Are annuities the answer to retired NFL players avoiding bankruptcy?

By TimTurner

Torrid Technologies

In a recent article about ex-NFL starting quarterback Vince Young, readers learned that he has fallen on hard times, having lost his money and all of his properties. Why doesn't the NFL Players Union teach these guys about the basics of finance? Perhaps some tips on living after the NFL in their retirement?

The article about Vince Young's recent property woes can be found on USA Today. The article explains just what went wrong in his strategy:
    Pro Player Funding gave Young a high-risk loan during the 2011 NFL lockout that Young then defaulted on. Young claims the company and his former financial adviser Ronnie Peoples duped him into taking out the loan. A court ruled in favor of Pro Player Funding, and Young has been disputing the judgment ever since.
These guys tend to not save money, put money into bad investments, let shady characters squander their money and, through it all, they don't have the resources to continue the mega-lifestyle they set up for themselves. Does anyone even tell them that their real estate will be foreclosed if they can't pay the taxes after their playing days are gone? Does anyone tell them to downsize their lifestyle when they finally are cut for the last time and are done with the NFL?

What do you think they should do to teach NFL players about money and about retirement? Are annuities the answer? Share your ideas here.