Posting this notice late (it was supposed to accompany the blog below last Friday). There will be a new blog on Tuesday, Jan. 28. Every weekend my wife and I are out of town watching our younger son, Alex, and the Cal State Monterey Bay basketball team. Blogs will run from Tuesday through Friday until his season ends.
Whatever you thought of Vince Young as a football player, there’s no way he should be filing for federal Chapter 11 bankruptcy protection at 30 years of age. My life had barely begun when I was 30, yet as I complete my second year of retirement, my wife (retired one year) and I are living large. And neither of us ever had even a six-figure salary, much less were we paid the $34 million Young received. While Vince Young’s life is not anywhere near its end, he has put himself in quite an unenviable position. He currently faces hardships he never, in his wildest dreams, would have considered. Sadly, his case is not nearly the exception.
In a 2009 Sports Illustrated study, 78 percent of former NFL players are bankrupt or are undergoing several financial stressors within two years of retirement from football and 60 percent of former NBA players are bankrupt within five years of retirement. This probably proves two points: one, that these young guys are poorly advised, if not simply scammed and two, NBA players get paid more – because there’s no way anyone will ever convince me that they’re wiser than their gridiron peers.
I hope it takes something other than a fool or an egomaniac (because I don’t consider myself to be either) to quote himself, but in my 5/3/10 blog, I stated: “Why not give (future pro prospects) a curriculum to prepare them for the life they’re about to enter? That’s exactly what the . . . coach is doing in practice. How about offering them (and any other student at the university) courses such as money management (including philanthropy for those who hit the jackpot – or need a tax write-off and would like to give back), selecting advisers (mentors, agents, and, although, it could be a sensitive area, friends), dealing with the media, women’s rights (this should be mandatory in the wake of . . . front page stories), nutrition, maintaining (year-round) physical fitness, accepting the responsibility of being a role model and acting appropriately (whether they want to or not, athletes are role models) and, since (professional) players don’t have normal 8-hour work days, nor do they play year-round, a course in how to productively use “down-time” (from doing crosswords and sudokus to keep the mind active, to reading up on topics of interest, to tennis and golf)? Many other course possibilities exist if people at the top would put their heads together.” For lack of a better term, call the course load: Striking It Rich Early.
Elite athletes would see the relevance of these courses (certainly more than they do accounting, world history and ultimate Frisbee). Attendance should still be monitored (as it is at most universities) so the “special admits” (the guys who wouldn’t have gotten into school based on their academic record alone) would be forced to attend. Undoubtedly, before too long, they would feel more comfortable in the classroom. Then, athletes like Vince Young (who may or may not have been a special admit at Texas) would be exposed to the numerous examples of others – like him and before him – who’d been misled, lied to and swindled. The goal would be to have athletes who lost considerable amounts of money serve as guest speakers, if not adjunct professors.
Maybe one bit of advice would be, “If you want something, go ahead and buy it, as long as you invest an equal amount of money in something safe, e.g. Roth IRA, with the stipulation none of the invested money could be touched without two signatures, the athlete and someone trustworthy.” Who would be considered trustworthy? The athletes can be taught that if they ever want to withdraw out of that (those) account(s), the other person on the account should be someone who would not sign. Maybe that idea is too over the top or impractical, but Vince Young and others like him probably wishes they’d done something like it back then. There’s absolutely no reason any 30-year old person should have gone through – should have been able to go through – $34,000,000. It’s posted that way for effect because $34 with a word following it doesn’t have the impact on your brain.
Young invested poorly, overspent and, generally, suffered from bad advice. Ed Butowsky, a Dallas financial adviser, who was shown in an ESPN Films documentary about pro athletes’ inability to properly manage their money, said of Young:
“He’s ultimately responsible for all his decisions, but the people around him should have taken better care of him.”