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Vick's Money Woes


chocolat steve

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Despite having a MVP season and earning 4.1 mil a year Vick is living like...well better than me certainly but not nearly as good as his poorest teammates. Many of the fans live on more than he does.

 

http://sports.yahoo.com/nfl/blog/shutdown_corner/post/Despite-success-on-field-Michael-Vick-still-fac?urn=nfl-291781

Two-thirds of every dollar Vick earns goes to creditors and taxes.

• The rest of the money is strictly controlled. Think of it as an allowance.

• Vick can spend $4,250 per month on rent and utilities and $472 per month on a car. His mother, who was on Vick's payroll during his headier, pre-prison days, can receive $2,500 per month.

• Other obligations Vick owes include mortgages, child support, fees for his agent (who gets $800,000 through 2015) and for his tax lawyers (who will eventually receive a total of $2.6 million). The allowance does allow for Vick to pay $1,355 per month for private school for the two children he has with his fiancee, Kijafa Frink. (Munson calls it a "rare bit of extravagance.")

• His creditors stand to receive $12 million through 2015, provided Vick continues to receive a multi-million dollar salary.

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The guy was involved in some pretty nasty shit; did some serious time in the joint for his ventures; received some shitty advice on investments (or none at all); obviously had nobody around who he could/would receive good financial advice or personal direction/guidance. From all indications, he's trying to get his shit squared away and meet his obligations. I'm pulling for him to dig himself out of the hole he dug for himself. He could turn out to be a positive roll model for others, should he be successful. Could be a powerful story/book/movie if he is successful. Way too many stories of relatively uneducated, but successful athletes with serious deficiencies (financial/social) that end up tragically. His could be a prime example of those. Alternatively, a good ending could do a lot more good than a story about Manning or any other more successful and law-abiding athletes. If anybody can help him along the way, it's Tony Dungy (a guy with whom I have a lot of respect).

 

HH

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I don't expect him to be a saint and I'll never think of him as being particularly smart, but so far, so good, and I wish him the best.

 

A lot of animal lovers would prefer he be executed, even now. I love animals too, but I do at least try to understand the culture he came from. I'm pulling for him to continue to do the right thing, even if it's only for the money.

 

Whatever he's doing, it's making him a more balanced quarterback.

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McNabb just signed a contract for $75 million, although he could get as little as $4 million if cut by the end of the year. Vick is 30 years old and stands to sign for at least as much as McNabb did, with a large part of it in a signing bonus. Unless those interest and penalty charges by the IRS are much more than I estimate, he should have more than the $12 million owed to his creditors and can count on a significant portion of the $60 million plus that he will be earning

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