Live comfortably, yes I'm sure, when it's put on "normal" standards that you, I, and most of hte rest of this country lives on. But his
normal standards would be living in multi-million dollar homes and having 6 or 7 cars that he never drives parked in the garage.
Hey, I'm not saying we should all shed a tear because Michael Vick will have to downgrade from 15,000 square feet to 5,000.
I never said "Vick wouldn't be hurt" by losing 28 mil. I said he could still live very comfortably IF he lost the 28 mil...which I don't think he will lose anyway.
So now you don't think the Falcons will pursue that bonus money? Or are you saying that the money he will have to pay will be considerably less than that? I don't know how much the Falcons will ask Vick to give back, but from a rather reliable resource when it comes to cap issues (Pro Football Talk.com), says that if tomorrow the Falcons approached him, it could be up to $28 million. That to me is a little more reliable than some gut feeling you may have on this issue BB, unless of course you have some other source of info.PFT.....lol....yep Elvis is playing LT for the Saints this year too
You can't possibly compare a person who has earned almost 200 mil before taxes, to a "normal person".
Yes you can. It seems to me that you share a misconception that I pointed out before that rich people don't spend money. Who saves 60-80% of their paychecks like you suggest Vick has? I'm sure when you're fantasizing about what you would do with $1 million, you're not thinking about putting $800,000 in the bank to save up for that rainy day 5-6 years down the road when the giver is going to ask for it back.
All we know
in terms of money Vick has earned thus far in '07 is that he earned $7 million on a roster bonus, and then earned what amounts to be $325,000 in training camp money during his "leave of absence." Beyond that we have no clue what he earned.
The $37.5 million that was reported here was from 2005. That figure is from Forbes list, that tallies I believe salaries from one June to the next. Between June 2004 and June 2005, Michael Vick earned $5 million in '04 base salary, received a $7.5 million signing bonus in December '04, and then received another $22.5 million bonus in March '05. For those of you that aren't econ professors, that total comes out to $35 million. So assuming Forbes did a good job crunching their numbers, that would leave about $2.5 million in annual money from non-football related issues.
In the actual '05 article, found here: http://www.forbes.com/lists/2005/53/20CG.html
They mention Vick's $30 million signing bonus. Let's then assume that Forbes didn't factor in his '04 base salary, but just the bonus money, that would mean that Vick earned $7.5 million in endorsements in '05.
Judging from this article: http://www.oregonlive.com/business/oreg ... xml&coll=7
That latter figure seems to be the appropriate one. Again, most of Vick's endorsements have been eiher cancelled or suspended, even his supposedly most lucrative one at Nike. So again, how much of that $7 or so million has Vick received this year?
Even if we were to argue that he managed to get all of it, that would still mean that Vick roughly pocketed about $15 or so million this year. We're all envious of that money of course, but what happens when Vick is asked to pay nearly twice that back and then becomes unemployed. He can't play in the CFL, and the highest paid player int he AFL is Tony Graziani who pockets about $150,000, less than half of what Casey Bramlet will make this season.
Oh, I forgot that little tidbit that Michael Vick might actually be in jail for a number of months/years. I'm sure he'll be able to make loads of dollars then. And then when he gets out, I'm sure people are going to be fawning to pay millions to an ex-con QB that hasn't played football for some time and was rather average the last time they saw him.
So again, while I won't be losing any sleep over the financial issues that Michael Vick is set to endure nor do I expect anyone else to, I do think it's going to be an issue that is much closer to struggle as opposed to cakewalk which you implied.
Where do you see "cakewalk"???? I said that first I don't think he will have to pay back the bonus money. Second I said if HE DID, he still would able to live comfortably. Your definition is yours, not mine. I'm positive that Vick's financial advisors, a good team out of Wash D.C. that he hired even before he was drafted, was very careful with his earned income. The par for the course in these situations is the athlete receives an allowance, more than enough to do what ever he likes. The mother, his children and his relatives are also given an allowance to live on.The rest is carefully bugeted, and even more carefully invested. We are not talking about chumps here.
Vicks assets, tax shelters and charities all figure into this financial plan. Also figured into every plan is an emergency scenario, which with all athletes is a must. This plan is sort of like a retirement portfolio, in case Vick can't continue for what ever reason. They figure out what type of lifestyle the client wants and adjust the portfolio accordingly. Even in the WCS (worst case scenario), Vick will still be able to maintain his current lifestyle. As we speak there are people working to remake his image when he gets out of jail. Book rights, film rights...first person accounts....etc. Once you receive a couple of contracts in the tens of millions of dollars, and you have a competent system set up, you really don't have any worries. Vick really didn't live an extravagant lifestyle, by all accounts he was somewhat of a homebody.He will be just fine.