whered it go

WHERED IT GO
thats what everyone is asking about all that money
whered it go

vince made 56 million bucks from his football contract and his
endorsements
how do you spend all that money
thats what all of us are saying

for those who dont know
vince young was the star of the university of texas football
a few years ago
he won the national championship his last year
then he went pro

he was drafted by the tennessee titans and made all that money
on his contract
its been downhill for him since

so you figure he paid 50%+ to taxes
that would leave 23 million dollars left
put that in mutual funds based on his age and risk tolerance
ok so his risk tolerance was high
but lets say what he should be invested in
then take 4% out a year

thats a million bucks a year

that would leave him if hes invested right with about
23+million balance left each year

i would think maybe most of us could live off that much right

he should have turned his money over to a good financial
adviser
wait he did have a good one that helped him spend all his
money
its a sad story that hits a lot of high paid professional players
and also a lot of those big lottery winners
you know the ones that we all buy a ticket for when the
pot gets so big

of course vince did spend 100000 big ones on a birthday party
the amount going out needs to be less than the amount coming in
thats true of all of us no matter what our income is

his case is really a larger scale of what many americans are doing now
living way above their means
getting deeper into debt especially credit card debt
some to the point where you cant recover
thats what happened to vince

ive worked with and have known physicians who lived that way
spending all the money they made
then nearing the end of their careers reality sets in
they realize sadly for some that they cant retire and have to keep working

what i did was several years ago
thanks to a rainwater brother who is a financial planner and from my
personal observations of cases like those above
we downsized some
cut our expenses
paid off our cars and house
maxed out not our credit cards but our retirement plans
note our credit card we use requires that we pay the balance off
within thirty days
began living like we were retired before we were retired
and
now in retirement and beyond
we are able to live comfortable not exorbitant just comfortable
and are able to do those things we like to do
and travel as much as we want to travel
and still have money left over hopefully when retirement is all over

so i think about vince and others
and think
whered it all go

dont let this happen to you

the organicgreen doctor