These stories about athletes losing their money really piss me off! It really boggles my mind because it seems like they try to do so much with the money, yet if they simplified their “financial planners” they’d have less trouble. The latest story is about football player Vince Young losing his money.
Ten years ago, I worked in the trust department (now wealth management department) at decent sized bank. The trust officer I worked under had clients who had as much money as a Vince Young ($26 million guaranteed) and then there were clients with trusts for under $200,000 that had to last the rest of their lives. A team of people managed the money and also approved monetary requests from the trusts. The entire goal of these departments is for customers to not only maintain, but grow their wealth.
If I came into a millions of dollars, I would totally go to my bank and request a meeting with the wealth management department. That simple. Unlike questionable independent “financial planners” or do-good family members, banks want to attract wealthy clients and institutions, so they don’t want bad publicity for mismanaging money.
Family members only have the one athlete. These agents and financial planners often have few customers and these athletes are easily replaced with naive rookies each year. These people have limited if any incentive to really maintain or increase their clients’ wealth. And if athletes sue, who cares because the people they trusted have already either spent the money or hid it somewhere.
I doubt the stories will every stop about athletes who’ve either blown their money or had it mismanaged. I can only hope that more athletes wise up to the independent scam artists that abound once their are drafted by a team!
As for having a million kids and baby mamas, they should get VASECTOMIES the summer before they go to college at the latest.