Should Vince Provide Talent With Financial Management Help?

[Peoples_Champ]

With recent news that Ric Flair and now Hulk Hogan have squandered massive fortunes, it raises the question - should Vince McMahon provide independent financial management advice to former wrestlers the same way he provides complementary drug rehab?

I'm the first to argue that people are accountable for their own actions, but lets face facts here - these are muscle-bound wrestlers who are susceptible to scams and fast living, not really the types that typically are able to manage their wealth properly. Hell, the reason why Bret Hart came back to WWE tv, the one thing he said he's never do, was because he was concerned about his finances.

Shouldn't multi-billionaire Vince McMahon provide current and former talent with free financial advice, particularly to help wrestlers retain their wealth long into their retirement? It would cost Vince next to nothing, but the talent would benefit and us fans would not have to pity and sympathize our former heroes.

 

[Kayoh]

Vince isn't a multi-billionaire. He probably isn't even a bi-billionaire. But I think that might be going a little too far. The independent financial management for former employees, I mean. With the drug problems, it's very easy to develop drug addictions BECAUSE OF working as a wrestler - pain killers, steroids, and the environment in general doesn't really do anything to discriminate the use of drugs. Vince probably feels guilty about that and offers complementary rehab as a just reparation. Finances, though, Vince McMahon is still Vince McMahon. He doesn't give a shit what other people do with his money as long as it isn't costing him any.

 

[xoxo French Kiss xoxo]

Ric Flair and now Hulk Hogan have squandered massive fortunes because their both fucking idiots. If Hogan and Flair would have stuck to paying their taxes regularly, avoiding divorces and not trying to live above their means they would be fine.

Vince should focus on the WWE, and making money there for himself, and the superstars that are currently on his roster, by providing the WWE's fan base with entertaining shows and merchandise. Many of the current WWE Superstars are college graduates, so I would hope they have a clue of how to properly manage their money.

 

[The Brain]

I'm the first to argue that people are accountable for their own actions

I think it should be left at that. Why should Vince have to pay because Ric Flair wanted to be a big shot and run up thousands of dollars in bar tabs every night for the past thirty years? These are grown men and they should have some sense of financial responsibility. It really bothers me that people who are fortunate enough to make a lot of money blow it on meaningless things and then expect sympathy when they fall on hard times. I make nothing compared to these guys but I am able to pay my bills. How is this possible? Because I live within my means. Instead of living like a hot shot every night guys like Flair should have taken a lesson from guys like Mick Foley. Foley did everything he could to save money while on the road and now he is able to enjoy a comfortable financial retirement even though he is twenty years younger than Flair and probably didn’t make nearly as much money. I love Ric Flair but he chose to be the Nature Boy in real life and I’m sure he had a blast doing it. Now he has to pay the price. I hope it was worth it to him.

 

[mikde_]

Like other posters have said, why should he?

There are many many other wrestlers who have not wasted their money. I remember watching a shoot with Barry Horowitz and in it he basically says people may laugh at him for always losing but he is the one now living like a champion because he was smart enough to save and manage his money flow correctly unlike people like Flair.

Personally i think hogans money troubles are not all his fault entirely. I think he had to pay quite alot out after his son nearly killed that guy in a road accident and also lost a handsome amount to his wife in the divorce settlement. But still, i wouldnt be suprised if he did waste some of it.

 

[Pedigree1]

i am in total agreement that people are responsible for their own actions!! If both Hogan and Flair would have set up financial plans live within their means and avoid divorce like 6 times none of this would have happened!! Flair is the most one to stick out because what did he do every night for 30 years??? Limos Jets bar tabs probably lobster and steak dinners every night!! Flair just squandered away his fortune pissed it all away and now he wants us to feel sorry for him!! I wish i made as much money as he did i wouldnt be a stupid as he is!!!

 

[harrythem]

As has been said in many threads before this, I'm more concerned with Vince offering his talent medical coverage rather than financial advice.....To hear Stephanie say "because the talents are based all over the country it's too hard to find someone to cover them all....besides, it's not fair to those that have coverage to then be told 'get rid of it and use ours'"...to me, that would be of much greater long term benefit for the wrestlers.

 

[Peoples_Champ]

Fair enough everyone. It seemed to me like a great way for Vince / WWE to earn some goodwill for next to nothing, but, as I wrote in the first post, I'm the first to admit that everyone is accountable for their own actions.

 

[bxbigshow]

Devil's Advocate here, but...

Who knows for a fact that he hasn't done this already? Maybe not as straight on financial advice, but let's just say as a 'warning' when WWE signs a guy.

Basically you're told of your payments, guarantees, schedule of merch/ppv payments, travel deductions, per diems, etc. You are aware of how much you're making and when you'll receive it.

Who's to say that someone in WWE already makes them aware that THEY are responsible for saving/managing their funds? I've worked many jobs in my life and not one offers free financial advice...there is no reason why WWE should be the only one.

 

[CrossFaceChickenWing]

The entertainers make enough money to provide themselves with their own financial management company or accountant. They could always reach out to past entertainers who managed their money well like John Layfield or SCSA. You don't need a degree to know you should save your money and pay your tax's.

RIGHT?

 

[Rick Rudes Mustache]

While I'm inclined to agree with everyone else, that its up to the "Sports Entertainer" to secure his own mustache fortune, some low end card guys could benefit from this help.

I mean come on, if Vince would offer this, Doink The Clown would be a millionaire and not a Sandwich Artist for Subway in Brooklyn

 

[closet_fan]

the major sports don't provide their players with financial advise. why should they or vince?

what a wrestler does with his money is his business.

flair and hogan squandered their money because in their minds, there will always be another big payday. and now there isn't.

randy savage was loaded when he passed away. is it because vince taught him what to do with his money? no.

savage was frugal to a fault because he knew he couldn't wrestle forever.

 

[Peoples_Champ]

the major sports don't provide their players with financial advise. why should they or vince?

what a wrestler does with his money is his business.

flair and hogan squandered their money because in their minds, there will always be another big payday. and now there isn't.

randy savage was loaded when he passed away. is it because vince taught him what to do with his money? no.

savage was frugal to a fault because he knew he couldn't wrestle forever.

Yes they do. They offer the services of financial professionals, and split the costs of an initial consultation. I know for a fact that this is true. And to the commenter who says no company offers this, you'd be very surprised. I haven't worked at a company who didn't offer this service.

I think people have misconstrued the concept I was suggesting. I wasn't suggesting that Vince tell the wrestlers how to live their lives, but to offer the services of an independent financial adviser to help manage the affairs of wrestlers. Wrestlers living in poverty almost looks as bad as wrestlers addicted to drugs and pain killers. Either way, WWE could use good PR and this seems to me like one way of doing it.

 

[Daniel]

If you're so stupid as to squander your millions like Hogan or Flair, you deserve everything you get. You don't have to be a moron if you're a wrestler. Just like how plenty of wrestlers have shown that you don't have to take drugs if you're a wrestler, plenty have shown that you don't have to spend your money on stupid endeavours and alimony if you're a wrestler. You don't need financial advice (paid for by someone else) to know that it's probably a good idea to live within your means.

There are plenty of responsibilities that WWE should have towards the wrestlers that they take on, but financial management advice isn't one of them.

 

[Dagger Dias]

I don't think it's necessary for Vince to give out advice on how to save money. Spending money foolishly is far different than addictions or other issues that would require the rehab services he offers. The wrestlers are all adults. They should know how to save or spend their money wisely because it is something everyone else has to learn. I can't think of many jobs that would offer financial advice as a service, so why should this case be any different? I say let them learn from he mistakes of Hogan, Flair, etc or make their own mistakes. Sometimes people learn the hard way.

 

[Jeff]

Just throwing this out there too. Hogan and Flair made a lot of money with the WWE in their later years too. It isn't like these were 20 year old kids blowing a lot of money. These were people in their 50's and 60's spending money they didn't have. Maybe if it was like a 22 year old wrestler the WWE could suggest people they talk to for money management, but when someone is in their 50's and 60's and they don't know how to manage money then they are just stupid.

 

[H33LTurn]

The rehab thing is more of Vince's way of getting on the media's good side as well as giving back to those who fell in a system that promoted drug use in the oldschool WWF/E. People are perfectly capable of hiring financial advisors if they are in such a bad situation that they need it.

 

[TimeToPlayTheGame09]

The majority of the time people who get the salaries like wrestlers or any other pro athelete, the first thing they do is get an accountant or financial advisor. Its common sense. You can't handle millions of dollars on your own. Sometimes you do have atheletes who trust only themselves & manage their own finances. A few succeed, but many mess up. Vince shouldn't have to give financial advice, like I said it should be common sense. If a wrestler wants to manage their funds their way then they should know the risk & take responsibilty for the outcome. I do think that if a wrestler came to vince needing financial advise or recommendation for a good financial assisstant he would give his opinion. I don't think he would want to see anyone mess up their money & be down & out. It shouldn't be mandatory, but I don't think he would have problem giving info. Then it would be up to the wrestler to decide what to do.

 

[jacdnwarrior]

Yeah, I have to agree with the rest of peopl here. I mean, if we're talking about guys who've made the money that Hogan and Flair have made, they should be wise enough to seek out their own financial advisor and to more importantly, live within their means. It's hard to feel sorry for guys who've been in the business, seen scores of their fellow workers have ended up broken men with very little to show for it. Add to that, Flair and Hogan would be the last people to fight for any performer on the bottom end of the roster in terms of receiving better pay or working conditions, they were only out for themselves. I'm not crying for the Hogans and the Flairs, and the other top performers who made more money than more thatn half the roster combined. They only have themselves to blame for their predicament.

My complaint with regards to Vince and how he treats his wrestlers, is the shit pay that most of his performers receive, the fact they (wrestlers) have to provide for their own travel expenses and the fact they have to figure out a way to make ends meet if they get injured. This whole independent contractor nonsense is just a fucking scam to screw his performers and keep more money in his own pocket.

 

[giblet55]

If wrestlers truly are on the road as much as they say they are, rent cars, rent hotel rooms, eat out, workout at gyms, buy plane tickets, it would seem that an accountant would be perfect to keep track of all of that and manage their money so they don't end up broke and I don't have to watch them on my tv being wheeled out to the ring and stealing time from future stars because their old asses can't pay their bills due to idiotic self financial management
If you made what they made each year, you'd be stupid not to hire a financial planner or accountant you trust to make sure your money is well spent and managed.

 

[Hollywood Naitch]

Why should Vince offer financial management advise to his wrestlers? Most other jobs/companies don't do that, why should the WWE? They already offer to pay for any rehab needed by anyone who has EVER worked for the company, which must cost them a fortune.

Ric Flair has wasted all his money because he liked playing Ric Flair even when the camera's werent rolling. He would live the extravagant lifestyle, pay for everyone's drinks, ride in the limo's, wear the expensive suits etc, and never saved a dime. Tough shit. Flair is a grown man, and it is his choices that have left him with no money. I have no sympathy for him, as there are enough financial advise companies out there who could have given him some help as to looking after his money better. It was his choice not to seek help if he needed it, same with Hogan.

 

[Rayne]

Why on earth would Vince want to do this?

Think of it as if you owned a business; in this specific instance, one in which you are, by leaps and bounds, far enough ahead of your competition that you can determine pay schedules without realistic risk of your talent being poached without your implicit consent. Who are you more likely to re-sign under a deal favorable to you; the guy who is financially secure and can wait out a contract negotiation, or the guy who is running low on cash because he left it all at restaurants and titty joints on the road?

There is a "live it up" culture within the WWE, and Vince is the driving factor behind it. Most of the good 'ole boys who were with him in the heydays are gone and broke. Even the simplest poster here understands that the way you get ahead in the WWE is to be Vince's buddy, and when Vince is out on the road (by choice- that private jet of his is always on standby for him), he wants to have some fun with his boys. What does he care if some of his guys blow through all their money? They'll come back, hat in hand, when Vince is looking to run a gimmick battle royal or some shit.

Would it be the moral thing to do? Yes, but the business of professional wrestling has absolutely nothing with morals.