SuperiorBuff
Well-Known Member
And it was his own team mates who coined that term.
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Six years after getting a guaranteed 26 million dollar contract, Rose Bowl hero Vince
- Thread starter ximianKernel
- Start date
KDBuff
Well-Known Member
I take it you haven't been to Austin in a while? If you want to go to a good restaurant, you better have a reservation. That being said, I always boycotted his restaurant out of principle. I don't feel bad for anyone who makes that much, and blows it through their own poor decisions.
BuffaloChuck
Member
Austin's got far too many favorites to eat at for me to waste ONE MOMENT even dialing for a reservation. I love a great steak with cabernets, but BBQ, Mexican chips & sauce, even Li'l Sandy's Burgers - those will occupy my time and money. Sandy Bullock's is nice, too.
Now, SA has some favorites, too. There's an old place near Ochoa Park that I've forgotten it's name. I don't know if Krause's is still downtown. And when I get hole-in-the-wall-itis, I head down to the SW, off of Military, and wander thru those barrios for some ma-n-pa joint. Pass the molé, por favor. (Is Hipp's Bubble Room still in existence?)
Now, SA has some favorites, too. There's an old place near Ochoa Park that I've forgotten it's name. I don't know if Krause's is still downtown. And when I get hole-in-the-wall-itis, I head down to the SW, off of Military, and wander thru those barrios for some ma-n-pa joint. Pass the molé, por favor. (Is Hipp's Bubble Room still in existence?)
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BlackNGold
Club Member
This is a problem with a lot of celebrities, not just athletes. Heck, John Elway got taken for $15 million recently. The NFL bends over backwards to try to educate the players on agents, etc. but many of these guys do not want to listen.
Walter White
Member
Yup, they are grown men and are responsible for their own decisions, just like everyone else. Nobody owes them anything or any special treatment.
Put your freaking money in the BANK. Never, ever "invest" in anything. Trust no one (except for the old, tightwad CPA). Just keep what you you make and you'll be set for life. It's so easy!!!!!!!
COTransplant
Club Member
The man is a legend in Austin, and there are enough UT grads around the state that he could make money (and probably a great deal of it) by endorsing and advertising for local businesses for the rest of his life. He may be broke now, but if he can't find some way to crawl out of the hole, he'll only have himself to blame.
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Yep, I've tried a few times to get in front of professional athletes and work with them on this type of deal and they have zero interest from what I can tell. Most need the help desperately, but are unwilling to take it.
I'd say this type of thing is more the rule than the exception. Lots of guys blow everything they have in very short time frames. Mike Tyson went through $400+ million. Antoine Walker went through over $100 million. Both are broke now and neither one is very old. Evander Holyfield is broke and also made hundreds of millions of dollars.
These guys, for the most part, are completely unprepared to deal with the friends, relatives, and vultures who will descend upon them as soon as they get their first big check. Everyone either has their hand out, or they want an investment for a business that nobody in their right mind would touch with a 10 foot pole. The deals that go bad, in my experience, are not the ones that come vetted through investment professionals, they're the friends and family, country club type deals that end up as fraudulent.
Of all the fraud I've experienced with my clients, every single one has been one of these types of deals (deal gets made with a guy at the club/church/friend of the family and does not get properly vetted). I believe that's how Sean Mueller got to Elway.
This kind of thing can't be good publicity for the NFL Lots of these guys are gifted athletes but come out of poverty which is part of what drives them to excell in the first place but doesn't prepare them for reality once they are successful.
I wonder if the NFL and the NFLPA could ever get together and require that a certain percentage of all contracts be set aside in a restricted manner to be paid out (with interest) over the life of the player. You could take 20-25% of the first $500,000 in income per year plus 10% after. Even for the rank and file guys playing a couple years they would never be in a starvation situation again. It could also be a guarantee towards child support etc. so their spread seeds don't suffer either.
Don't know the exact details of course but it would make sense for everyone and protect players from themselves (and from greedy agents, hangers on, etc.)
I wonder if the NFL and the NFLPA could ever get together and require that a certain percentage of all contracts be set aside in a restricted manner to be paid out (with interest) over the life of the player. You could take 20-25% of the first $500,000 in income per year plus 10% after. Even for the rank and file guys playing a couple years they would never be in a starvation situation again. It could also be a guarantee towards child support etc. so their spread seeds don't suffer either.
Don't know the exact details of course but it would make sense for everyone and protect players from themselves (and from greedy agents, hangers on, etc.)
no yes
kalbuff
New Member
Theoretically a good agent negotiates contracts, and teams often structure the payment of large sums for this reason. But some people you just can't protect them from themselves. Ego.
He went from the 1% to the 47 % overnight.
Trouble is you can't trust the agents. The really good ones who have their clients best interest at heart do fine with the guys who are smart and have good advice already. The guys from poor backgrounds get impressed with agents who have a lot of flash, run them around in nice cars and spend a lot of money on them making them feel like they are something special later leaving them broke when the contracts run out.
What I am proposing is an agreement between the league and the players association that would protect some of the players money so they at least have something coming out the other end.
a guaranteed 26 million dollar contract, Rose Bowl hero Vince
That's called pension. They have that
That's called pension. They have that
Are they really? I'd like to find a way to get on that list.
They do have a pension but they have to aquire at least four years of service time just to qualify. Payout starts much later than what I am talking about as well.
Truth is that even a kid making the league minimum coming out of college isn't going to miss having about $100,000 deferred from his salary. Even playing only one year and having that amount put into the fund, once he is out of the league he can get a payout of at least $400-500 a month for life. Play 3-4 years with a mid-level contract and the payout would be enough to live on reasonably without other income.
This in addition to the pension.
I know it will not happen. To many people in this world have no concept of delayed gratification and think that the future will take care of itself so why worry. I just think it would be positive all the way around if it ever did get put in place.
MINN-Buffalo
Member
Well if his agents were crooked I hope he wins his lawsuit.
GoBuffs08
Well-Known Member
How the F*** do you spend 5k a week at the damn cheesecake factory?
http://www.sbnation.com/2012/9/20/3...y-spent-5000-a-week-at-the-cheesecake-factory
http://www.sbnation.com/2012/9/20/3...y-spent-5000-a-week-at-the-cheesecake-factory
Are you effing kidding me? Have you ever had their blackened chicken sandwich? Yummmmm.
Walter White
Member
Do you think any of these athletes care about your financial situation or your wellbeing or your family?
These are grown men living in the real world, not “kids”. They deserve no special treatment or hand-holding. They have to live with their decisions, just like everyone else.
These are grown men living in the real world, not “kids”. They deserve no special treatment or hand-holding. They have to live with their decisions, just like everyone else.
Walter White
Member
You think there is any money to collect from a crooked agent, should VY win a lawsuit? Please, that money is gone to the wind.
Thanks. I think I'll pass for now, but it's good to know this is out there. The application fee is $2,500. :wow:
Probably spent it at Applebees.
SuperiorBuff
Well-Known Member
No wonder they are getting **** advice, it's a pyramid scheme.
Chromeburn
Member
So basically he was an idiot (is this a strong enough term?) and blew his all his money on services at middling franchise restaurants and meaningless travel perks. I don't have an ounce of sympathy for someone who blows money like this. 5k a week at Cheesecake factory, what sort of lunacy is that.
I bet it's that high to weed out the potential scam artists. If you're going to try to scam an NFL player, you're going to have to pay for the privilege. Makes sense to me.
I'm telling you - I'd blow $5K a week at Cheesecake factory if I could. That place is awesome.