Ex-NFL superstar friendless, nearly broke
 

Give me 80 million and see if I'm ever almost broke.

who gives a shit he spent 80+ million. look at that ice in his ears

MOST pro athletes are broke within 5 years of retirement.

Karma. Go sign some footballs or trading cards.

"It's not a matter of having lived too large—he was never the type to stockpile Ferraris or build himself a compound; the flashiest car he ever drove was a Mercedes, and while he indeed racked up a few homes that cost as much as $4 million, the only crib he classifies as even mildly sick by pro-ball standards was the one he bought in Atlanta to live in during the Philly off-season.

The problem, he says, is that he's by nature too trusting, loyal to a fault, despite everyone's carping that he's selfish. It's the sad old stereotypical song of the up-from-nothing black athlete: He let other people take care of things."

Owens said financial advisers recommended by agent Drew Rosenhaus lost much of his money in highly leveraged ventures, then houses and apartments he thought he could rent out in a worst case scenario became dead weight in a housing market collapse (none of the properties are particularly excessive, but total a yearly mortgage of about $750,000), and $2 million was lost in an Alabama entertainment complex investment. That venture turned out to be illegal, and also claimed former Redskins running back Clinton Portis as a victim.

:1orglaugh

Apparently you do.

You not only clicked the thread, but replied twice.


:pimp

i don't care if he gets paid or not. had to clarify for you.

ok lets say you have 20 million dollars.. assuming he didn't have all 80 at once anyway. Would you spend 60% of it on being a baller and throw 40% into one 'investment guy' to deal with?

I just don't understand the math of it. I can see losing large amounts if he invested lots in real estate, there are plenty of intelligent people who got stuck in that mess but all of it??

even if he invested 1% of that 20 mil in low some super low risk investments over 4 years he would still have enough to get him buy for a long while...

boo-fucking-hoo

Looks like T.O. Needs MEANING in his life so he can take STEWARDSHIP of his life.

As for the reply above regarding NFL guys going broke, it's true that WEALTH is a frame of mind. Notice how many lottery winners become broke again after a few years?

As Lao Tzu said: Water will always find its level.

Even in the most conservative investment portfolio possible, that was earning only 1%, 80 million would still mean an income of $800k per year, without touching the principle. Unfortunately it's a very common story among professional athletes. Most are broke in less than 8 years.

Too many millions for him to handle

A. You are talking about a guy who probably didn't even have a checking account when he made his first mil.
B. Subtract 10-20-30% for agents and lawyers.
C. Subtract 35% for taxes.

The fact is, the reason these guys can do what they do is because they don't waste a single damn braincell on thinking about investing their money. All they think about is moving the ball down field.

And pussy, never forget pussy.

Yep. There was a big article in sports illustrated about pro athletes going broke. In it the story talks about how these guys are typical businessmen who work 20 years to get their wealth so they learn how to grow and care for it. For them it literally is like winning the lottery. One day they have nothing the next they have millions. There were a ton of stories about how they invest in stupid things. They invest in clothing lines, record labels and restaurants all of which are businesses that almost always fail.

They should be investing in safe, non-sexy things but that doesn't appear to 22 year old guys.

1% is 200k. That would last him two months.

This sort of sucks as he made 80m so after tax he should have 50 mil. 16 year career at one mil a year is 16mil so it leaves 34 million that he lost in bad investments. That is rough.

? By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.

? Within five years of retirement, an estimated 60% of former NBA players are broke.

i blame the leagues and the player unions/associations - moreso the players associations/unions who these players pay to look out for their best interests. when a player becomes a member of the association the association should tell them the cold hard facts -

'you are a football player, that is all that you are, to become the best at what you do on the playing field came at great sacrifice - it has rendered you a 100% moron incapable of financial decisions that the average 16 year old is capable of. for your own good we are going to take half your after tax income each and every year of your career and invest it as safely and wisely as possible so that when your career comes to an end you won't end up destitute like 60% of those that came before you.'

actually the leagues and the players association do hold seminars for the players and rookies get all sorts of indoctrination seminars which cover all the pitfalls of becoming a rich young pro athlete - but unless you force it upon them most of the advice falls upon deaf ears. the black guys from the ghettos obviously are victimized and exploited far more than the white guys.

http://www.50fiftymagazineonline.com...ens-crying.jpg
http://necolebitchie.com/wp-content/...rell-Owens.jpg

A percentage of all contracts should be long term payouts.

Most pro athletes and people that come into money quick become stupid and broke in 5 years. they can't budget their money and just assume money will keep rolling in and they spend like crazy.

Maybe if he wasnt such a self centered dick he would have friends. My guess is he was such a prick people only wanted to hang out with him because he would buy them drinks and food, then once he is poor, hes worthless.

This happened to a friend of mine in LA. He sold his business and made over $1.5mm. After taxes, fees, etc., he came out with over $800k. Not bad, but what he did was go buy a brand new Range Rover, new apartment (lease) in Manhattan beach and would get bottle service all the time at the clubs. He called me one night bragging that he spent $5,000 on a bar tab in Vegas.

Just over two years later hes broke and living on a friends couch with no money and cant find a job

Yeah by he time he paid state and federal taxes + agents fees etc, he probably got about 30 mill over over 14 years.

That can be blown easily with some shitty real estate, bad investments etc.

A lot of the numbers are a little skewed too. In the NFL the average career lasts about 3-4 years. Most of the guys on the team make somewhere near the league minimum. Only a few guys on any team makes the big money. So say you make 500K for 4 years. That is 2 million over 4 years. Subtract agent fees and takes and you are left with somewhere around 1.2 million (depending on where you live). Assume you buy a nice car and have a decent place and spend 100K a year while you are playing. That means if you save 100% of what is left you will have around 800k left when you retire. That is a lot of money, but if you make a bad investment here or spend a little more there it is easy to see how you could quickly run through it all.

"Get your popcorn ready''

Word on the street is that you can help invest my 12 million contract into some bridges in France. Confirm/deny and I'll paypal the money right away.

I play handball.

Shit, give me a million and I'll never be broke. We could go even less. I'll stretch a dollar if I don't have to work.

Great post..you are exactly right. You can lead a horse to water but.. :)

I'll bet you'll see some NFL team take advantage of his situation next season. they'll get him for super-cheap, and while he's 38 -- he's still a freak of nature. He'll be humbled and play his heart out to make that paper.

Why? Who gives a flying fuck? These guys are gladiators. They amuse us and when they no longer can, who cares?

sucks for him