You get the sense that Michael Vick won’t be spending any big money any time in the immediate future.
Vick filed for bankruptcy protection today.
For any of you wondering how someone as wealhty as Michael Vick could go bankrupt, allow me to show you a picture of MC Hammer:
Yes, its true. We can’t touch that. But Vick could and did.
Unfortunately, people who go from having not a lot of money to having an obscene amount of money in a short period of time tend to get the mindset that they actually have “an unlimited” amount of money.
This is not the case.
It is not hard to spend more money than one has, regardless of how much money one has. Why do you think banks charge you overdraft fees?
Yes, I’m sure you’re thinking “Well, me buying a soda from 7-11 and getting hit with a $33 dollar fee is not the same as Mike Vick blowing through $100 million”. Wrong.
Vick doing it is just on a larger scale with much dumber decisions than buying a soda he couldn’t afford. He bought tons of shit he couldn’t afford and also was not planning on NOT WORKING at anytime in the future.
Call it terrible financial planning.
But its not all that different than someone making $30,000 a year going bankrupt. Its just on a larger scale with more asinine decisions which are magnified by the amount of money wasted.
On the plus side, its almost football season…in prison.
July 9, 2008 at 9:49 am |
You’re also leaving out the fact that he has to repay all sorts of money that, prior to going to jail, he could comfortable consider his own. He has to pay Radtke Sports half a million for breach of contract, and $16 million dollars worth of bonuses have to be repayed to the NFL. So it’s more than poor financial planning.