Vince Young Owes 1.69 Million Dollar Loan

[Ball'n]

http://www.cbssports.com/nfl/blog/eye-on-football/19769032/report-vince-young-owes-169m-for-lockout-loan

 

Didn't see this posted anywhere, guess he is cash broke.

[jjmac]

Maybe that's why he ran so well...

[jr1]

NFL's answer to a payday loan

[Dr. Fong]

I really don't get how these guys burn through money like they do.

[Jim in Anchorage]

I really don't get how these guys burn through money like they do.

Child support. "Woman let me be your man to night"

 

http://www.facebook....en/236920783887

 

That's all it takes.

[H2o]

It's amazing how these people blow through 10's, if not 100's of millions of dollars in such a short period of time and end up in bankrupcy. I guess they just gotta "ball", "make it rain" in every strip joint they pass, buy out the bar wherever they go, start a car lot that includes a Bentley or a Maybach, and have that 10,000 sq ft mansion.

[PushthePile]

Living beyond your means is the American way!

[Dr. Fong]

 

Child support. "Woman let me be your man to night"

 

http://www.facebook....en/236920783887

 

That's all it takes.

 

That's certainly the Travis Henry method.

[aristocrat]

has probably made between 30-40 mil in his career, 15-20 mil after taxes and has nothing to show for it. damn man

[PromoTheRobot]

Vince does own a steak house in Austin that I thought was fairly successful.

 

PTR

[Bill from NYC]

Vince does own a steak house in Austin that I thought was fairly successful.

 

PTR

 

Then if he sell 100,000 steaks in a real hurry, he will be just fine.

[Nick the Greek]

According to the article, this is a "VERY high risk" loan which allowed PPF to come calling for the full amount if Young missed a payment.

 

Sounds more like they would be sending Rocky Balboa after him if he missed a payment. Good luck Vince.

[Best Player Available]

NFL's answer to a payday loan

 

**This**

 

He missed the May2012 payment and they called the whole loan due.

[ThurmasThoman]

It's amazing how these people blow through 10's, if not 100's of millions of dollars in such a short period of time and end up in bankrupcy. I guess they just gotta "ball", "make it rain" in every strip joint they pass, buy out the bar wherever they go, start a car lot that includes a Bentley or a Maybach, and have that 10,000 sq ft mansion.

 

you know what? i used to think the exact same thing.

 

and i don't know YOU personally, but im guessing we would be grouped in the same demographic with regards to race, gender, and age - give or take a few years. my point being, i (like you,) like to think of myself as having my life pretty well in order, with a good head on my shoulders.

 

without getting into details, i came into a large sum of money about half a decade back--nothing nefarious, or illegal, just nothing i particularly feel like discussing. a few things:

 

a) seeing that money every morning in my bank account was one of the most amazing feelings i have ever, or probably will ever have. being twenty-something, and waking up every morning without a financial care in the world was incredible. the sun shined brighter, the music sounded better, food tasted better. anyone who says money can't buy happiness is lying.

 

b) the money was gone and i was in crippling debt in under a year. i can't even remember how it happened, to be honest. death by a thousand paper cuts. 500$ here, 500$ there. i wasn't "making it rain," i was just making decisions with no basis in fiscal reality. no kids, no cars, no nothing - i just lost it all.

 

c) if i ever come into money again, ill know what to do the second time around. maybe.

 

d) never, EVER, be too hard on these athletes for blowing their money. it would be even EASIER for them--i was dealing with a sum we can all come to terms with on a practical level... but millions? come on man, thats an unimaginable sum.

 

people are always saying "i'd save my money." well, if the offseason came around, you were a buffalo bill with 2 million in the bank, and stevie johnson says "hey, we rented a villa on the southern coast of italy for june. its right next to the sports illustrated swim suit photo shoot hotel. about 10 of us are going. 25,000$ for the month, you in?" you still saving that money? of course not. youre booking your plane ticket. first class, of course.

[thebug]

you know what? i used to think the exact same thing.

 

and i don't know YOU personally, but im guessing we would be grouped in the same demographic with regards to race, gender, and age - give or take a few years. my point being, i (like you,) like to think of myself as having my life pretty well in order, with a good head on my shoulders.

 

without getting into details, i came into a large sum of money about half a decade back--nothing nefarious, or illegal, just nothing i particularly feel like discussing. a few things:

 

a) seeing that money every morning in my bank account was one of the most amazing feelings i have ever, or probably will ever have. being twenty-something, and waking up every morning without a financial care in the world was incredible. the sun shined brighter, the music sounded better, food tasted better. anyone who says money can't buy happiness is lying.

 

b) the money was gone and i was in crippling debt in under a year. i can't even remember how it happened, to be honest. death by a thousand paper cuts. 500$ here, 500$ there. i wasn't "making it rain," i was just making decisions with no basis in fiscal reality. no kids, no cars, no nothing - i just lost it all.

 

c) if i ever come into money again, ill know what to do the second time around. maybe.

 

d) never, EVER, be too hard on these athletes for blowing their money. it would be even EASIER for them--i was dealing with a sum we can all come to terms with on a practical level... but millions? come on man, thats an unimaginable sum.

 

people are always saying "i'd save my money." well, if the offseason came around, you were a buffalo bill with 2 million in the bank, and stevie johnson says "hey, we rented a villa on the southern coast of italy for june. its right next to the sports illustrated swim suit photo shoot hotel. about 10 of us are going. 25,000$ for the month, you in?" you still saving that money? of course not. youre booking your plane ticket. first class, of course.

 

Just because you blew your cash as well, doesn't make these athletes any smarter.

[H2o]

you know what? i used to think the exact same thing.

 

and i don't know YOU personally, but im guessing we would be grouped in the same demographic with regards to race, gender, and age - give or take a few years. my point being, i (like you,) like to think of myself as having my life pretty well in order, with a good head on my shoulders.

 

without getting into details, i came into a large sum of money about half a decade back--nothing nefarious, or illegal, just nothing i particularly feel like discussing. a few things:

 

a) seeing that money every morning in my bank account was one of the most amazing feelings i have ever, or probably will ever have. being twenty-something, and waking up every morning without a financial care in the world was incredible. the sun shined brighter, the music sounded better, food tasted better. anyone who says money can't buy happiness is lying.

 

b) the money was gone and i was in crippling debt in under a year. i can't even remember how it happened, to be honest. death by a thousand paper cuts. 500$ here, 500$ there. i wasn't "making it rain," i was just making decisions with no basis in fiscal reality. no kids, no cars, no nothing - i just lost it all.

 

c) if i ever come into money again, ill know what to do the second time around. maybe.

 

d) never, EVER, be too hard on these athletes for blowing their money. it would be even EASIER for them--i was dealing with a sum we can all come to terms with on a practical level... but millions? come on man, thats an unimaginable sum.

 

people are always saying "i'd save my money." well, if the offseason came around, you were a buffalo bill with 2 million in the bank, and stevie johnson says "hey, we rented a villa on the southern coast of italy for june. its right next to the sports illustrated swim suit photo shoot hotel. about 10 of us are going. 25,000$ for the month, you in?" you still saving that money? of course not. youre booking your plane ticket. first class, of course.

If I had that much money I would make sure I had enough to live off of for quite some time, if not my whole life. I have family that worked in the financial sector of the government though so I have had a little more guidance than others. I understand what you are saying about this and truly I do understand how they blow it all. I think about what I would've done if I had money like that when in my early 20's and had no kids. Drugs, women, and lavish items would've drained me dry. It's just like Big said, "Mo money, mo problems". I'm sure they have every 5th cousin on their aunt's baby's daddy's side trying to get a dime. It still amazes me that it takes place though. They live the rockstar/rapstar lifestyle and do whatever it is they do to end up flat broke. People like Allen Iverson, Terrell Owens, and countless others. There are people like Mark Brunnell who get into bad investments and lose it all as well, but it's mainly people just throwing it around like it will always stream in. Well, I hope all is well with you now my friend and it seems like you learned from your experience, which is definitely a good thing.

Edited August 11, 2012 by H2o

[Fan in San Diego]

you know what? i used to think the exact same thing.

 

and i don't know YOU personally, but im guessing we would be grouped in the same demographic with regards to race, gender, and age - give or take a few years. my point being, i (like you,) like to think of myself as having my life pretty well in order, with a good head on my shoulders.

 

without getting into details, i came into a large sum of money about half a decade back--nothing nefarious, or illegal, just nothing i particularly feel like discussing. a few things:

 

a) seeing that money every morning in my bank account was one of the most amazing feelings i have ever, or probably will ever have. being twenty-something, and waking up every morning without a financial care in the world was incredible. the sun shined brighter, the music sounded better, food tasted better. anyone who says money can't buy happiness is lying.

 

b) the money was gone and i was in crippling debt in under a year. i can't even remember how it happened, to be honest. death by a thousand paper cuts. 500$ here, 500$ there. i wasn't "making it rain," i was just making decisions with no basis in fiscal reality. no kids, no cars, no nothing - i just lost it all.

 

c) if i ever come into money again, ill know what to do the second time around. maybe.

 

d) never, EVER, be too hard on these athletes for blowing their money. it would be even EASIER for them--i was dealing with a sum we can all come to terms with on a practical level... but millions? come on man, thats an unimaginable sum.

 

people are always saying "i'd save my money." well, if the offseason came around, you were a buffalo bill with 2 million in the bank, and stevie johnson says "hey, we rented a villa on the southern coast of italy for june. its right next to the sports illustrated swim suit photo shoot hotel. about 10 of us are going. 25,000$ for the month, you in?" you still saving that money? of course not. youre booking your plane ticket. first class, of course.

 

How large is large? My definition of a large sum of money may be different than yours.

[Kevin]

When you come into a large sum of money like many athletes do there really is no excuse for not being able to hire a decent financial adviser. I have absolutely NO sympathy for someone that can blow that much money that fast.

[You herd it hear last]

What people haven't touched on is, how is this debt going to effect him and his performance as a Buffalo Bill. I mean, all things the same, I'd rather have a VY focused on football and not finances.

[NoSaint]

When you come into a large sum of money like many athletes do there really is no excuse for not being able to hire a decent financial adviser. I have absolutely NO sympathy for someone that can blow that much money that fast.

 

Problem is, half the time those are the people giving terrible advice

[MDH]

Living beyond your means is the American way!

 

Most Americans live paycheck to paycheck. They get a raise and they just up their spending. Athletes appear to be no different.

[HOUSE]

Deadbeat

[San Jose Bills Fan]

you know what? i used to think the exact same thing.

 

and i don't know YOU personally, but im guessing we would be grouped in the same demographic with regards to race, gender, and age - give or take a few years. my point being, i (like you,) like to think of myself as having my life pretty well in order, with a good head on my shoulders.

 

without getting into details, i came into a large sum of money about half a decade back--nothing nefarious, or illegal, just nothing i particularly feel like discussing. a few things:

 

a) seeing that money every morning in my bank account was one of the most amazing feelings i have ever, or probably will ever have. being twenty-something, and waking up every morning without a financial care in the world was incredible. the sun shined brighter, the music sounded better, food tasted better. anyone who says money can't buy happiness is lying.

 

b) the money was gone and i was in crippling debt in under a year. i can't even remember how it happened, to be honest. death by a thousand paper cuts. 500$ here, 500$ there. i wasn't "making it rain," i was just making decisions with no basis in fiscal reality. no kids, no cars, no nothing - i just lost it all.

 

c) if i ever come into money again, ill know what to do the second time around. maybe.

 

d) never, EVER, be too hard on these athletes for blowing their money. it would be even EASIER for them--i was dealing with a sum we can all come to terms with on a practical level... but millions? come on man, thats an unimaginable sum.

 

people are always saying "i'd save my money." well, if the offseason came around, you were a buffalo bill with 2 million in the bank, and stevie johnson says "hey, we rented a villa on the southern coast of italy for june. its right next to the sports illustrated swim suit photo shoot hotel. about 10 of us are going. 25,000$ for the month, you in?" you still saving that money? of course not. youre booking your plane ticket. first class, of course.

 

Great post, Johnny. In another topic I said that as a youth, I never got "stupid drunk" to the point of being obnoxious and offensive to others… and I stand by that statement.

 

However I will say it's a damn good thing I didn't run into a ton of money when I was in my 20s because I'm pretty sure I'd have none of it left today.

 

Problem is, half the time those are the people giving terrible advice

 

And in fact, Vince Young has sued a former financial advisor and the case is still in the courts. Not saying that he hasn't mismanaged his money but not saying that he has.

 

Because we don't really know.

[Garion]

 

 

Most Americans live paycheck to paycheck. They get a raise and they just up their spending. Athletes appear to be no different.

 

Absolutely. Pre financial crisis Americans on average spent $1.25 for every $1 they made.

 

Look at stories of lottery winners same deal. Most of them end up broke.

 

Doesn't mean it isn't a series of bad decisions it's just bad decisions most of us can make.

[BuffaloBill]

I really don't get how these guys burn through money like they do.

 

I thought the same thing.

[AReed Deep For6]

...I think that he only has a 'steak' in it........

[San Jose Bills Fan]

...I think that he only has a 'steak' in it........

 

That's well-done.

[GoBills!]

Its not uncommon for many people of this level to have a issue, look at how many times Trump went bankrupt 4 times and he is now on Forbes weathiest people list. I do real estate auctions for multi-million dollar homes. I have seen it all, some of these people are so good at working the system to protect themselves yet rip off their creditors its insane they put everything in seperate company names (house in one company, cars in another, money in another).

 

Not all our clients need to auction for liquidation some just want the property gone because the maintainence on these homes is insane. One house that we sold carried approx $125,000 a year in maintence (5 yrs cost 625,000) we havent even talked about eating and family spending. The house once sold for over 7 million but now was sold for 2 million, lots of people think I will have one big house and it will all be good one house one worry. The cost of up keep and taxes will be the death of most when they buy high end homes, yachts and planes. A million bucks wont get you far in retirement if you wish to have a nice house. Taxes and maintence on my home cost me over 20k a year and I am in florida where our taxes are low ( pool,lawn,exterior maintence, repairs and 12k in taxes). And my house is only 2,800 sq ft) .

 

Now add in a two or three cars and you have serious out of pocket expenses for a nice life but not lavish. Ever pay a repair bill on a masserati or ferrari ? At the dealer it is no less than 3k for simple maintence. These guys don't think about how much to maintain the luxury items they only look at the price tag.

 

Throw in a couple of kids, a wife, vacation and healthy eating private school and your cost these is over 90k a year

Edited August 16, 2012 by GoBills!

[Dopey]

What people haven't touched on is, how is this debt going to effect him and his performance as a Buffalo Bill. I mean, all things the same, I'd rather have a VY focused on football and not finances.

Actually, what people haven't touched on is that this is none of your business. Who cares?!?! It's not your money, he's not yo baby daddy, sooo why do you guys even care? If he makes the team as the backup, it's cuz he deserved it and is focused on football. They do have lives outside of football, including finances. Lives that aren't any of your business. Just another angle on this situation.

[Clippers of Nfl]

 

people are always saying "i'd save my money." well, if the offseason came around, you were a buffalo bill with 2 million in the bank, and stevie johnson says "hey, we rented a villa on the southern coast of italy for june. its right next to the sports illustrated swim suit photo shoot hotel. about 10 of us are going. 25,000$ for the month, you in?" you still saving that money? of course not. youre booking your plane ticket. first class, of course.

Nice example. And you are right. Most of us would take that trip.

 

I think a lot has to do with age group. If they were getting these high paydays at age 50 (one, the nfl would not be exciting), we would still hear about bankrupt stories. Just not as often.

 

Who didnt make mistakes in their early 20's????? Who wouldn't love to change the past?????

 

"How will VY play thinking about his finances?" Very up thing to say.

[DefenseWins]

I'm not sure what a "large" sum of money is these days either. And Let's all remember that the agent is making a good buck off these guys and then uncle sam wants his cut too... a lot of rookies never get that second "big" contract either... Does anybody know how much 2nd and 3rd and 4th rounders make in their rookie deals anymore? I am sure the money drops off rather quickly after the 1st round... And these are 20 somethings who want to enjoy life - who wouldn't spend abit on frivolous things... especially young kids who never had much of anything before... I can understand this much easier than a guy who goes out and fathers 9 kds with 7 different women....

[Chandemonium]

 

 

That's well-done.

you guys are in rare form.

[San Jose Bills Fan]

you guys are in rare form.

 

I can't tell if you're ribbing or not.

[Chandemonium]

 

 

I can't tell if you're ribbing or not.

I'm being completely sinsear.

[JinWPB]

Latest news on VY's loan problems indicate it was the fault of the Bills front office for not making a directed payment as requested by TY to the loan companys escrow account in May, just after he signed. This resulted in the loan company enforcing full repayment clause and jacking the interest rate to 30% .Can you say loan sharks! The NY supreme( well, they think so) court sided with the sharks.

I think the Bills have a moral obligation to step up and help VY out here in some fashion without him having to file a lawsuit against the team.

 

http://sports.yahoo....two-bills-drive

Edited August 17, 2012 by JinWPB

[Maybe Someday]

I don’t want to kick him while he’s down but the fact that he signed for a loan that had a 20% interest rate with an escalator clause taking it up to 30% says a lot about why he’s broke.

[Clippers of Nfl]

I'm not sure what a "large" sum of money is these days either. And Let's all remember that the agent is making a good buck off these guys and then uncle sam wants his cut too... a lot of rookies never get that second "big" contract either... Does anybody know how much 2nd and 3rd and 4th rounders make in their rookie deals anymore? I am sure the money drops off rather quickly after the 1st round... And these are 20 somethings who want to enjoy life - who wouldn't spend abit on frivolous things... especially young kids who never had much of anything before... I can understand this much easier than a guy who goes out and fathers 9 kds with 7 different women....

I was looking at some numbers a month ago. Most deals looked identical. 4 years/2 million. However I dont know how much is guaranteed.

[BillsWatch]

Back to original subject:

 

http://www.cbssports.com/nfl/story/19816295/lawyer-tries-to-stop-company-from-collecting-17m-debt-from-bills-young

Vince Young's attorney disputes his client owes a loan company nearly $1.7 million, and questions whether the Buffalo Bills quarterback was even aware a loan was taken out in his name.

 

Trey Dolezal says Pro Player Funding never contacted Young, and instead worked with the player's former financial adviser, Ronnie T. Peoples, in issuing a high-interest $1.877 million loan in May 2011.