Homeless Millionaires

According to TMZ, since filing for bankruptcy in 2008, Michael Vick has spent around $29 million in the four years since he has been released from prison for his involvement in dog fighting.  Vick, the quarterback for the Philadelphia Eagles, signed a $100 million contract a few years ago.  Since then, he has made around $30 million.

I think that some people feel sympathy for him because the $29 million he spent, was on taxes, loans, to pay lawyers, and to pay for child support.  I feel absolutely no sympathy for him at all.  He did something illegal and has to pay the consequences for everything that comes with it.  However, I do respect the fact that he is living off of what is the average doctor’s salary, and making it work out pretty decent compared to what his old life style was like.

More in general, there are several former pro athletes who have filed for bankruptcy.  That list includes:  Tony Gwynn,  Mike Tyson, Johnny Unitas, Lawrence Taylor, Warren Sapp, Evander Holyfield, Dennis Rodman, and many more.  These people have all the money they could ever need.  They were simply extremely greedy.  They had the money to pay ten different accountants to tell them when they were spending too much money.  But, they all went through hundreds of millions of dollars like it was nothing.  A normal person, if they are lucky, makes roughly a few million dollars of net income in their life.  Take Charles Woodson.  He is a cornerback for the Green Bay Packers.  He makes millions of dollars.  Instead of spending it all, he invests  in the stock market like a genius, and develops real estate.   He has enough money to live off of for the rest of his life, that his kids can live off, and maybe grandkids too.

I think that professional athletes make too much money for their own good.  They get greedy, and spend it all thinking they deserve it and have unlimited money.   Although there are a few pros who are down to earth and extremely responsible, many make too much.  I feel no sympathy toward them if they spend it all.