It’s true that it doesn’t matter how much you earn if you aren’t able to manage your money. Even the rich have a poor mindset.
Former NFL Titan Vince Young has filed bankruptcy. The twist to the story is that he has blown through $26 Million in seven years.
According to his former advisor, Ronnie Peoples, “Young spent money faster than he made it, it’s almost like I can have a $30,000 budget that I know we had to pay here, but then, you know, I get an invoice for a Ferrari that he just bought for $176,000 and they want their money.”
For those of you who need a reminder of Vince Young, he received the largest rookie contract and also won the “Rookie of the Year” title in NFL.
The lifestyle spiraled out of control as he sometimes spent as much as $200,000 per month.
In addition to his reckless lifestyle, Vince Young sued a group including former financial advisor and agent of swindling him out of $5 Million. Wow! He clearly doesn’t know how to manage his money.
Ladies & gents this is what NOT to do when you receive more money than you can handle.
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