Vince Young broke

[Biggems]

I wonder how his steakhouse in Austin is doing.

[CowboysYanksLakers]

This does not come as a shock to me... Sad

[InmanRoshi]

Originally Posted by Biggems

I wonder how his steakhouse in Austin is doing.

That's the trouble for a lot of these guys. Think they are "investing" their money with their money people, but they're making really risky investments based on the advice of "money people" who are better pitch men than math men.

I remember in one of Bill Parcells press conferences he said the first piece of advice he gives to any player is never put money into a restaurant. When I heard the advertisments for that restaurant in Austin, I knew he was going to be in money troubles soon. The restaurant may not have singlehandedly sunk him, but just the fact that he thinks financially backing a restaurant is a good business/investment venture indicates someone who lacks some financial savvy and wisdom.


Anthony Bourdain's book Kitchen Confidential goes into detail of all the starry eyed restaurant owners he's seen fleeced for millions working in the New York City restaurant scene for 30 years. Restaurants have an atrocious success rate and can be one of the biggest money sinkholes imaginable, and high end restaurants especially so given the food and operating costs. That's not to say that high end restaurants can't succeed, but the ones who typically succeed are run by "lifers" in the restaurant business who have a track record of success operating restaurants at profit and know what they're doing (and even they strike out a good deal). It's not an industry for novices and dabbling part timers and people looking for a vanity asset. There's a lot of charlatan huckster restauranteurs out there who woo financial backing for restaurants stroking the egos of athletes and celebrties who get seduced at the thought of having their name on the sign and their own private room.

[erod]

It's been said by people smarter than me that you take all the money in the United States and divide it evenly among every American over the age of 18.....and within five years it would all be back where it started.

I've come to believe that.

[panchucko]

Originally Posted by BlueStar3398

I read that last year during the lockout, he took out some kind of high-interest, high-risk loan and wasn't able to pay it back.

Today, he posted on Twitter that he was moving to Texas. And also something about business opportunities down here. I hope he has a good advisor.

Not taking over for Sam Hurd i hope.

[WoodysGirl]

Vince Young ‏@VinceYoung
It’s a shame to see people revel in and rally around negativity in the media but I guess it’s to be expected. Yes, I need a job, who doesn’t

Yes, I want to be out there playing the game I love and earning a paycheck, who wouldn't?

We are working to rectify some unfortunate finical losses, which stemmed from betrayal by those I trusted most.

But these rumors are disheartening & just untrue . I’ll keep pushing through regardless. God Bless. Trill

[CanadianCowboysFan]

Originally Posted by Idgit

The league should setup a mandatory trust for these guys and put 10% of their rookie contracts in it at the outset, allowing them to opt-in a larger contribution over time. They might do that already, I don't know. But there's no excuse for these guys growing broke a year after the exit the league. It's ridiculous.

That is kind of a paternalistic. If they want to blow all their money, isn't that their right?

[CanadianCowboysFan]

Originally Posted by burmafrd

Greed. Always about greed.

$26 million invested securely would generate probably $200,000 a year income even after taxes. Maybe more. And he was getting his yearly salary as well. Not sure what that was but probably in the area of at least $500,000 a year. If you cannot live on that you are worthless.

I would hope that if you invested 26 million, you would get better than a less than 1% return on your money. If that is all you are getting, might as well just put it under your mattress.

[joseephuss]

Originally Posted by CanadianCowboysFan

That is kind of a paternalistic. If they want to blow all their money, isn't that their right?

Yes, but it can also benefit the NFL itself to be a bit paternalistic. Image can mean a lot for the NFL. Being seen as an organization that looks out for its own only helps their image. It certainly won't hurt it.

[MichaelWinicki]

And there were folks on this board that thought Vince Young was a superior choice to Tony Romo.


Amazing.

[Supercowboy1986]

Originally Posted by MichaelWinicki

And there were folks on this board that thought Vince Young was a superior choice to Tony Romo.


Amazing.

like who!??!?!?!

[Cowboys&LakersFan]

Originally Posted by MichaelWinicki

And there were folks on this board that thought Vince Young was a superior choice to Tony Romo.


Amazing.

Really?

[burmafrd]

Originally Posted by CanadianCowboysFan

I would hope that if you invested 26 million, you would get better than a less than 1% return on your money. If that is all you are getting, might as well just put it under your mattress.

there are things called taxes you know.

or maybe you don't

[CanadianCowboysFan]

Originally Posted by burmafrd

there are things called taxes you know.

or maybe you don't

since your tax is probably not more than 33% in the US, at most he would make $300,000.00 which is still barely over 1%. He would still just as well by sticking it in his mattress.

[ninja]

Originally Posted by MichaelWinicki

And there were folks on this board that thought Vince Young was a superior choice to Tony Romo.


Amazing.

And Jamarcus Russell if memory serves me correct.