- Posted September 23, 2012 by
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My Ten Sense: Former NFL star blows through $30 million and why players will continue to go broke
It was assumed that former Heisman Trophy winner and first-round NFL draft pick Vince Young struggled with some mental difficulties when he was the starting quarterback for the Tennessee Titans. Well, he obviously didn’t have his head on straight to blow through $26 million dollars in six years in the National Football League.
Young, who was known for clubbing and going to strip clubs, said he mainly blew his money on food and drinks, such as spending $5,000 per week at the Cheesecake Factory and buying $600 shots of liquor. He also lost more than $5 million at the hands of his financial advisors. I don’t know who’s dumb or who’s dumber. Young for burning through $30 mill in a handful of years or former Titans cornerback Pacman Jones for blowing $1 million in a single weekend. Jones, of course, is now broke.
Young and Jones are just the latest former NFL players to go broke to join all-time receiving yards leader Terrell Owens and multi Pro Bowler and Super Bowl champion defensive tackle Warren Sapp, who at least can fall back on his job as an analyst on the NFL Network.
You would think these NFL players would see the writing on the wall and leave the game with a fortune instead of declaring being penniless. The average NFL player is broke within two years of retirement. And sadly, the cycle will continue for three reasons. Read them on my financial advice blog, http://mytensense.com/2012/09/former-nfl-star-blows-through-30-million-and-why-players-will-continue-to-go-broke/, and "like" my Facebook page, www.facebook.com/mytensense, for my latest money tips and trivia.