Steve Young Still Getting Paid by USFL

[Rohirrim]

He gets a million next year from a contract he signed in 1984. I know it's BR, but this just blew me away.
http://bleacherreport.com/articles/1...rial&hpt=hp_t2

[ZONA]

That's unreal

[Agamemnon]

That's pretty awesome. Young set himself up with one nice retirement plan.

[BroncoMan4ever]

This is bull****. Why isn't that fast food job I had when I was 14 still paying me?

[wolf754life]

the beauty of tax differed annuity income

[Gutless Drunk]

The contract was set up as an annuity and if Young had funded the annuity, he would've been getting $1 million check in 2014. That number would have gone up until the final year of the deal in 2027 when Young would have collected a check worth $3.173 million. Unfortunately, Young didn't fund the annuity.

"We never funded the annuity. The owner was so crazy, it had to stay in his name for 45 years," Young said. "So they gave me the option to take the money, which I think was $1 million bucks or $900,000 to fund the annuity -- either take that money or fund the annuity -- I just took the money. The whole idea of the annuity is false advertising."

The USFL eventually went bankrupt, but not before Young collected a few million dollars.

http://www.cbssports.com/nfl/eye-on-...-usfl-contract

[Vegas_Bronco]

Time to start it up again...give the NFL some competition...lol

[ColoradoDarin]

Technically not the USFL paying him, but a great deal for him.

[TheChamp24]

Nothing like what Bobby Bonilla is getting man! http://www.businessinsider.com/chart...bonilla-2013-7

[broncocalijohn]

Nothing like what Bobby Bonilla is getting man! http://www.businessinsider.com/chart...bonilla-2013-7

He would have blown it possibly and this way he played it safe.

[broncosteven]

Just think, if he got all that money at once he could have bought his moms a house and make it rain at strip clubs with his crew.

[broncocalijohn]

Just think, if he got all that money at once he could have bought his moms a house and make it rain at strip clubs with his crew.

When I think of Steve Young, this is exactly how it would have went down.


(Stoxman, this is called sarcasm...learn it)

[Arkie]

Nothing like what Bobby Bonilla is getting man! http://www.businessinsider.com/chart...bonilla-2013-7

But more importantly to the Mets, if they invested the $5.9 million at 8% interest in 2000.

This article assumes the Mets made 8% returns in a market that averaged 2% since 2000. Yeah, Bonilla could have taken that 5.9 million and put it in the market in 2000 as the Nasdaq began crashing from it's all-time high.

[Sly_Eli]

so who exactly is paying him?

[Gutless Drunk]

so who exactly is paying him?

Nobody, the original post was incorrect, See post 6