Vince Young's $300K Birthday Party

[Jauronimo]

Are you that channel trading guy from the infomercial??

 

No one can guarentee $15k/ month on a million without touching principle, no one.

 

Why you could turn 100k into a million in 14 years and retire for life too. 10k in 28 years...

Madoff did, and he would have gotten away with it too if it wasn't for you meddling kids. Pretty sure California's pension funds assume an 18% annual return and a 1% discount rate too.

[San Jose Bills Fan]

On the idea of providing financial safety nets for the players, there's the idea of "Darwinism" (used loosely) in this whole discussion.

 

Some of these players will financially survive and others will not.

 

It's partly a question as to what duties and responsibilities if any, an entity (ie- industry, government) should exercise over its people.

[Chef Jim]

I must meet your financial adviser.

 

I can tell you where he lives......Attica.

[Helpmenow]

Thirty dollars to me is 300k to young. What a fool.

[Jim in Anchorage]

or a weed dispensary. The mark up from the wholesale level is absurd. So I'm told.

I think he just samples the product to much.

[Bufcomments]

Didn't spend like 30k a week at the Cheesecake factory?

 

 

Edit

 

Sorry it was 5k a week

 

http://content.usato.../1#.URsNiKE-u9s

Vince was a sucker. How do you spend 5 k a week at TGIF's. What did he buy food for EVERYbody in the house at the time.

I could make 5 k last 2 months in Jamaica.

 

If you gonna blow the money at least see the world. What a loser.

[Jim in Anchorage]

I can tell you where he lives......Attica.

Your dad?

[Chef Jim]

 

Your dad?

 

No my dad has for our of Attica 30 years ago.

[ChasBB]

Excerpt from http://www.npr.org/blogs/monkeysee/2012/10/02/162162226/espns-broke-looks-at-the-many-ways-athletes-lose-their-money:

 

"By the time they have been retired for two years, 78 percent of former NFL players have gone bankrupt or are under financial stress; ..."

[Hapless Bills Fan]

Seriously, the stupidity of these people just make me angry. Give me one million cash and I could retire forever with a monthly income of $15k+ without every spending one dime of the million, in fact, the million would grow and my income would grow every year. Yet these idiots get many times that and are broke in a year or two of their career ending. Pathetic.

 

15,000 per month * 12 = 180,000 per year

 

180,000 per year/1,000,000 = 18% annual return?

 

I'm not sure if I want the number of your investment adviser, or if I'd prefer to stay far far away.

 

$1,000,000 invested wisely is enough to live on - modestly, Most financial advisers in this climate seem to figure on 8% annual return and draw no more than 4%?

Which is still $40,000 per year but not exactly a lavish lifestyle.

 

My reaction to the testimony is that most legit financial advisors, dealing with a client who wants to take out a high-interest loan for $300k, would say OK, come in to my office and let's look at your picture, I really advise against it if it's not something crucial like medical care, and after we review your portfolio and financial big picture if you still want to do it, we'll proceed. I bet this guy said "Well Vince my boy you don't have the money but sure, I can get it for you, trust Uncle Ronnie to fix everything up" and maybe didn't explain quite clearly it was a loan and what it meant.

 

Most things are usually more gray than people like to picture.

[billsfan_34]

Young seemed to always have a good head on his shoulders. This is so out of character I've got to call BS.

I'm leaning on the side of sarcasm here

[PromoTheRobot]

Or maybe 20-25% goes into an annuity for contracts over $5M. Anything to stop these guys from being desolate within a few years of leaving the league. You've got to think that's bad for the NFL's image.

The word is "destitute". But I agree.

 

PTR

[Matt in KC]

The word is "destitute". But I agree.

 

PTR

Ha! You're right. I have no idea how my brain pulled out desolate!

 

Unlike others on here, I don't mind being corrected, and actually would like to use proper grammar and speeling. I only mind when the conversation about the conversation derails the actual conversation, whether it's by focusing on spelling, trying to guess the ex-player that purposely wasn't named etc..

 

My posts are almost always edited right after I submit them because I regularly..something obvious, like spaces between words....

[aristocrat]

The players already have a pension and other benefits provided to them. What these guys really need to do is get vasectomies and mandatory prenups as soon as they get in the league.

[Tommy]

Ha! You're right. I have no idea how my brain pulled out desolate!

 

Unlike others on here, I don't mind being corrected, and actually would like to use proper grammar and speeling.

 

It's spelling. You're welcome

[Matt in KC]

It's spelling. You're welcome

I originally put (sic) after that, but removed it because I thought it diminished the humor of my last sentence.

[Chef Jim]

15,000 per month * 12 = 180,000 per year

 

180,000 per year/1,000,000 = 18% annual return?

 

I'm not sure if I want the number of your investment adviser, or if I'd prefer to stay far far away.

 

$1,000,000 invested wisely is enough to live on - modestly, Most financial advisers in this climate seem to figure on 8% annual return and draw no more than 4%?

Which is still $40,000 per year but not exactly a lavish lifestyle.

 

My reaction to the testimony is that most legit financial advisors, dealing with a client who wants to take out a high-interest loan for $300k, would say OK, come in to my office and let's look at your picture, I really advise against it if it's not something crucial like medical care, and after we review your portfolio and financial big picture if you still want to do it, we'll proceed. I bet this guy said "Well Vince my boy you don't have the money but sure, I can get it for you, trust Uncle Ronnie to fix everything up" and maybe didn't explain quite clearly it was a loan and what it meant.

 

Most things are usually more gray than people like to picture.

 

Plus 18%. Remember he said the principal would continue to grow.

 

I am a finacial advisor. When my clients need money I ask them three questions and their answers determine whether or not we'll continue to work together.

 

1. How much do you need?

2. When do you need it?

3. What do you need it for?

 

I have fired far more clients than clients have fired me.

[Sisyphean Bills]

Plus 18%. Remember he said the principal would continue to grow.

 

I am a finacial advisor. When my clients need money I ask them three questions and their answers determine whether or not we'll continue to work together.

 

1. How much do you need?

2. When do you need it?

3. What do you need it for?

 

I have fired far more clients than clients have fired me.

So, you don't advocate selling illegal substances?

 

http://forums.twobillsdrive.com/topic/155691-vince-youngs-300k-birthday-party/page__st__20#entry2727867

[dpberr]

The NFL would be wise to instiute a trust like savings plan for all NFL players. A percentage of your pay goes into your "retirement" fund during your active playing years so when you find yourself out of the league, you've got a nest egg of your own money.

 

In a way I sympathize with all these players that go flat broke. Most grew up without money at all and have no idea of how to manage a resource. On the opposite side, they are adults and and with being an adult, comes a responsibility to have self control.

[Chef Jim]

The NFL would be wise to instiute a trust like savings plan for all NFL players. A percentage of your pay goes into your "retirement" fund during your active playing years so when you find yourself out of the league, you've got a nest egg of your own money.

 

In a way I sympathize with all these players that go flat broke. Most grew up without money at all and have no idea of how to manage a resource. On the opposite side, they are adults and and with being an adult, comes a responsibility to have self control.

 

I have zero sympathy for them at all. The ones we hear about are the ones that !@#$ up and they're in the minority. Most players have their heads on straight when it comes to money. They have plenty of resources with advisors talking to them all the time. One of my reps is working his way into the Niners and the guy who hired me years ago has a client who played major league baseball. As a matter of fact he played football at Pitt and actually tried out with the Bills. He took a financial planning course in college and the teacher told him to pay attention for two reasons. Number one if he made it in the NFL he's going to need to learn how to manage money and two if he didn't make it in the NFL he'd need a career to fall back on. Of course scenario two is what played out. And to tell you the truth scenario two is going to pay him a hell of a lot more over his career than the NFL ever could.

 

Athletes are a unique planning case. They make boatloads of money for a very short period of time. They retire when most of use are just really getting rolling. Many (actually most) find careers after their playing days are over but for those that don't they have to be very careful. Where many of us are worried about running out of money in our 80's these guys are concerned about running out in their 30's and 40's. It's a great market for us but one that's hard to crack seeing they are being courted by so many advisors.