endzone_dave Posted January 25, 2012 Share Posted January 25, 2012 http://www.thepostgame.com/features/201201/terrell-owens-gq-jeremiah-trotter-told-me-not-apologize-donovan-mcnabb TO has made $80 million in his career and in almost broke. These guys are such idiots. "much of his money in highly leveraged ventures" means $80M wasn't enough, he had to have much more. Plus add the $44K a month he pays in child support. Why can't they just throw their money in the bank or safe mutual funds, not get women pregnant, and just buy a nice house, a few nice cars and live a comfortable life? Doesn't seem like rocket science. Link to comment Share on other sites More sharing options...
Bang Posted January 25, 2012 Share Posted January 25, 2012 There's a lot of sharks in the water. This story is all too common. ~Bang Link to comment Share on other sites More sharing options...
Burgold Posted January 25, 2012 Share Posted January 25, 2012 Why do you think the guy's been auditioning for the NFL every chance he gets and is even willing to play in the IFL? Link to comment Share on other sites More sharing options...
Rocky21 Posted January 25, 2012 Share Posted January 25, 2012 What a sad, dumb ****tard. Link to comment Share on other sites More sharing options...
thebluefood Posted January 25, 2012 Share Posted January 25, 2012 http://www.thepostgame.com/features/201201/terrell-owens-gq-jeremiah-trotter-told-me-not-apologize-donovan-mcnabbTO has made $80 million in his career and in almost broke. These guys are such idiots. "much of his money in highly leveraged ventures" means $80M wasn't enough, he had to have much more. Plus add the $44K a month he pays in child support. Why can't they just throw their money in the bank or safe mutual funds, not get women pregnant, and just buy a nice house, a few nice cars and live a comfortable life? Doesn't seem like rocket science. Pretty sad stuff, but it isn't too surprising. For all the NFL's changing, you'd think they'd make all their rookies take some kind of financial management class to help prevent stuff like this. Link to comment Share on other sites More sharing options...
Henry Posted January 25, 2012 Share Posted January 25, 2012 As usual, it's everyone else's fault. Link to comment Share on other sites More sharing options...
I_Bleed_B&G Posted January 25, 2012 Share Posted January 25, 2012 Pretty sad stuff, but it isn't too surprising. For all the NFL's changing, you'd think they'd make all their rookies take some kind of financial management class to help prevent stuff like this. I'm pretty sure they do take some kind of class or do something at the rookie symposium. It's up to them to take extra classes and what not. I don't expect my employer to tell me what I should do with the money they are paying me Link to comment Share on other sites More sharing options...
Elessar78 Posted January 25, 2012 Share Posted January 25, 2012 I have a little bit more pity for these guys. Their skills are in football, not personal finance. They get stupid advice, stupid pressure years before they get their first pro-check. It's true for the superstars and true for the 3rd stringers. Link to comment Share on other sites More sharing options...
Burgold Posted January 25, 2012 Share Posted January 25, 2012 I have a little bit more pity for these guys. Their skills are in football, not personal finance. They get stupid advice, stupid pressure years before they get their first pro-check. It's true for the superstars and true for the 3rd stringers. I don't. They are theoretically college educated, have managers, agents, and access to the best financial managers in the world. If they mess up it's because they didn't take advantage of what the world, their talent, and their effort awarded them. Link to comment Share on other sites More sharing options...
Henry Posted January 25, 2012 Share Posted January 25, 2012 Well, I feel bad in the sense that nobody gives a crap about these guys outside of football, but on the other hand ... that's life. Nobody gives a crap about anyone unless they can produce, whatever that may be. Sorry, but it's the player's job to educate himself about the real world, just like it's mine, yours or anyone else's. If the mean old NFL doesn't hold your hand through your non-football life, well, welcome to the party, pal. Link to comment Share on other sites More sharing options...
KingGibbs Posted January 25, 2012 Share Posted January 25, 2012 "Mo' money, Mo' problems." Link to comment Share on other sites More sharing options...
Skinz4Life12 Posted January 25, 2012 Share Posted January 25, 2012 no wonder he's tried to commit suicide multiple times...the guy has serious problems and pays 44k a month in child support. damn Link to comment Share on other sites More sharing options...
MattFancy Posted January 25, 2012 Share Posted January 25, 2012 I don't. They are theoretically college educated, have managers, agents, and access to the best financial managers in the world. If they mess up it's because they didn't take advantage of what the world, their talent, and their effort awarded them. I thought I read somewhere that Rosenhaus was giving him bad investment advice. If that's the case, I do feel bad for him a little. Link to comment Share on other sites More sharing options...
Elessar78 Posted January 25, 2012 Share Posted January 25, 2012 I don't. They are theoretically college educated, have managers, agents, and access to the best financial managers in the world. If they mess up it's because they didn't take advantage of what the world, their talent, and their effort awarded them. Again, theoretically college educated. Managers? It's hit or miss whether these players encounter managers that watch out for their best interest. Agents? These guys blow smoke up their behinds to get them to sign, how many do you think are going to be the wet blanket that tells them you can't afford this or that. If there's any fault, it's that these players don't educate themselves on how to handle money. That's what it comes down to. If you know your stuff, and the basics aren't terribly complicated, then that type of money should last a lifetime. Link to comment Share on other sites More sharing options...
Burgold Posted January 25, 2012 Share Posted January 25, 2012 Well, I feel bad in the sense that nobody gives a crap about these guys outside of football, but on the other hand ... that's life. Nobody gives a crap about anyone unless they can produce, whatever that may be. Sorry, but it's the player's job to educate himself about the real world, just like it's mine, yours or anyone else's. If the mean old NFL doesn't hold your hand through your non-football life, well, welcome to the party, pal. I think that's true and not. I suspect a lot more people care about these guys outside of their professions then do people about you or I. If they fail a lot of it really is because they failed. Link to comment Share on other sites More sharing options...
Elessar78 Posted January 25, 2012 Share Posted January 25, 2012 Using a retirement calculator. Assuming at age 21 he put $1,000,000 each year for his 14 year career at an 8% rate of return per annum. The average life expectancy for an NFL player is 58 years 10 months. Let's assume he lives to age 71. So starting year 15, he doesn't contribute another dime to this retirement account. At the end of his life, if he doesn't touch a dime of it, it projects out to close to half a billion dollars! At year 15, his retirement account is already around $25 million! Each year around years 15-20 the interest alone adds north of 2 million bucks. He doesn't even need to touch the principle at that point. I did this in 5 minutes. I feel bad that they don't have this awareness. If at the end of his career he stuck the $26.7 Million in a money market account (maybe generously earning 3% but very safe) he'd still clear $120 million. Link to comment Share on other sites More sharing options...
dfitzo53 Posted January 25, 2012 Share Posted January 25, 2012 http://www.thepostgame.com/features/201201/terrell-owens-gq-jeremiah-trotter-told-me-not-apologize-donovan-mcnabbTO has made $80 million in his career and in almost broke. These guys are such idiots. "much of his money in highly leveraged ventures" means $80M wasn't enough, he had to have much more. Plus add the $44K a month he pays in child support. Why can't they just throw their money in the bank or safe mutual funds, not get women pregnant, and just buy a nice house, a few nice cars and live a comfortable life? Doesn't seem like rocket science. On the other hand, this isn't a problem that's unique to rich people. There are plenty of middle class families living paycheck to paycheck and using "We don't make enough money" as an excuse. You do make enough money. You just don't make enough money to have a 500k house, 3 HDTVs and 2 foreign cars. I don't feel that bad for Terrell Owens, but it's not because he's an athlete or a millionaire, it's because I don't feel that bad for anyone who lives above their means and then complains about their situation. Link to comment Share on other sites More sharing options...
ixcuincle Posted January 25, 2012 Share Posted January 25, 2012 Link to comment Share on other sites More sharing options...
Elessar78 Posted January 25, 2012 Share Posted January 25, 2012 On the other hand, this isn't a problem that's unique to rich people.There are plenty of middle class families living paycheck to paycheck and using "We don't make enough money" as an excuse. You do make enough money. You just don't make enough money to have a 500k house, 3 HDTVs and 2 foreign cars. I don't feel that bad for Terrell Owens, but it's not because he's an athlete or a millionaire, it's because I don't feel that bad for anyone who lives above their means and then complains about their situation. +1 Link to comment Share on other sites More sharing options...
Corcaigh Posted January 25, 2012 Share Posted January 25, 2012 On the other hand, this isn't a problem that's unique to rich people. True. But he's probably paid more than a million in his life to financial advisers who have let him down. Unless, of course, he ignored their advice, which is a real possibility. Link to comment Share on other sites More sharing options...
The Evil Genius Posted January 25, 2012 Share Posted January 25, 2012 $44,000 a month in child support? Wow. Link to comment Share on other sites More sharing options...
endzone_dave Posted January 25, 2012 Author Share Posted January 25, 2012 I don't think this is limited to athletes or people from any certain upbringing. I bet if you look at lotto winners, many of them struggle to keep their money. If you give many people $20M, they will want $40M in the worst way. They'll listen to anyone who will make that promise to them. Plus, many people can't live within their means no matter how much money you give them. Link to comment Share on other sites More sharing options...
Riggo-toni Posted January 25, 2012 Share Posted January 25, 2012 Uh, did anyone NOT see this one coming? The guy's an idiot and clearly mentally unbalanced. I would bet dollars to donuts he's bi-polar. Some guys I feel a bit sorry for (Brunell....maybe someone else); this guy I was just waiting to hear the inevitable news for a good laugh. Link to comment Share on other sites More sharing options...
rictus58 Posted January 25, 2012 Share Posted January 25, 2012 Why does anyone need $44k/month for Child support? $528k a YEAR on child support. It's suppossed to be for the benefit of the child, not the mother. Link to comment Share on other sites More sharing options...
Kosher Ham Posted January 25, 2012 Share Posted January 25, 2012 On the other hand, this isn't a problem that's unique to rich people.There are plenty of middle class families living paycheck to paycheck and using "We don't make enough money" as an excuse. You do make enough money. You just don't make enough money to have a 500k house, 3 HDTVs and 2 foreign cars. I don't feel that bad for Terrell Owens, but it's not because he's an athlete or a millionaire, it's because I don't feel that bad for anyone who lives above their means and then complains about their situation. He actually didn't live above his means. Never really had the lavish lifestyle that many of these guys that go broke do. Portis lost money on one of the same investments. Why does anyone need $44k/month for Child support?$528k a YEAR on child support. It's suppossed to be for the benefit of the child, not the mother. I think it is four different mothers. But I agree the amount is obscene. Link to comment Share on other sites More sharing options...
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