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