Terrell Owens is going broke.

[thebluefood]

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.

Agreed. I think it's ad, but I feel little sympathy for people in these situations. With great gifts come great responsibility and if you're not willing to take both, you're in a heap of trouble.

[-9-]

“Do not gloat when your enemy falls; when he stumbles, do not let your heart rejoice” (Proverbs 24:17).

Scripture also exposes the damage caused by envy: “A heart at peace gives life to the body, but envy rots the bones” (Proverbs 14:30).

[S.T.real,lights,out]

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.

Yea, but put it this way if you Dad or someone you really trusted gave you advice and you lost say $20mill on it would you ever take $$ advice from that person again? I know i wouldn't. I dont feel bad for any of these guys at all. People budget their money everyday. I know people who have to account for every $1 they spend b/c of bills and everything else. I just cant bring myself to feel bad for someone who had more money than i can ever imagine and just wasted it all.

Not attacking u at all...just saying in general.

[renaissance]

Yea, but put it this way if you Dad or someone you really trusted gave you advice and you lost say $20mill on it would you ever take $$ advice from that person again? I know i wouldn't. I dont feel bad for any of these guys at all. People budget their money everyday. I know people who have to account for every $1 they spend b/c of bills and everything else. I just cant bring myself to feel bad for someone who had more money than i can ever imagine and just wasted it all.

Not attacking u at all...just saying in general.

I agree with this to an extent, but many pro athletes are going from lower class to millions of dollars overnight. And managing millions of dollars isn't the same as managing your life on a $50,000/year salary. The NFL and its veterans need to do a better job educating current players.

[Thiebear]

I dream of the day i can 'blow' through 80 million in self indulgent bull****

[S.T.real,lights,out]

I agree with this to an extent, but many pro athletes are going from lower class to millions of dollars overnight. And managing millions of dollars isn't the same as managing your life on a $50,000/year salary. The NFL and its veterans need to do a better job educating current players.

I def hear you on that. But i would think at some point in time you would realize half your money is gone and you have nothing to show for it. But like you said going from nothing to Millions is im sure a shock.....

[Koolblue13]

I'd love to blow that much money and I'm sure I could.

[Mursilis]

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.

I think it is four different mothers. But I agree the amount is obscene.

Having kids with four different gold diggers is living above your means. And I have little pity for people who lose money to "bad investments". Most people pitching "investments" are merely 1) scammers in nice suits, or 2) naive dreamers seeking other people's money to fail at levels above their competency. These athletes should just stick their money into diversified index funds and be happy that it will be there, with a reasonable rate of return, in 10+ years, but most of them fall for the "get richer quicker" schemes and end up much poorer. The only thing shocking about a rich-but-broke athlete story these days is how common it is.

---------- Post added January-25th-2012 at 11:44 AM ----------

I agree with this to an extent, but many pro athletes are going from lower class to millions of dollars overnight. And managing millions of dollars isn't the same as managing your life on a $50,000/year salary. The NFL and its veterans need to do a better job educating current players.

The league and NFLPA already offer some guidence, but even the best teacher can't teach if the student does not wish to learn.

---------- Post added January-25th-2012 at 11:50 AM ----------

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.

So, so, so true. A friend does tax returns professionally, and tells me all the time about people coming in to get their taxes done in order to get their refund checks, and they've got no retirement account, little to no savings, no college fund for the kids, etc., and all they can talk about is dropping that $1K+ refund check on some rims, a big HDTV, or some other stupid thing. Heck, I wonder about some of the people here dropping big $$ on season tickets. Is your retirement already fully-funded? Got an emergency fund, college funds, etc.? So few Americans are actually saving these days.

[Elessar78]

Having kids with four different gold diggers is living above your means. And I have little pity for people who lose money to "bad investments". Most people pitching "investments" are merely 1) scammers in nice suits, or 2) naive dreamers seeking other people's money to fail at levels above their competency. These athletes should just stick their money into diversified index funds and be happy that it will be there, with a reasonable rate of return, in 10+ years, but most of them fall for the "get richer quicker" schemes and end up much poorer. The only thing shocking about a rich-but-broke athlete story these days is how common it is.

I just wouldn't be so quick to judge on this. I don't know your situation but I doubt you have surplus income the way these guys do. You don't have slick scammers trying to get you to invest in this or that. It happens throughout the spectrum. Everyone is preyed on for their money. I wouldn't vouch for lower/middle class folks as being more saavy with their money. In fact, the financially sound are in the vaaasst minority these days.

The main problem, I think, is there is a disconnect between what they do and the money they earn. Most rich people have a direct connection to the money they make. They run a business so they see money come in. They know the personal cost at which that money came in. Lawyers, doctors, etc are running businesses or otherwise accounting for their time in some financial way.

[Rocky21]

It's the MC Hammer effect.

You are making lots of money for only a small window of time in your life. But you inflate your expenses to go with that income. Pretty soon after the money is no longer coming in, you can't meet your large obligations.

Owens has been out of the league about 12 months, and poof, he's broke.

[GoSkins0721]

It's the MC Hammer effect.

You are making lots of money for only a small window of time in your life. But you inflate your expenses to go with that income. Pretty soon after the money is no longer coming in, you can't meet your large obligations.

Owens has been out of the league about 12 months, and poof, he's broke.

Spot on. Hard to believe after 1 year of unemployment he's broke. Think about that: He made $80M over 15 years and has nothing to show for it (okay, he has 4 kids).

As Norm Chad would say: "He has squadoosh"

[Bubble Screen]

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.

3 HDTVs is nothing, man. You do realize they are pretty inexpensive now, right? And all foreign cars aren't expensive either. I agree with the having too much house part, though.

---------- Post added January-25th-2012 at 01:21 PM ----------

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.

That figure was more than likely established right after he signed his most lucrative contract. Quite sure I read that he could get it reduced significantly, now that he is no longer playing.

And for you guys feeling sorry for this dumbass: Remember the "workout" he had where any team could come and watch him, in hopes that he'd get one last contract? The one where NO ONE showed?...Guess where he was supposed to be that day. Yep, In court. And it was about his child support. The guy is a MORON.

[rictus58]

That figure was more than likely established right after he signed his most lucrative contract. Quite sure I read that he could get it reduced significantly, now that he is no longer playing.

And my response is: So what if that figure was determined right after his most lucrative contract? $10k PER KID, PER MONTH in Child Support?

That's insane. Especially for the mother who won't allow TO to see the child. Getting knocked up by a Pro-athele should not be a payday for the mother. Child support is exactly that. To support the child. What could a child require that costs $10k a month?

[Dan T.]

To be fair, up until a couple years ago, real estate was considered a relatively safe investment. TO's not the only one who got crushed by that bubble bursting. That doesn't account for all his losses, but from the article, it's a significant chunk.

That said, can't these guys find a reputable financial advisor to get them into safe, slow growth investments so they don't have to worry about money 6 months after the last game check clears?

[Bubble Screen]

And my response is: So what if that figure was determined right after his most lucrative contract? $10k PER KID, PER MONTH in Child Support?

That's insane. Especially for the mother who won't allow TO to see the child. Getting knocked up by a Pro-athele should not be a payday for the mother. Child support is exactly that. To support the child. What could a child require that costs $10k a month?

I never said it was "right" that she's (or they) are getting that much child support. Was merely pointing out that it was likely based off of the huge contract he once had. And he could get it reduced if he wanted to. Which makes him even more of an idiot.

And as for him not being able to see his child. If he's paying all of the required child support then he CAN see each of his children. And there's nothing she (they) can do about it. But then again, that would require that he go back to court to get straightened out. And as I just pointed out, the moron was doing that stupid workout for the NFL on the very day he was supposed to be in court. And I'm quite sure I read that the reason for that court appearance was to have his child support reduced. Sorry, but the guy is a dumbass. I don't have once ounce of pity for morons like this.

[Mursilis]

Spot on. Hard to believe after 1 year of unemployment he's broke. Think about that: He made $80M over 15 years and has nothing to show for it (okay, he has 4 kids).

As Norm Chad would say: "He has squadoosh"

To be fair to him, how much did he actually net from that $80M? Between taxes, agent fees, union dues, etc., I figure he probably took home about half that. That said, blowing $40M before you're 40 is still dumb as heck.

[rictus58]

I never said it was "right" that she's (or they) are getting that much child support. Was merely pointing out that it was likely based off of the huge contract he once had. And he could get it reduced if he wanted to. Which makes him even more of an idiot.

And as for him not being able to see his child. If he's paying all of the required child support then he CAN see each of his children. And there's nothing she (they) can do about it. But then again, that would require that he go back to court to get straightened out. And as I just pointed out, the moron was doing that stupid workout for the NFL on the very day he was supposed to be in court. And I'm quite sure I read that the reason for that court appearance was to have his child support reduced. Sorry, but the guy is a dumbass. I don't have once ounce of pity for morons like this.

Agreed. He's a dumbass. I'd also place a bet that he's not as broke as he claims he is.

[Jumbo]

I'd love to blow that much money and I'm sure I could.

I could do it just on cars, guns, and high-end audio before we even get to homes, properties, or travel.

[First Colony]

From the GQ article:

"It's not his knee that's the problem; it's his attitude," says an executive at one of the better teams, who didn't want to be named. The ratio that once made it worth it for owners to sign him—two parts genius to two parts trouble—has shifted now that he is not quite as fast, his body not as reliable. "He may have been less openly divisive with the Bengals," the exec continues, "but you can't live down the destruction of all those years. With T.O., no matter how brilliant he can be on the field, the dark side is always lurking. You don't know which T.O. you're going to get, and no one is comfortable risking that."

But the media roundly scoffed at the idea of a "new" T.O., and Owens responded as he always has: defensively. "They, you, need a bad guy," he fumes, refilling his tall glass of springwater as the hostility in the room grows thick. Around each wrist are two-inch-wide rubber bracelets embossed with words in black and white: LOVE ME HATE ME. "I think people change, but the media, they never allowed me to change. They never allowed me to be a better person."

Read More http://www.gq.com/sports/profiles/201202/terrell-owens-nfl-football-wide-receiver#ixzz1kV0w8jpC

This is relevant because he still hasn't learned to shoulder any of the blame, and will probably never play again.

[Rocky21]

Spot on. Hard to believe after 1 year of unemployment he's broke. Think about that: He made $80M over 15 years and has nothing to show for it (okay, he has 4 kids).

As Norm Chad would say: "He has squadoosh"

I'm all for more Norman Chad quotes.

[Destino]

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 agree but these guys seem to be parted from their money too regularly. I would be surprised if there wasn't a well entrenched network of sharks that is integrated into some level of the sports world. It's hard for me to believe that they are all making the same bad choices against good advice, though I admit that may be the case.