In 2006, Sports Illustrated estimated that Michael Vick made $25.4 million. Now, Vick owes well over $10 million to a variety of different companies. But don’t worry –- he has a plan. During his recent appearance before a bankruptcy judge, Vick stated he would pay back the money he owed by working construction.

Vick plans on donning a hard hat and punching the clock at $10 an hour. Let’s see: working 40 hours a week for $400, $20,800 a year…at that rate he could pay off the $10 million in…under 500 years! But his financial future all depends on his reinstatement into the NFL, and then a team willing to take a risk on him.

So, how did Vick go from one of the highest paid athletes to owing millions? To start, there’s the entourage. Vick was spending about $300,000 a month to support friends and family. But the biggest factor was who was in control of his money. Vick entrusted his money to a woman who is banned from working with any firm that trades on the NYSE because she bilked two old women out of $150K and a man who’s been accused of defrauding church members. His finances were such a mess that the bankruptcy judge appointed a trustee to help him out.

Vick owes over a million dollars in back taxes and it was recently discovered that he took funds from the pension plans of some of his employees. But if you are beginning to feel sorry for Vick, ("Then you’re not a dog lover"!) don’t. To pay off some of the debt, Vick will be selling three of his SIX homes. That’s less than one home per season. Do you really expect Vick to summer in Virginia? Do you?

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