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Athletes: Don’t Sign Power of Attorney!

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    Ed Butowsky of Chapwood Investments on athletes losing their earnings.

  • Duration 3:14
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Now I've got a story on affordable plan who blew a fortune former titans quarterback Vince Young.

He reportedly went through 26 million dollars in just a couple of years how would you do that is the details.

Friends said he spent 5000 dollars a week at the Cheesecake Factory.

And he wants spent 6000 dollars and TGI Friday's he would buy meals and drinks -- teammates friends just about everybody.

-- -- -- -- with -- he manages money -- athletes and it is these stories all the time.

-- JC Cheesecake Factory bills TGI Friday's that -- -- up to 26 million.

You know did not mean that that's it's a good story -- and did and I actually know him -- -- -- -- -- and actually sat with.

His -- and I sat with his uncle think -- in about three years ago to discuss things and he's not a client of mine number wasn't Heinemann.

But I will tell you what happened -- Vince Young was that the spending it was giving power of attorney.

And people who took his money because when you give that power of attorney that happens.

Stewart today a meeting with somebody of father of an athlete whose family through power returning and I'm acting -- much else.

Took nine million dollars the power of attorney is what's killing these now cannot let let's discuss this the power of a -- right that would mean -- Stewart bond.

And sign a form giving the power to spend my money to somebody else or didn't it that's exactly kept all their business there's these young -- The these young men are for the most part great people.

-- just don't have the knowledge to know what to do what they do as a turnaround and someone else's some weakness on the ticker everything you worry about training you worry about getting yourself into you worry about being a great athlete salty -- your business stuff.

And they sign a power of attorney -- -- wake up -- -- what's that's what's that mean I can't tell you how many.

Army so different it just doesn't like -- since young signed away all authority over his money absolutely although people that's right who ran away with a money.

There were incompetent on -- fees quote I don't know whatever it is.

Don't sign -- attorneys I can't tell you again how many of these young men I meet.

Who signed the -- of attorneys don't know what's going on and weak financial advisors need to do better job of educating them not their found what it's not there agents we need to do better to a man who makes 26 million dollars in a couple of years all right you when -- -- He's got an agent.

If it -- the agents say don't do that -- no no the agent says that do that to meet.

I mean -- I would -- agents out there but but the but the whole system -- set of where we need to educate agents the parents and the players and directly the players.

I -- talk to the agents all talk to the player.

Because the player it's their money and they're not these are not dumb these these are Smart individuals and eight we needed a makes -- on my another leg if he or she is saying that's OK so I'm not have attendant that -- on not doing -- job.

Because they're not just represented the athlete vis a vis the sports right that represented the athlete -- some -- -- that's sort of a good advice.

That is right MRI if you recruit and that's the smoking gun the smoking gun here.

The agents now there are some great -- Larry Reynolds won the best agents in the business okay.

He's a great guy he's good care of these people and educates them but he does the job at Battelle -- you very interesting stuff thank you very much indeed -- -- I.

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