Kipers Hair Posted March 2, 2012 Share Posted March 2, 2012 Why is it that we feel good about celebrating people's failure here? T.O. was in ill prepared to handle the success he found himself in and is now a wreck. It's a shame - that's it, but to take some form of "Karma" position on this is an equal shame to his. If we are being all holier than thou, how many of you thought good riddence to Whitney Houston...I mean she was a junkie who wasted her God given talents...perhaps more so than T.O. ever has...but we "celebrate" her and kick T.O.... Link to comment Share on other sites More sharing options...
Dopey Posted March 2, 2012 Share Posted March 2, 2012 (edited) Now I liked Terrell as a Buffalo Bill, but I can certainly understand the little piece of crap Drew Brees not wanting to help guys like T.O. make up for all his bad judgement... Terrell Owens is catching passes again. And plenty of karma. Owens, the former braggadocios wide receiver who was let go by the Cincinnati Bengals, finally did get back on the football field. He scored three touchdowns last week for the Allen (Texas) Wranglers of the Indoor Football League. If people ask Owens these days about his well-being, he tells them, Im in hell. He told GQ magazine in a recent interview: I dont have no friends. I dont want no friends. Owens is apparently broke and unpopular, not to mention grammatically challenged. Hes made $80 million in the NFL, but says he has almost no money left because of bad investments, including an Alabama entertainment complex that turned out to be illegal. He pays child support to four different women. He bought a home in New Jersey for $4 million and had to sell it for $2 million. He blames bad advice. Now he plays football for $225 per game, an extra 25 bucks if the Wranglers win. T.O. will be just fine when he hits retirement age. If what I heard was right when OJ was aquitted and then standing trial for the CIVIL suit, OJ gets 30k a month from the nfl retirement plan.You can't sue someone for their retirment income by law is what was said during the civil trial.He has a huge house in Fl and played golf everyday 'til he screwed up again. Brees came out as an A$$ because the guys that need help are the guys who played when there really weren't any benefits to ex-players, 1960's and before maybe? Edited March 2, 2012 by Dopey Link to comment Share on other sites More sharing options...
DC Grid Posted March 2, 2012 Share Posted March 2, 2012 Whenever an athelete loses money like this, people are quick to blame the advisors / business partners that bled the dry, but that isnt where the blame belongs. It belongs on the greedy and dumb player themselves. TO made $80 million. After taxes, NFLPA fees, agent fees, etc, that left him with around $35 million. Had he been happy to live on that (more money than he'd need in his lifetime...and enough money for all his illegitimate kids lives) he'd have been fine. But he threw his millions away chasing millions more. He was greedy, he wasnt happy with just have 2-3 multi-million dollar properties....all the cars he could dream of and still tens of millions left in the bank to earn guaranteed returns of tens of millions. Instead, like the suckers who got maddoff'd he was chasing millions more...he was chasing wealth for the sake of wealth and his ego made him believe he was special and that somehow he and his advisors had a window to money making opportunities that elude everyone else. TO had a good ride, but in the end his greed and his arrogance were his undoing. How do you feel sorry for someone like that? And why would you blame others for the problems that started with him? A fool and his money are easily parted....this isn't just some corny statement, it's a tenant of capitalism. TO's broke because a guy like TO will always go broke, whether he makes $100 million or $100. Link to comment Share on other sites More sharing options...
Gordio Posted March 2, 2012 Share Posted March 2, 2012 Whenever an athelete loses money like this, people are quick to blame the advisors / business partners that bled the dry, but that isnt where the blame belongs. It belongs on the greedy and dumb player themselves. TO made $80 million. After taxes, NFLPA fees, agent fees, etc, that left him with around $35 million. Had he been happy to live on that (more money than he'd need in his lifetime...and enough money for all his illegitimate kids lives) he'd have been fine. But he threw his millions away chasing millions more. He was greedy, he wasnt happy with just have 2-3 multi-million dollar properties....all the cars he could dream of and still tens of millions left in the bank to earn guaranteed returns of tens of millions. Instead, like the suckers who got maddoff'd he was chasing millions more...he was chasing wealth for the sake of wealth and his ego made him believe he was special and that somehow he and his advisors had a window to money making opportunities that elude everyone else. TO had a good ride, but in the end his greed and his arrogance were his undoing. How do you feel sorry for someone like that? And why would you blame others for the problems that started with him? A fool and his money are easily parted....this isn't just some corny statement, it's a tenant of capitalism. TO's broke because a guy like TO will always go broke, whether he makes $100 million or $100. You hit the nail on the head with this post. Well done. Link to comment Share on other sites More sharing options...
JPS Posted March 2, 2012 Share Posted March 2, 2012 They need make these guys take financial classes. +1. these parasitic "investments" are really just trusted suits playing on ego, then robbing them blind. It has happened to so many athletes it's crazy. It also kills me that one day the fans can be screaming in support of the guy one day, then hide their #81 jerseys and bury the guy the next. Link to comment Share on other sites More sharing options...
dollars 2 donuts Posted March 2, 2012 Share Posted March 2, 2012 For the life of me, I cannot understand how this happens so often. Not getting into the real nitty gritty, but if you think to yourself if he were able to escape his career with 20 million in the bank even the most basic CDs giving him 2% annually would yield him $400,000 a years for the rest of his days. ...In short, I absolutely hear ya, Dork. Geez, I mean even if you're NOT being lazy with the rest of your life aren't some of these guys the least bit concerned (or eager) to have financial security for the rest of their lives by the time they are in their mid 30s? An NFL player with 5 years experience at one million per year should still be able to walk away with 1 million in the bank for at least some security. Link to comment Share on other sites More sharing options...
NoSaint Posted March 2, 2012 Share Posted March 2, 2012 (edited) Not getting into the real nitty gritty, but if you think to yourself if he were able to escape his career with 20 million in the bank even the most basic CDs giving him 2% annually would yield him $400,000 a years for the rest of his days. ...In short, I absolutely hear ya, Dork. Geez, I mean even if you're NOT being lazy with the rest of your life aren't some of these guys the least bit concerned (or eager) to have financial security for the rest of their lives by the time they are in their mid 30s? An NFL player with 5 years experience at one million per year should still be able to walk away with 1 million in the bank for at least some security. I'm guessing he has pretty good net value in assets like real-estate but almost no liquid cash. The word broke probably means something a bit different to TO then it does us too. Still- the fact that he has to worry about anything is absurd. Edited March 2, 2012 by NoSaint Link to comment Share on other sites More sharing options...
zow2 Posted March 2, 2012 Share Posted March 2, 2012 This makes me think of the ex-baseball player, Bobby Bonilla and the smartest fiscal decision an athlete has ever agreed to (that rarely gets talked about). The Mets got Bonilla back from the Dodgers in 1999 and he totally underachieved. They waived him in 2000. He was still due $5.9 million from the Mets but he and the team reached an agreement to defer the payments. So this guy basically does nothing but gets floated over $1M every year because he chose to do an annuity, just about the time he knew he would run out of money,, great move. Bonilla, 36, will receive 25 equal payments of $1,193,248.20 each July 1 from 2011 to 2035, according to the revised contract, a total of $29,831,205 (assuming an annual interest rate of 8% during the period 2011–2035). Link to comment Share on other sites More sharing options...
ICanSleepWhenI'mDead Posted March 2, 2012 Share Posted March 2, 2012 They need make these guys take financial classes. For a description of how the players' union tries to educate them: http://www.financialfinesse.com/wp-content/uploads/2011/11/Whats-Working-Nov-11.pdf For details of financial classes the NFL already REQUIRES: http://financialadviserblog.dowjones.com/blog/stay-ahead-of-your-clients/off-the-field-training-for-nfl-hopefuls For a reasonably succinct summary of the problem: Link to comment Share on other sites More sharing options...
RyanC883 Posted March 2, 2012 Share Posted March 2, 2012 They need make these guys take financial classes. I think they do in rookie camp. Can lead a horse to water but can't make it drink. But, in TO's defense, investing in property was considered a very very good move prior to 2007. Tons of people, even the "financial experts" took a beating when the housing market tanked. This makes me think of the ex-baseball player, Bobby Bonilla and the smartest fiscal decision an athlete has ever agreed to (that rarely gets talked about). The Mets got Bonilla back from the Dodgers in 1999 and he totally underachieved. They waived him in 2000. He was still due $5.9 million from the Mets but he and the team reached an agreement to defer the payments. So this guy basically does nothing but gets floated over $1M every year because he chose to do an annuity, just about the time he knew he would run out of money,, great move. Bonilla, 36, will receive 25 equal payments of $1,193,248.20 each July 1 from 2011 to 2035, according to the revised contract, a total of $29,831,205 (assuming an annual interest rate of 8% during the period 2011–2035). Brilliant. Annuity is the way to go for these guys. An 8% return may be high for most players that are not owed money by a team, but when you get that huge signing bonus, put it into an annuity and you'll be set for life. If you put 1 million in an annuity you'd prob have enough to be "comfortable" (not NFL living large, but middle to upper middle class) for the rest of your life. And that's assuming you spend all your other money. Link to comment Share on other sites More sharing options...
aristocrat Posted March 2, 2012 Share Posted March 2, 2012 This makes me think of the ex-baseball player, Bobby Bonilla and the smartest fiscal decision an athlete has ever agreed to (that rarely gets talked about). The Mets got Bonilla back from the Dodgers in 1999 and he totally underachieved. They waived him in 2000. He was still due $5.9 million from the Mets but he and the team reached an agreement to defer the payments. So this guy basically does nothing but gets floated over $1M every year because he chose to do an annuity, just about the time he knew he would run out of money,, great move. Bonilla, 36, will receive 25 equal payments of $1,193,248.20 each July 1 from 2011 to 2035, according to the revised contract, a total of $29,831,205 (assuming an annual interest rate of 8% during the period 2011–2035). its all how you look at it. Sounds like he didn't need the cash right away so say he takes that 3 million after taxes, agents etc and puts it into a investment with an 8% return and reinvesting all profits right back into more 8% investments he would have about 7 mil today and over 52 million at the end of the 25 year annuity he negotiated with the mets. He is also taking a big risk cause if the mets happen to run into bankruptcy his payment could get wiped out or lowered. This actually almost seems possible with the troubles the owners are having with being involved with Madoff. It is a creative way for him to invest and it sounds like he is doing well as no bankruptcy rumors and he is working for the MLB making good money. Link to comment Share on other sites More sharing options...
zow2 Posted March 2, 2012 Share Posted March 2, 2012 its all how you look at it. Sounds like he didn't need the cash right away so say he takes that 3 million after taxes, agents etc and puts it into a investment with an 8% return and reinvesting all profits right back into more 8% investments he would have about 7 mil today and over 52 million at the end of the 25 year annuity he negotiated with the mets. He is also taking a big risk cause if the mets happen to run into bankruptcy his payment could get wiped out or lowered. This actually almost seems possible with the troubles the owners are having with being involved with Madoff. It is a creative way for him to invest and it sounds like he is doing well as no bankruptcy rumors and he is working for the MLB making good money. I hear ya but I think it's mostly a good way for an athelete to protect HIMSELF from his lavish lifestyle and possible bad decisions. Most people who are reasonably responsible, I agree, would invest it wisely and not have to worry. Also, i think the NY Mets would be a franchise not in danger of going anywhere or filing bankruptcy. If it's the Phoenix Coyotes or something then yes, worry. Link to comment Share on other sites More sharing options...
PDaDdy Posted March 2, 2012 Share Posted March 2, 2012 He's a small town kid from the south who happened to be an incredibly gifted WR. Most people from humble beginnings are not prepared for success or know how to manage money. They rely on other people. If the people they rely on are not trust worthy these things happen more than we know. It's sad that so many love to revel in the failure of others to feel superior or make themselves feel better. Link to comment Share on other sites More sharing options...
Direhard Fan Posted March 2, 2012 Share Posted March 2, 2012 My only comment can be about the kids. The heck with TO. You can only hope the 4 women getting the kids money are smarter than him. Wish apon a star. Link to comment Share on other sites More sharing options...
coastalpika Posted March 2, 2012 Share Posted March 2, 2012 Who cares.. I watched his TV show the season he was in Buffalo and it was absolutely ridiculous what he did with his money. He let his two "publicists" do whatever the hell they wanted and he was going out spending 100's of thousands on jewelry. Link to comment Share on other sites More sharing options...
Pilsner Posted March 2, 2012 Share Posted March 2, 2012 It's sad that so many love to revel in the failure of others to feel superior or make themselves feel better. I wouldn't say it's reveling but rather huge disappointment in someone who was in a position to be financially set and to provide for his family but just threw that advantage away. I wish he had known better through his years of seeing others experience this mishap but he didn't learn. Just disappointed in him is all. Link to comment Share on other sites More sharing options...
EasternOHBillsFan Posted March 2, 2012 Share Posted March 2, 2012 No one should blame bad advice. Blame actually taking bad advice. I'm not necessarily without a heart, but come on. -shakes head- Common sense is dieing. FOUR different women with child support?!?!?! THE killer. Link to comment Share on other sites More sharing options...
JohnC Posted March 3, 2012 Share Posted March 3, 2012 I'm guessing he has pretty good net value in assets like real-estate but almost no liquid cash. The word broke probably means something a bit different to TO then it does us too. Still- the fact that he has to worry about anything is absurd. He can't meet his mortgage payments on his multiple residences and, in addition, they are underwater. His properties are in the process of being foreclosed. To put it simply he has no net value in his assets or more accurately in his liabilities. On top of that his multiple child support claims are greater than any amount he can bring in. His goose is not only cooked, it is burnt to a crisp. I wish him nothing but the best. But his desperate financial situation is of his own creation. It is a shame. Link to comment Share on other sites More sharing options...
billsfan89 Posted March 3, 2012 Share Posted March 3, 2012 Something like 40-60% of all professional athletes go broke within 5-7 years after retirement. Its sad but unlike a lot of millionaires these guys don't really come from somewhere they don't understand money. Most of the time if they don't have a **** load of kids, divorces without prenups, and simply put their money into a savings and checking account they would actually be fine. But what a lot of athletes do is they let their friends or family handle their money (Once again knowing anything about money that's a terrible idea) and usually they extract money from them or make stupid investments. On top of that what investments they usually make on their own are very risky things like bars and nightclubs that if you know anything about business those aren't very good investments (Esp if you know nothing about the industry). So once the money stops trickling in it dries up pretty quickly. Sad but hopefully with these finance classes they make players take over the last 5 years will curb this. Link to comment Share on other sites More sharing options...
NC Bills Brigade Posted March 3, 2012 Share Posted March 3, 2012 he's thinking with the wrong head Link to comment Share on other sites More sharing options...
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