villain_the_foe Posted November 1, 2011 Share Posted November 1, 2011 http://www.thepostga...-18-year-career Jets Quarterback Mark Brunell's Catastrophic Financial Path Although he has a better playoff winning percentage than Peyton Manning, 18-year NFL quarterback Mark Brunell is facing a financial nightmare. Action News Jacksonville reports the current Jets backup and former Jaguars hero has managed to run through $50 million as an active player and will have to start a 9-to-5 job as soon as his NFL career is over. And that will be soon. Brunell plans to retire from the Jets after this season and, because of his financial misfortunes, will have to become a regular working stiff. Bankruptcy filings show Brunell has a job lined up to work as a medical sales representative after he's done holding a clipboard in New York. Brunell, originally a fifth-round selection by the Packers in 1993, was twice traded for third-round picks, first in 1995 when the Packers traded him to the expansion Jaguars and again in 2004 when the Jaguars traded him the Redskins. He won a Saints world championship ring as Drew Brees' backup with the Saints in Super Bowl XLIV. He also started two AFC title games with the Jags. Mark Sanchez's current backup and one of New York coach Rex Ryan's favorites is appearing more in bankruptcy court than on the field these days, according to the Jacksonville TV station. Brunell, 40, blew all his money with lousy investments into nine businesses -- more than half of which are already closed. His most ponderous financial disaster was in Champion LLC, a company that invested in high-end real estate properties. That may have worked out great had the housing market not soured over the course of Brunell's NFL career. He also invested in a Whataburger fast-food franchise, and ended up losing every penny he invested and even more according to financial documents. Brunell attempted to cover the loans with his own cash. If that's not harsh enough, the three-time Pro Bowl quarterback is facing six lawsuits. Brunell is on the hook for a whopping $24.7 million, according to the litigation. Ken Ruettgers, a former Green Bay Packers lineman and Brunell teammate who is now working to help retired players who are down and out, claims a majority of athletes have trouble very soon after hanging up the pads. "It's something like 78 percent of former NFL players, two years after their last game, are either bankrupt, divorced, or unemployed," Ruettgers told WAWS-TV. Brunell holds the NFL single-game record for most consecutive completions with 22 in a row with the Redskins against the Texans in 2006. Check out the link to view the News video on the topic which aired in Jacksonville FL. Link to comment Share on other sites More sharing options...
rillo Posted November 1, 2011 Share Posted November 1, 2011 50mil, that's crazy. Good luck Link to comment Share on other sites More sharing options...
Il Mostro Posted November 2, 2011 Share Posted November 2, 2011 Not any less catastrophic than our 2011 back-up QB path... Link to comment Share on other sites More sharing options...
CrazyCarl40 Posted November 2, 2011 Share Posted November 2, 2011 Whataburger? Whatamoron. Link to comment Share on other sites More sharing options...
NYJets90 Posted November 2, 2011 Share Posted November 2, 2011 Irrational exuberance Link to comment Share on other sites More sharing options...
stoicsentry Posted November 2, 2011 Share Posted November 2, 2011 If you told someone with a lot of money to put it in basic savings accounts, they would look at you like you were crazy. Ironically, if he had done that with even 20% of his money, he would be probably be set for life. At $5m/per, that's $1m/per, that's $100,000 per for 10 years. 10 years of doing that is $100,000 a year for a hundred years. Adjust up or down as needed, even after taxes, that should be more than enough. Granted, I didn't go back and look at his exact contract figures but it's really a disaster to lose that much money... ouch Link to comment Share on other sites More sharing options...
Midget Love 20 Posted November 2, 2011 Share Posted November 2, 2011 If you told someone with a lot of money to put it in basic savings accounts, they would look at you like you were crazy. Ironically, if he had done that with even 20% of his money, he would be probably be set for life. At $5m/per, that's $1m/per, that's $100,000 per for 10 years. 10 years of doing that is $100,000 a year for a hundred years. Adjust up or down as needed, even after taxes, that should be more than enough. Granted, I didn't go back and look at his exact contract figures but it's really a disaster to lose that much money... ouch Exactly. Many people that win the lottery end up in more financial problems down the road but you have to be economically smart and play within your bounds. Granted I would do my share of traveling and get some high ticket items (purchase an affordable home and car) but past that I would stock certain amount of money away that I couldn't touch until a certain age to reduce the temptation of having the money there for the taking. Also beyond the initial traveling and whatnot I'd be too bored to just sit around and do nothing. So what does this mean...Brunell is going to play until he's physical incapable to? Link to comment Share on other sites More sharing options...
Maxman Posted November 2, 2011 Share Posted November 2, 2011 JetNation would pay 50 million for a decent backup QB. There really should be a way for this to work itself out. Don't mean to make light of his situation, what a sad story. Link to comment Share on other sites More sharing options...
kelticwizard Posted November 2, 2011 Share Posted November 2, 2011 Don't mean to make light of his situation, what a sad story. I liked Brunell as a QB, but I am unable to feel sorry for him now. An awful lot of people have to work long hours to just get the money to scrape by. This guy goes through $50 million. Some people hate people like this, people who piss it all away. I don't. I figure it's his money to lose, so if he loses it, it's his business. But now that he's lost it, I just don't feel sorry for him. If he had only put the brakes on and saved a million or two, he could have a comfortable living standard the rest of his life. He didn't. Link to comment Share on other sites More sharing options...
JetsFanInDenver Posted November 2, 2011 Share Posted November 2, 2011 Should have bought AAPL! Link to comment Share on other sites More sharing options...
Irish Jet Posted November 2, 2011 Share Posted November 2, 2011 So what does this mean...Brunell is going to play until he's physical incapable to? That's been apparent for a while. Link to comment Share on other sites More sharing options...
CTM Posted November 2, 2011 Share Posted November 2, 2011 Surprised he's not trying to coach. I'm sure a QB coach makes more then a regular job Link to comment Share on other sites More sharing options...
ZachEY Posted November 2, 2011 Share Posted November 2, 2011 If only he'd bought gold. Link to comment Share on other sites More sharing options...
Klecko73isGod Posted November 2, 2011 Share Posted November 2, 2011 Surprised he's not trying to coach. I'm sure a QB coach makes more then a regular job Or work in TV. I gotta believe the networks would pay him more than he could make as a medical sales rep. The funny thing about this was the teasers they did for the news story on TV down here which included the line "you won't believe what he has to resort to to make money now!" They made it sound like he was giving hand jobs at the bus station for cash or something. Link to comment Share on other sites More sharing options...
ZachEY Posted November 2, 2011 Share Posted November 2, 2011 Or work in TV. I gotta believe the networks would pay him more than he could make as a medical sales rep. The funny thing about this was the teasers they did for the news story on TV down here which included the line "you won't believe what he has to resort to to make money now!" They made it sound like he was giving hand jobs at the bus station for cash or something. Or, selling anchors. PEW PEW PEW Link to comment Share on other sites More sharing options...
The Crusher Posted November 2, 2011 Share Posted November 2, 2011 That story is so common nowadays. Difference is he crapped away a lot more cash then the average broke American. Link to comment Share on other sites More sharing options...
flgreen Posted November 2, 2011 Share Posted November 2, 2011 I liked Brunell as a QB, but I am unable to feel sorry for him now. An awful lot of people have to work long hours to just get the money to scrape by. This guy goes through $50 million. Some people hate people like this, people who piss it all away. I don't. I figure it's his money to lose, so if he loses it, it's his business. But now that he's lost it, I just don't feel sorry for him. If he had only put the brakes on and saved a million or two, he could have a comfortable living standard the rest of his life. He didn't. Guy didn't really piss it all away. People like Tyson pissed it all away. Brunell tried to make investments. Wrong place wrong time. I read another article about this when he first signed with the Jets. 90% of the money was lost in a bad Real Estate investment. If the economy hadn't gone south right at the time he made the investment we would be reading what a genius he is. He's not alone. Many very wealthy people got killed in the real estate crash. More then likely in 10 years, when the law suits are all over, and he declares bankruptcy . he will have more money back then 99% of the board. With his high profile, and apparent ambition, he will make tons of money as a pharmaceutical sales rep. Big money available. I don't feel sorry for him, he'll recover in time. Link to comment Share on other sites More sharing options...
Jbro22 Posted November 2, 2011 Share Posted November 2, 2011 If it were gambling or drugs I wouldn't feel bad. Sounds like he's just a bad business man. Thats said, pay attention in business class during your full ride scholly. Link to comment Share on other sites More sharing options...
Il Mostro Posted November 2, 2011 Share Posted November 2, 2011 When you are talking about that kind of money, you have to be an absolute friggin's moron to fail. Even if you assume 50% initially goes to taxes (which is a vastly overstated worse-case scenario), you are left with $25 million. Using the old 4% rule (relatively conservative equities portfolio that generates an annual average of 4% in combined dividends and capital gains), gives you $1 million per year to live on -- plus leaves your initial $25 million intact. I know some of you guys would have to scale back your lifestyles, but I could easily handle that. Link to comment Share on other sites More sharing options...
PatriotReign37 Posted November 2, 2011 Share Posted November 2, 2011 Whataburger? Whatamoron. He should have built his burger franchise near Crushers house. Link to comment Share on other sites More sharing options...
RutgersJetFan Posted November 2, 2011 Share Posted November 2, 2011 They made it sound like he was giving hand jobs at the bus station for cash or something. http://www.youtube.com/watch?v=dWQM6sOsd5k Link to comment Share on other sites More sharing options...
Klecko73isGod Posted November 2, 2011 Share Posted November 2, 2011 http://www.youtube.com/watch?v=dWQM6sOsd5k "I SEEN HIM!" Link to comment Share on other sites More sharing options...
villain_the_foe Posted November 2, 2011 Author Share Posted November 2, 2011 If only he'd bought gold. True story! He'd be far from broke if he did so. Link to comment Share on other sites More sharing options...
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