"Walker's fall began a year after the championship, when the Heat traded him to the lottery-bound Timberwolves, who in turn shipped him to the Grizzlies, then one of the worst teams in the league. It was no place for a vet. Walker accepted a buyout in December 2008 and, at 32, left the league. A year later, in 2009, he was charged with a DUI. That same year, the Red Rock, Caesars Palace and Planet Hollywood casinos in Vegas filed a complaint after Walker passed bad checks and unsuccessfully tried to bargain for what he calls a "discount" on his gambling losses. Walker pleaded guilty to felony bad check charges and is currently on probation and saddled with a non-interest-bearing debt of roughly $770,000, which he likens to a "student loan or a house note."

To get back in the clear, all he needs is one more one-year NBA contract, but that appears highly unlikely. Ask G.M.'s, coaches and front-office execs about Walker, and they will tell you that he isn't on their radar. He's not a role player, not young enough, not a defender. They worry about his effect on the locker room, about the example he might set. "Let me put it this way," says one Western Conference executive, "if you have the pick of the bunch and could get Ryan Bowen, who was always a model teammate, or Antoine Walker, which one would you take?"

His current teammates and coaches are kinder. To a man, they say they like Walker. He is described as "99% good" and possessing, according to assistant Joel Abelson, "the best basketball IQ in the D-League by far." But they also worry about him. "This is a safe haven for Toine right now," says Livingston, his coach. "When you're done here, no one's going to care that you're an All-Star." Livingston would know. Once considered the best high school point guard in the country, he suffered a run of injuries and became one of the most acclaimed grinders in NBA history, playing for 10 teams in 11 years and setting a record with 19 call-ups from the D-League. The Stampede players now live their days hoping for that call. They invoke the story of Jeremy Lin and other less renowned cases of 10-day guys who hit pay dirt, the guaranteed contract. "There are a hundred Jeremy Lins in the league," Livingston says. "They just need a shot."

Walker is not one of them, though. Livingston instead sees a man adrift. "I keep telling Toine that you need an exit strategy," the coach continues, "but he can't do anything till he gets that paper. He has one and a half years left for graduation. He could have been doing that these last two years, but he hasn't." Stampede guard Tony Bobbitt, the former Cincinnati sharpshooter who once played two games with the Lakers, is sitting nearby and chimes in. "Hey, man, we all make mistakes," he says. "People don't understand that with athletes, a lot of us have big hearts, and people take advantage of that. How would you feel if you lost $100 million? Think about that."


http://sportsillustrated.cnn.com/vault/article/magazine/MAG1195981/1/index.htm
Look at Lenny Dykstra, who was some sort of stock market trader after his career with the New York Mets, but eventually lost everything when stock market ponzi collapsed in 2008.

Probably could say same thing about a lot of dot bomb millionaires who wasted away their good fortune for whatever reason, vs. I remember reading article long time ago about how already rich families have successfully transferred and maintained wealth from generation to generation by investing in an income producing and appreciating asset such as a wine vineyard.

I believe golfer Greg Norman and former NBA player Yao Ming now own their own vineyards, too.
 
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Spend your own money, and stop paying people to spend it for you. Simple? Yes.

What's wrong with living within their means for these guys?
 
After taxes, agent, manager, etc, $26 million is maybe $12 million. Going through $12 million in 6 years is easy, that's barely enough for hookers and blow and maybe a couple of Bentleys.
 
After taxes, agent, manager, etc, $26 million is maybe $12 million. Going through $12 million in 6 years is easy, that's barely enough for hookers and blow and maybe a couple of Bentleys.

That should make them more careful then.

Honestly, they need to pay these guys average American salaries or when they're not playing a game, working in NFL facilities 8 hours a day, or when not practicing.

I bet all this reckless living changes...
 
My wife worked for the Houston Rockets during his rookie year in the NFL. She was in charge of about 250 employees that managed gates, concessions, floor, elevators and other various positions.

One weekend Vince Young showed up with a huge entourage and paid for courtside seats for himself and all his friends. A UT alum noticed him and was very eager to be seated close to him. He got a staff member to bring him the nicest bottle of champagne they had. Somewhere in the neighborhood of $300. The proud Texas alum went up to Vince and told him a how big of a fan he was and that he just wanted to buy him a drink. Vince took the bottle, handed it to his buddies, and told the guy "Thanks, but I only drink Cristal." Then turned back to his friends. The alum was taken back and dumbstruck.

She said he was incredibly rude to all her staff too.

Lol, sounds about right.
 
I think I remember reading that his Philadelphia Eagles teammates didn't like him either.

Throwing the ball high over the middle so his wide receivers were vulnerable to nasty hits if they reach up to catch his high passes probably didn't help either...
 
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Seriously? Even assuming he only got $12 million, I could live very comfortably for a very long time on $12 million.

With a meager interest rate and some conservative investing, I'd be juuuuust fine.
 
Zero sympathy for rich people who go broke. That's just stupid.


This.


Happens all the time with athletes. And Vince wasn't even a good college QB. Just because he was big and could run people thought he was the next M. Vick (without the dog thing).

Don't worry our taxes will pay his welfare soon enough.
 
After taxes, agent, manager, etc, $26 million is maybe $12 million. Going through $12 million in 6 years is easy, that's barely enough for hookers and blow and maybe a couple of Bentleys.

Hummm, I think he would get more than that.

Federal income tax max out around 35% (per Forbes), agent fee max out at 3% (per CBS News), manager fee would be about 3%, let say others are 4%. He should get at least about $13 million. Don't forget about other endorsements he got when he was at the top.

I think the bottom line is athletics believe those fat checks would continue forever but in reality, an average playing career would be about 5 years or less.
 
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Yet every pro league holds mandatory sessions for rookies on how to be smart with their money. The ones who end up broke must think they are smarter than everyone else.

On a related note, I'd love to know the stats of how many pro athletes who had earned at least $5 million and later went broke were married vs. single.
 
I find it funny when they are handed all this money and then go broke. Even on just the 12 million, how does he not have anything left?
 
investing = gambling

they trust people to do well with their money, to grow it... then it's gone. If he really spent it on actual things, he'd at least be able to sell them.
 
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