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OT: Texas fires Vince Young

77cane said:
I think when you get to high school it should be a requirement that you take finance classes. Start with simple money management, then progress to how markets work with all its various investment vehicles complete with its rewards and risk.
Instead we get graduates who are propagandized into believing it's the governments job to take care of your needs.
If you fail it's someone else's fault.
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And manage a simple checking account
 
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CashMoneyCane said:
I was thinking to myself, "if I made $30 million in guaranteed money, I sure wouldn't care all that much about my 100K a year job either." Then I found out he's broke.

Having managed money for the ultra-rich for a living, I've seen plenty of people squander fortunes. I know exactly how to do it. And I still can't believe it happens.
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How does one bank even $3M and ever need to work again?

My mind is bobbled
 
OriginalCanesCanesCanes said:
@CashMoneyCane @Poptimus

What do you consider the “ultra rich” you were discussing?

Net worth of $50M. More? Less?
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I have always went off of 100m as "ultra rich" since that puts you in the .01% category. However, some guy in Gainesville may consider someone ultra rich if they have a double wide and an accordion closet full of wrangler jorts.
 
I had no idea that Cheesecake factory offered Louis XIII shots and high end wine bottles? I was under the impression that it was just a nicer version of Chili's.
 
DTP said:
I had no idea that Cheesecake factory offered Louis XIII shots and high end wine bottles? I was under the impression that it was just a nicer version of Chili's.
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You looked up the article lmao? I wish I could find the OG link. There was literally like 100 different hilarious things he would blow his money on. The funny thing is cheesecake isn't even a nicer version of Chilis. It is basically the same thing. I can't believe they sell Louis there either. I wouldn't be surprised if they bough it specifically for Vince and the boys since they knew he would drop stacks on shots of it.
 
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OriginalCanesCanesCanes said:
@CashMoneyCane @Poptimus

What do you consider the “ultra rich” you were discussing?

Net worth of $50M. More? Less?
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He used that term, not me. I'd say any individual who can invest north of $5M and qualify to invest in hedge funds is a high net worth individual who won't just open a brokerage account, but will want a separately managed account. "Ultra rich" is a term I don't ever encounter.
 
CashMoneyCane said:
I was thinking to myself, "if I made $30 million in guaranteed money, I sure wouldn't care all that much about my 100K a year job either." Then I found out he's broke.

Having managed money for the ultra-rich for a living, I've seen plenty of people squander fortunes. I know exactly how to do it. And I still can't believe it happens.
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People who work hard for money, tend to work hard at keeping it too. Young’s God given talent made it easy for him. Hard to adjust to the thought that the gravy train is over and change everything. I helped the poor rich people with thier money too back in the day. I had a special clause in bold red ink in thier retainer agreement that tripled my fees any month they exceeded thier spending budget. Only worked about 30% of the time. The unintended result was me making lots of extra stip club money— my budget had the clause as it funding vehicle. Kind of a wealth transfer thing without government waste.
 
Poptimus said:
Not a bad idea right about now. I recently redeemed out of all my aggressive ETFs with Asia and China tilts because I knew Trump would never allow the tariff hike to be implemented. He kicked the can down the road again, but I think any deal with China is already factored into the price to where unless it's something amazingly unexpected, that ship sailed. But I like your advice. No way would I touch a Russell 1000 ETF or anything aggressive right now. The DOW was recently about 3,000 points higher than it was just recently in December. Why? Major overreaction IMO.
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Truly mind blowing that so many players in essence win the lottery and then blow it. It all comes down to greed.
 
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MIA42178 said:
How does one bank even $3M and ever need to work again?

My mind is bobbled
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Easy. 3M is not as much as you think it is. Also, even if you’re careful with your money, you live differently as your net worth goes up.

But there’s no excuse for blowing it on bullshlt either. Which is what happens to most professional athletes. Just start blowing money on shlt they don’t need. And of course there are all the cousins and professional hanger ons.
 
CashMoneyCane said:
100K. He dealt with serious issues around financial mismanagement, which seems to somehow happen to basically every professional athlete. I don't get it... you can hire some ******* down the street or bring your tens of millions of dollars to a place like... I don't know... JP Morgan? Goldman Sachs? Northern Trust? People that have been doing it for 100 years because they don't spend their clients' money.
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Umm no. He was actually making 50K, as his position was relegated to "part-time". The article contains pretty basic English.
 
305407cane said:
I read that Trent Richardson is practically broke cause his friends spent a million of his money. Crazy man. I’d hire a financial advisor as the first thing I do if I made the league
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Man, my old barbershop I used to hit up was owned by an ex football player. Drafted 2nd round by NE; stayed in the league 4 yrs b4 a chop block blew out his knee.

My guy said he made $2.5m during his time, and literally went broke over night. Never invested, just bought his homies cars (Benz, BMWs, and Cadillacs), his cheating wife a 3k diamond ring, and HER mama a house. No one appreciated what he did, took advantage of him, and he thought it was going to last forever. He just recently died, broke.

These guys don’t see long term; most of the time. That’s y it’s so many broke players out there.
 
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Best advice I ever heard in this subject was, "You can live like a King for 10 years; or you can live like a Prince for the rest of your life."

Sound advice.

For the first time in my life, I'm making semi-serious money, about to make a lot more, and after being broke my whole life, I like the life I live. And I intend to keep it that way.
 
I’ll never forget what my acting coach, Judy Kerr, taught me when I lived in LA.
She said, “money doesn’t change you, it just amplifies who you are.”

If you are financially illiterate - meaning you cannot discern what is an asset/liability,
If you don’t understand the value of delayed gratification versus instant,
If you don’t have a plan that requires you to think and act in a certain way,
if you reject knowledge and lack discipline in general...
You cannot have long term success.
 
Halcyon Daze said:
Vince Young is starting to look like....The Titanic heading toward the Iceberg....
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Noooo. The funnels are slowly sinking below the waves.
The iceberg has already done it's thing.
The depths of the bottom are rapidly approaching.
Common sense is sinking fast for Vince, with lots of implosions along the way..
Hope he starts trying to fix, and recover.
 
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OriginalCanesCanesCanes said:
Easy. 3M is not as much as you think it is. Also, even if you’re careful with your money, you live differently as your net worth goes up.

But there’s no excuse for blowing it on bullshlt either. Which is what happens to most professional athletes. Just start blowing money on shlt they don’t need. And of course there are all the cousins and professional hanger ons.
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NFL (if not doing so already) should promote annuities, either immediate or deferred. You can structure them where they are not revocable. This guarantees the players have some monthly income no matter what happens with the rest of their money.
 
Millionaire professional athlete that is broke? Haven’t we seen this movie 100000000000 times? When will they learn. **** idiots
 
i don,t feel sorry for idiots like these who blow millions! especially after they see people before them do the same thing! and they do the same! smh
 
305407cane said:
I read that Trent Richardson is practically broke cause his friends spent a million of his money. Crazy man. I’d hire a financial advisor as the first thing I do if I made the league
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Sounds easy but it’s not because most of them had advisors but they’re only good if said player listens. Which 99% of the time they don’t. Hence why they end up broke
 
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