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Michael Vick Has Spent $30 Million Over Four Years, but It’s Not A Bad Thing
NFL star Michael Vick has gotten some media attention lately for reportedly blowing through $30 million dollars since 2008. This might sound like yet another story about broke black athletes, but maybe it’s not so bad. We’ll let you do the judging after we tell you what he spent his money on.
Out of the $30 million that Vick has made since 2008, he has spent $10.9 million to the IRS, $9.2 million to pay off his debts, $2.7 million to his accountants and attorneys, and the rest for living expenses. Just last year, Vick hit pay dirt by signing a seven-year deal worth $100 million dollars, so he’s going to be OK in the long-term.
By the way, $40 million of Vick’s money is guaranteed, which means that he’s going to have a lot of money rolling in over the next several years. We hope that he learns from his mistakes and spends that money on good things, makes investments and prepares himself for life after football. If he does that, then the worst years of his life can be the great lessons to prepare him for the future.
Good luck Mr. Vick.
18 Responses to Michael Vick Has Spent $30 Million Over Four Years, but It’s Not A Bad Thing
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kwe
October 10, 2012 at 2:10 pm
It’s so ironic how we put all the pressure on a individual once they’ve made something good happen for themselves . We never look to the people who write their checks. I love my people however, I wouldn’t invest in just the black community . I would be smart about my investments no matter where the community . Politicians are obligated to make sure our communities are productive not athletes, it’s there free will. Question, for those of you who are doing better than most how much of your dollars are you giving back to your community ,or are you looking for the next individual to do it.
David "The U.S. Senator"
October 5, 2012 at 5:25 pm
There is Plenty of Investment Opportunity in The Black Community. We must consider rethinking Success!
David "The U.S. Senator"
October 5, 2012 at 5:25 pm
There is Plenty of Investment Opportunity in The Black Community. We must consider rethinking Success!
John H Hill
October 5, 2012 at 4:27 pm
Investing in the BLACK COMMUNIY sounds good but you can’t just invest. You have to know what you are doing. It seems like the things blacks want most are made by white people. Another catch 22.
David "The U.S. Senator"
October 4, 2012 at 1:48 pm
What about Investing in The Black Community!
James Moss
October 4, 2012 at 8:23 pm
David, this is an interesting question. What would you suggest that Micheal Vick do with “his” money in the Black Community. I am reminded of Magic Johnson doing investments into Black Communities across the country and it did not pan out well for him.
David "The U.S. Senator"
October 5, 2012 at 4:25 pm
At Least you are open to the discussion. I thought things were going well for Mr. Magic Johnson. With the Star Bucks, Movie Theaters and Now a Major League Baseball Team. I would like to see Urban Entreprenuers have access to Capital. Micro Lending for Instance. Home Improvement Loans, to help people to Upgrade their homes with a New Roof, Insulated Windows, Solar Panels Etc….. I think that would be a Win Win Situation for all Parties Involved. Peace My Brother@!
David "The U.S. Senator"
October 4, 2012 at 1:48 pm
What about Investing in The Black Community!
LarryJ
October 3, 2012 at 11:39 pm
Vick + V = Victory !
wanda
October 3, 2012 at 9:04 pm
This is one African American celebrity and sports figure that’s trying to do the right thing. Good for him. Instead of buying zillion gold chains, he’s paying off the IRS and his debts. That stint in the prison forced him to see the light.
wanda
October 3, 2012 at 9:04 pm
This is one African American celebrity and sports figure that’s trying to do the right thing. Good for him. Instead of buying zillion gold chains, he’s paying off the IRS and his debts. That stint in the prison forced him to see the light.
sheila
October 3, 2012 at 10:30 am
well i hope this tells the fine brother to save some for those rainy days.so many blacks after their time in the limelight ,become slaves to trying to get the bucks back ,IE MIKE Tyson,EVANDER HOLYFIELD,to name a few,can’t feel sorry for people who had it all and threw it away.SO IT SEEMS HE HAS SAW THE LIGHT.THANK GOD!!!
Anthony
October 3, 2012 at 9:48 am
Well Mike Vick since you are out of debt now, Invest those future millions into insured municipal bonds. The interest you receive will be enough to live off for the next 30 years, is tax free and you are guaranteed to get your initial investment back. That way your money is making money for you and you still stay rich when it all said and done…