|Dallas Bankruptcy Attorney Frances Smith says We Can Learn From Those Suffering Falling Financial Fortunes|
|October 5, 2012 9:08 am|
Dallas bankruptcy attorney Frances Smith says the financial difficulties facing former University of Texas football great Vince Young should serve as a cautionary tale of how cash windfalls can lead to ruin if recipients don't play it smart. Media reports indicate that Young is virtually penniless only six years after the Tennessee Titans awarded him a $26 million contract to be the team's starting quarterback. "Great wealth is a tremendous magnet for scam artists, pie-in-the-sky schemes and a carefree financial attitude," says Smith, a partner at Shackelford, Melton & McKinley. "Worst of all, a sudden influx of wealth also allows individuals to accumulate massive debt just as quickly," she says, adding that individuals must pay extremely close attention to the details of their finances after receiving such windfalls or risk losing everything. For more information, contact Dave Moore at 800-559-4534, or firstname.lastname@example.org.
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