FanNation - The Republic of Sport

who let the dogs out

I don't get how these NFL players manage there money. I try to keep my debt to a minimum. If I was making millions of dollars a year there is no way I would be in debt, let alone be millions in debt. But I guess Michael Vick is not known for his great decision making.

The paycheck-to-paycheck millionaire.

I'm not suprised. If anybody lost their job over a year ago, and then went to jail, you would owe people money too. They live different lifestyles then we do. So of course their debt will be more.

A debt of 10 to 50 million? That's a broad span. Can you narrow it down a little Mike? Apparently your math skills rate right up there with your decesion making skills, and your passing skills. I hope you walk out of there pennyless! And don't even think about the Cowboys giving you a shot. Try Canada.....

Formula for never going broke.
You earn your money (called principle) and you stick it in an Annuity. The annuity produces money (called interest)
At around five percent if these idiot athletes had 15 million in the annuity it would produce $750.000 every year for the rest of their lives. If they had 30 million it would produce 1.5 million.
If you NEVER EVER touched the principle, you could spend all of the interest and never go broke.
Your homies will never tell you this but your financial representative should have.

I agree with BoBo." debts of between $10-50 million dollars." That is a big between. You would think a guy would know if he owed $40 million or not....No Bankruptcy judge is going to rule on information like that....
This guy Talbot sounds like an upscale version of the same kind of people he used to hang around before...

Bankruptcy judges don't rule. They list all the creditors and then make the one seeking protection list all assets. The judge determines who, usually the creditors who are first in line or owed the most, to get a percentage of what the debtor has left. This isn't done in a matter of weeks. Could be months or longer.

All I gotz to say is that the cost of "lube" has gone up.

It sad to see these type of ignorant people making and losing all that money...
Tons of Money + no education + background = 'Kruptcy

Asbel, some people totally don't understand interest or saving. You should see the film "Life and Debt" . They miss the whole concept -- THAT cupcake is gonna be eaten today!

Dear 'I is the man', you must have gone to a nice jail if they bothered to use lube. Razors and blood work real well.

One of the "cons" to get out of paying real debts (like to the IRS or your team) is to manufacture a lot of fake debts.

gee i guess this make you want to feel sorry for him BUT you know what i don't why why can't these people that make millions of dollars manage their money???? i mean really, how hard is it to pay cash for something when you have MILLIONS sitting in your bank account.. all these people need to do is show up for practice, game day and then go fishing or golfing.. really what is with these people..

Anybody else bothered by the bad cut and paste job that left a few words or a few sentences out in at least two different spots?
The Fan Nation employee posted this should be punished with the assignment to cover the Brett Favre un-retirement for the next two weeks.

10-50 mil is quite the spread!...how could u not kno EXACTLY how much DEBT ur in???....musta been all the money goin towards animal torture tools...nxt up, served CAT for DINNER HAHA

If there is a God, then Michael Vick is regularly getting gang raped by big stud queers with hellacious genital warts.

I think we should all agree, next time you apply for a loan/mortgage, put your income as between 10 and 50 million. Let's see if the dog hunts!

Quite simply, the more you make the more you spend. If I got a raise today from 100 grand to 150 grand.... then my lifestyle is quickly going to change to that of someone that makes 150 grand a year.

Also, some of his debt is in mortgages. Everyone gets a mortgage for their house... it's simply the most economical way to buy a house regardless of cash you may have on hand -- for the simple reason it's better for tax purposes... and I'd expect this man, making millions, to get taxed rather heavily.

Too bad

To some of you.....the majority of these athletes didn't start out as millionaires so they should be appreciative of the money they get. So, saying they have a higher life style and should be afforded more $$ to continue it is a COP OUT.