Monday, December 08, 2008

Article Reveals Vick’s Financial Woes


Michael Vick is paying his debt to society. He is paying restitution to the victims of his crimes. He is even willingly prepared to speak out against the heinous crimes he committed. Nevertheless, his self-inflicted financial problems will still be an issue when he is released from prison. This may prove to be the biggest hurdle of his life; not serving time.

In the article (link below), I was amazed by the amount of ‘love’ he GAVE away to family members and friends. My bewilderment prompted me to begin an email correspondence with a few buddies.

Here is what I wrote below. Please follow the conversation by clicking on the Comment icon.

“Blacks will go broke ‘taking care’ of each other. I just don't get it. I always try to put myself in others' shoes. I wonder if I would just give my money away to family members. You? Also, a multi-millionaire with only $96 in a retirement account?"

The article:

http://www.ajc.com/sports/content/sports/falcons/stories/2008/12/06/michael_vick_fortune.html?cxntlid=homepage_tab_newstab

Written by Brian E. Payne. Inspired by my continued criticism of Black Men.

21 comments:

Thankful Paul said...

Hello

Muata said...

Reader DM responds:

I always said if I were fortunate to come into that type of money, I WOULD NOT just give it family members rather set up some type of business, investment, fund that would keep making money for the family for years to come.

In MV's case, I just think again, he made a lot of stupid mistakes (much like a lot of black celebrities that come into money for the first time). Often times, spending takes precidence over investing with our people.

-DM

Muata said...

Reader RS responds:

I wasn't going to respond to this article but Derrick has inspired me. I feel the judgment in this case is not granted. 1) Michael Vick gave less than .03% of his Annual Income. 2) He comes from an environment where entitlement is expected. My only problem with Vick is his off the field exploits and the the people he chose to call his friends. His problems stems from STUPID decisions and being influenced by ignorant people including himself. The article identified several business that he started, he's not Bill Gates he needs a good publicist from a reputable firm that can oversee his interest. Because its obvious in his case and many other high profile athletes don't make good decisions when it come to money. But .03% of a $22,000,000 salary is not foolish; its pocket change.

-RS

Muata said...

Muata responds to RS:

He also made some crazy purchases. Why do we have to get so much? Excess is crazy to me. Why not lead a simple life that empowers others? $99,000 car?? Come on. Why? People are starving around the globe, and these guys spend "pocket change" in a day. I just think it is excessive. Also, look at that idiots plan for the future: $96 in a retirement fund. Can't play ball forever. My additional frustration is that these black men are not learning. It is sad. Just disappointing.

-Muata

Muata said...

Reader RS responds:

I agree with all that, he feels entitled. Idiot he is, that's without question.

-RS

Muata said...

Reader LS responds to Muata:

I see no problem with excess as long as you are saving. A 99,000 car is not even on the high end for expensive cars. I have a problem with peopel not maitaining some sort of financial literacy that will allow them to save money. A wife's friends father has 13 cars. Two Aston Martin's(who has two) but he also has millions in safe assetts and great financial literacy. It's not always about the purchases.

I actually am involved with a sports agency and when I got involved I learned that a large percentage of guys end up broke because they don't set up things the right way. Who is to blame? I blame the leagues as much as the players. They offer classes but should make more of an emphasis on these important issues.

-LS

Muata said...

Muata responds to LS:

Once we start blaming the league the responsibility shifts away from the player. It is all about personal responsibility. My company does not offer financial management classes. The league is a business. It ain't in the business of baby sitting these high dollar men. How about take some initiative and learn how to hold on to your money! Now, that's personal responsibility. Also, how about our families teach their children finances 101.

-Muata

Muata said...

Reader PM responds:

What are you all doing to help educate the young people who may be prone to think like this? Also, this is not a BLACK thing. Just like mass media, these stories about black people and their woes WITHOUT SOLUTIONS AND ACTION PLANS are getting TIRED.

-PM

Muata said...

Muata responds to PM:

Raising my sons a right way, and teaching him. And, a mentor to a young black man. Again, here we go blaming someone or something else: mass media. That idiot blew his money, not the media. Solutions are in my previous email: personal responsibility and finances 101. Do you blow your money? What have you done to be a good steward of your money? You plan and you open yourself up to learn. These black guys can do that too.

-Muata

Muata said...

Reader Pm responds to Muata:

While I appreciate great dialogue and concern for the progression of blacks, I find it useless to continue pointing out the obvious mistakes that people in the public eye make regarding their family, finances, education, health, employment status, etc............... We might better serve ourselves and our race by checking our own lives and putting it under a microscope. I'm sure if we did this, we'd be humbled enough and find more reason to slow down with all the adjectives that we so freely throw at the very people that we say we want success for. In some way or another (like it or not) you have similiraties of Michael Vick, O.J Simpson, Marbuary, Burress just like you do with Robeson, King, Cosby, Hughes, Carver, Dunn, Aaron..........................before it all these people were just black boys in America.

-PM

Muata said...

Reader RS responds to LS:

Very well put, however you can't blame the league. The classes are Mandatory, its up to the individual to be prudent and not the NFL. If a indivdual in the
private sector elects not to advantage of the investment options provided by the
company no one blames them.

Muata said...

Reader LS responds to RS:

The rookie classes are mandatory but what financial maturity did you guys have at 21-22? The league does not follow up and turns a blind eye to this stuff. Agents give these kids cars and money before they even sign. They break all the rules to get the client then the team pays a kid 20 million and that is that. Then we wonder why they end up broke at 30. Yes they players are to blame.I think I said that but there is a level of responsibility on the league. They see this issue and they do nothing. Look at how they treat the retired players.

Families are to blame as well. It is not a black thing at all but you will be shocked to find that the percentage of black atheletes that end up being broke as opposed to the white kids is a landslide. There is blame to go around.

In my business financial literacy is the first thing we talk about. We talk about this because we know you can't play forever and some kids like it and some don't. Most want to know how much they can make and that's it. I recently spoke with a runner and his approach was way different than they football and basketball guys. He just wanted a nice retirement fund and soem money in the bank when his career was over. Most of the other guys we speak to focus on weatlh accumalation and not preservation.

I dont agree with the comparison between the private sector and the NFL. I think these leagues are way different than the private sector. But that's just my opinion from what I know dealing closely with the NFL and working in the private sector. The rookie symposium is like the oreintation you get in the private sector. But then the differences are vast.

The comments are not to let VIck or any of the guys off the hook. It's simply to say that the environment which is cultivated buy the league has some share of blame albeit it only being about 10%.

-LS

Muata said...

Muata responds to PM again:

what amazes me is that we have so much to say about the white man, the government, etc. that's negative- but when another black man points out the stupidity of a black man that black man needs to be put in check. i have said it time and time again: we need to ALL practice personal responsibility - but what surprises me is when it comes to these idiotic black men we for some reason want to take the high road: 'don't call them out'. after reading every commentary that i could about vick, buress, and malbury there has only been one BLACK man to put the responsibility on them. the fella from kanas city. forgot his name that fast. one black man. every other black commentator thought of some reason other than: personal choice and responsibility to point out. also, just because someone highlights stupidity it does not mean that they are not humble. it does not mean that they are not taking care of their household. what should we do: become mutes? not talk about asinine decisions made by the black man/woman? if we take that road no one will have anything to say about dumb decisions. no one. perhaps, this is the reason we are in the condition we are in now: we stop being a village that takes care of each other via reprimanding.

-Muata

Muata said...

Reader Ej responds:

What amazes me is that you continue to say that "we" don't put the responsibility on these individuals for making mistakes....That is not the case. We are just saying IS THIS ALL YOU HAVE TO TALK ABOUT? Why are you still talking about Vick? He is serving his time! You talked about Plaxico when you practically made the same mistake he did. You both should be held accountable...but he got caught and you didn't. Who talked about you the way you talked about him? No, we understood your situation and had some sort of compassion for what you were going through. We all deserve the same kind of compassion at times...that doesn't mean it takes away the responsibility for doing what's right.

-EJ

Muata said...

Reader EJ responds to Muata:

What you say has no basis to me simply because you are offbase and wrong. I write about every damn thing. All you select to read and respond to is when I chat about dumb decisions black men make. Where are you when we have discussions about international affairs, environment, etc.? You are no where to be found. Who does not have compassion? I do. Black people need tough love, not this bullcrap political correctness: don't address foolishness. I just ain't cutting myself or them any slack. None.

-Muata

Muata said...

Reader EJ responds to Muata:

Why is it all negative when it comes to black men? That is my point. The only positive thing you have written about black men was about Dunn. And I asked you to put that out. Offbase and wrong? HOW? People in general need tough love at times...you act like black men are some kind of animal roaming the streets like predators to the rest of society. Read what you wrote.....You sound foolish!

-EJ

Muata said...

Muata responds to EJ:

Black men are not taking responsibility the way we should. You can't admit that. Why? Many black men have problems addressing their wrongs.

By the way, I have not written a commentary on Dunn. All I did was share his new book. Have you gotten it yet? Nope.

Go to the blog, dude. It is vast.

You also love when I blast white people.

Again, your opinion is baseless because you function on a purposeful inability to examine the vastness of my commentary.

My teachers told me to shut the hell up when I do not have all the facts.

-Muata

Muata said...

Reader EJ responds to Muata:

I don't love it when you blast white people....you rarely do anyway. This isn't about black or white....this is about how you feel about yourself. I only touch on this issue because "like I have said before" I care about you and I see that you have some issues that need to be addressed. Yes, we all have issues, but you really do fail to see your part. I know we have had this conversation before, but im going to have it again. FORGIVE YOUR FATHER! You can recommend we read Dunn's book and celebrate how he forgave his mother's killer, but you want learn from his example and address your father WHILE HE IS STILL ALIVE! When you say BLACK MEN you talk about us all as if we are joined at the hip. I find it incredible that you have this sentiment when all or most of your black male friends are responsible, working, caring, and taking care of their kids.

-EJ

Muata said...

Muata responds to EJ:

ej, i have a therapist. but, i do appreciate your suggestions.

please put the responsibility on the decisions we make as balck men. i am just disappointed in our stupidity collectively. JB has nothing to do with this, but he is a damn fool for abandoning his family! a stupid fool!! and, he will die a fool. he has no clue what i have become because he is an idiot for leaving his children. i am fine, and i don't need to go find a fool to be a good father/man. i was able to do that with my mother's guidance.

focus on the jacked-up decisions black men continue to make like cheat on their girls/wives, ask/suggest women to get abortions, lie to women, give them a STD, spend money on foolishness, verbally/physically abuse our women, be poor models to our kids (at times), commit dumb crimes, i can go on! and, ej, i have been GUILTY of ALL i have listed above. all of it!! this is me trying to take personal responsibility. this is all i want us to do as men, and then rectify our actions/behavior. most of us are not. how do i know? go google black men.

-Muata

Muata said...

Reader DM sums it all up:

Wow,

I see this conversation has taken off since I last checked. I lot of good points put out there. FROM My POINT OF VIEW:

I 100% agree with Brian in that we (Human Beings- Black/White otherwise) should take responsibility for our actions. It is absolutely absurd to spend close to $100,000 on a car and have $96 in savings. Anybody that doesn't think so should really re-evaluate that scenario closely. That's not a black/white thing.
2. I agree with Pat in that the media is quick to put our (black people's) negative stuff out there for fodder but we (black folks) need to be more responsible in not giving them anything to put out there; i.e. MV, Plaxico. Yes nobody is perfect but again some of these things are flat out inexcusable and just because we share the same pigmentation doesn't mean we should all sympathize or agree with foolishness
2. I also agree that the NFL (or NBA) or any other professional organization should not be held responsible if a grown man (or woman) doesn't take advantage of tools right there in front of him/her that can ensure his/her financial future.

3. Race shouldn't play into everything but I will say traditionally (it seems) that we (blacks) are not as well versed as a culture in money management as whites. This albatross can sometimes come back to haunt us as when you come from a background of weakened money management skills and don't have a sense of what's really important when it comes to valu e, we tend to go overboard when we do get a little bit of money.

With each generation we can try to turn the tides of this generational curse by leading by example. Of course I'm not suggesting that anyone here is of this mindset (above) but I am suggesting that if more
"Black Boys" see people with investments and business plans as opposed to Bentley's and Rims, we may be able to change things for the better.

-DM

WE ARE OUR BIGGEST OBSTACLE!

Torrance Stephens - All-Mi-T said...

he messed his life up