T.O. tells Dr. Phil he squandered $80 million

[papazoid]

Although Owens has made $80 million, he told Dr. Phil that he has squandered most of it, and Owens is joined on Dr. Phil’s couch by three women who have had children with Owens and say he hasn’t made his child-support payments.

 

http://profootballtalk.nbcsports.com/2012/05/08/t-o-tells-dr-phil-he-squandered-80-million-cant-see-his-kids/

[apuszczalowski]

Congrats T.O.

 

And I won't shed one single tear for anyone who is basically handed a lottery win because they are physically blessed to play a game for a living and make more then what most people will in a lifetime, then throw it all away because they thought the gravy train would never end.

 

You had your chance at living very comfortably for the rest of your life not having to work, instead, you can join the rest of us working people now and put your college degree to work for you

[PromoTheRobot]

What are we waiting for? Sign him up, Buddy!

 

PTR

[dollars 2 donuts]

Even with moderate to conservative investing a 35+ year old retired football player with 5 million dollars should be able to live comfortably for the rest of his life...(let's just say a 5% return on 5 million equally $250k).

 

When is someone going to grab hold of these young make and shake them straight on their money after they get out of college?

 

Even at the league minimum ($320k-$400k) a guy who only plays for 4 years should at least have a couple hundred thou in the bank.

Edited May 8, 2012 by dollars 2 donuts

[Just Jack]

You had your chance at living very comfortably for the rest of your life not having to work, instead, you can join the rest of us working people now and put your college degree to work for you

Does he have a degree? I did a quick search and can only find that he played in college, nothing if he actually graduated.

[Malazan]

Even at the league minimum ($320k-$400k) a guy who only plays for 4 years should at least have a couple hundred thou in the bank.

 

If he is spending like a drunken sailor. At 320k a year, that would be 1.28 million. Consider that a person making 50k a year (well above the average 26,364 a year salary) would take almost 26 years to make that amount.

 

If they invested half of that amount then they be more than set for life.

[ShipUPride]

For every 1 T.O. I bet there are 100 players that are fiscally responsible. Let's not paint all players with this broad paint brush.

[apuszczalowski]

Does he have a degree? I did a quick search and can only find that he played in college, nothing if he actually graduated.

Thats what the was for

These guys are given a free education that can only help them when tehy are done playing, unfortunatly the majority don't take advantage of another free gift dropped in their lap because they were born with a physical gift

[Miyagi-Do Karate]

Even with moderate to conservative investing a 35+ year old retired football player with 5 million dollars should be able to live comfortably for the rest of his life...(let's just say a 5% return on 5 million equally $250k).

 

When is someone going to grab hold of these young make and shake them straight on their money after they get out of college?

 

Even at the league minimum ($320k-$400k) a guy who only plays for 4 years should at least have a couple hundred thou in the bank.

 

Not sure why the players' union doesn't have a list of approved financial advisors and basically forces the players to hire an advisor.

 

If I were dirt poor for most of my life, not well-educated on money management, and suddenly fell into millions at the age of 22, I would have a hard time managing my money too.

[Wooderson]

It's all about the "fast" lifestyle that many of these athletes see as a youngster. They see these big time players driving around in tricked out Escalades, buying enormous houses, and spending insane amounts of money at strip clubs/bars. Many(not all) are usually from a low socioeconomic area and don't know what to do with their sudden wealth. They also are not just caring for themselves; but for their children, girlfriends/wives, and many times they bring their whole entourage from home. It's sad that somebody that had earnings of over $80 million is now broke and can't pay child support. Maybe mandate a financial class that these projected prospects have to take before they move onto the NFL....but who are we kidding, they could prolly find a loophole where they wouldn't have to attend that class either.

[apuszczalowski]

Not sure why the players' union doesn't have a list of approved financial advisors and basically forces the players to hire an advisor.

 

If I were dirt poor for most of my life, not well-educated on money management, and suddenly fell into millions at the age of 22, I would have a hard time managing my money too.

They probably do have financial advisers for the players to use, but you can't force them into using them. Its not the players unions fault that T.O. blew through $80 mil in his career.

 

 

I did just think of something right now, its a question for papazoid

 

Why are you watching the Dr. phil show???

 

It's all about the "fast" lifestyle that many of these athletes see as a youngster. They see these big time players driving around in tricked out Escalades, buying enormous houses, and spending insane amounts of money at strip clubs/bars. Many(not all) are usually from a low socioeconomic area and don't know what to do with their sudden wealth. They also are not just caring for themselves; but for their children, girlfriends/wives, and many times they bring their whole entourage from home. It's sad that somebody that had earnings of over $80 million is now broke and can't pay child support. Maybe mandate a financial class that these projected prospects have to take before they move onto the NFL....but who are we kidding, they could prolly find a loophole where they wouldn't have to attend that class either.

They do have classes that all rookies have to attend, and some of the things they talk about with them is finances. But the problem is that they can't force players to invest, or do smart things with their money, or not have children with every woman they pick up in a bar, or not throw every dime away showing off their wealth and supporting every leach that knows them. Its something that they have to think about and do on their own

[Just Jack]

Thats what the was forThese guys are given a free education that can only help them when tehy are done playing, unfortunatly the majority don't take advantage of another free gift dropped in their lap because they were born with a physical gift

I know, but it got me wondering. Just last weekend Shag became Dr. Shaq, and as the newscasters kept pointing out, it wasn't an honorary degree, he earned it. We're always hearing about players leaving college early to be drafted, or they blow off their last semester since they're going to the "big leagues", but I wonder if anyone has done a survey and found out what percentage have gotten their degree (even if it's Woman Studies and Turkish History).

[Captain Hindsight]

I know sometime the judge gives insane child support payments to athletes that after they retire are just absurd but to lose 80 million????? Thats some serious money losses there

[thewildrabbit]

For every 1 T.O. I bet there are 100 players that are fiscally responsible. Let's not paint all players with this broad paint brush.

I bet you would be wrong. I think this happens more then anyone knows.

 

Its why the NFL has rookie clinics that all NFL rookies are supposed to attend. In one i watched last year Chris Carter & Herm Edwards get up in front of them and tell them its ok to buy a fancy car ( which all of them do with that first big pay check) But then they tell him to buy only ONE!

 

Buy one of everything is ok, just keep it to one! Most of them can't keep it to one and they end up going broke. Just this year Warren Sap had to file for bankruptcy. The guy made all those millions in the NFL, then got a job with Showtime and the NFL network. He makes about 115 K a MONTH!

 

"Sapp's $6.45 million in assets includes 240 pairs of Jordan athletic shoes worth almost $6,500, a $2,250 watch and a lion skin rug worth $1,200. He also reported losing his 2002 Super Bowl ring with the Bucs and his 1991 national championship ring from the University of Miami."

 

http://bleacherreport.com/articles/1136368-warren-sapp-former-bucs-great-proves-no-wealth-impervious-to-over-spending

 

 

http://www.huffingtonpost.com/2012/04/07/warren-sapp-files-for-ban_0_n_1410449.html

 

 

 

Same with TO, it wasn't just the babies. It was all the houses, condo's and cars

[apuszczalowski]

I know, but it got me wondering. Just last weekend Shag became Dr. Shaq, and as the newscasters kept pointing out, it wasn't an honorary degree, he earned it. We're always hearing about players leaving college early to be drafted, or they blow off their last semester since they're going to the "big leagues", but I wonder if anyone has done a survey and found out what percentage have gotten their degree (even if it's Woman Studies and Turkish History).

When I first heard of Shaqs degree, I figured it was an honorary degree.

Its good to hear that it was earned (although you do have to wonder if his money and fame had any help with him "earning" it)

But the reason why this is news is because when it comes to these star athletes atleast, its very rarely ever done.

 

Don't knock the Womans studies or Turkish History majors out there, I'm sure they have found plenty of work in their fields and put those degrees to great use............

 

I bet you would be wrong. I think this happens more then anyone knows.

 

Its why the NFL has rookie clinics that all NFL rookies are supposed to attend. In one i watched last year Chris Carter & Herm Edwards get up in front of them and tell them its ok to buy a fancy car ( which all of them do with that first big pay check) But then they tell him to buy only ONE!

 

Buy one of everything is ok, just keep it to one! Most of them can't keep it to one and they end up going broke. Just this year Warren Sap had to file for bankruptcy. The guy made all those millions in the NFL, then got a job with Showtime and the NFL network. He makes about 115 K a MONTH!

 

"Sapp's $6.45 million in assets includes 240 pairs of Jordan athletic shoes worth almost $6,500, a $2,250 watch and a lion skin rug worth $1,200. He also reported losing his 2002 Super Bowl ring with the Bucs and his 1991 national championship ring from the University of Miami."

 

http://bleacherreport.com/articles/1136368-warren-sapp-former-bucs-great-proves-no-wealth-impervious-to-over-spending

 

 

http://www.huffingtonpost.com/2012/04/07/warren-sapp-files-for-ban_0_n_1410449.html

 

 

 

Same with TO, it wasn't just the babies. It was all the houses, condo's and cars

Sadly, those bolded items don't seem like huge expenses when you have over $6 mil. I expected more like him having a big car collection with multiple homes, not just over $10 grand in shoes, watch and a rug

[Kelly2Reed]

Although Owens has made $80 million, he told Dr. Phil that he has squandered most of it, and Owens is joined on Dr. Phil’s couch by three women who have had children with Owens and say he hasn’t made his child-support payments.

 

http://profootballtalk.nbcsports.com/2012/05/08/t-o-tells-dr-phil-he-squandered-80-million-cant-see-his-kids/

 

 

He also mentioned his favorite movie of all time is, "Brewster's Millions"

[KD in CA]

Not sure why the players' union doesn't have a list of approved financial advisors and basically forces the players to hire an advisor.

 

If I were dirt poor for most of my life, not well-educated on money management, and suddenly fell into millions at the age of 22, I would have a hard time managing my money too.

 

This.

 

Of course no one wants to feel sorry for anyone who blew $80MM, but the reality is the vast majority of these guys have absolutely no idea how to handle their sudden and vast wealth and they are preyed upon from all sides by people looking to get on the gravy train. And when people don't know how to handle a situation they tend to not address the problem for as long as possible.

 

IMO this is a black eye for the NFL and it's players union that they haven't done more to prevent this from happening.

[DefenseWinzChampionshipz]

Not sure why the players' union doesn't have a list of approved financial advisors and basically forces the players to hire an advisor.

 

If I were dirt poor for most of my life, not well-educated on money management, and suddenly fell into millions at the age of 22, I would have a hard time managing my money too.

 

I've been advising a lot of friends and family about their money but they never listen. Maybe its my approach. I say "Yoooooooo wuttup playa from the Himalayas, yo (pause), lemme hold something".

[tonyd19]

Roughly 80% of all NFL athletes file bankruptcy withing two years of retirement. The major reason for this is divorce. You can read about it here. I have a page on my website that deals specifically with the troubles professional athletes face with financial literacy. You would not believe how many of these guys go broke quickly.

 

http://www.elysien.com/elysien-clients/professional-athletes/

[BEAST MODE BABY!]

For every 1 T.O. I bet there are 100 players that are fiscally responsible. Let's not paint all players with this broad paint brush.

 

No, not really. There was an SI article from 2009 that said 78% of NFL players are either in bankruptcy or financial distress within 2 years of retirement.

 

http://beginnersinvest.about.com/b/2009/09/20/78-of-nfl-players-bankrupt-or-in-financial-distress-within-2-years-of-retirement.htm

 

EDIT: Damn, Tonyd19 beat me to it

Edited May 8, 2012 by BEAST MODE BABY!

[Offside Number 76]

For every 1 T.O. I bet there are 100 players that are fiscally responsible. Let's not paint all players with this broad paint brush.

 

Not according to this (but I don't know where his numbers come from):

 

Roughly 80% of all NFL athletes file bankruptcy withing two years of retirement. The major reason for this is divorce. You can read about it here. I have a page on my website that deals specifically with the troubles professional athletes face with financial literacy. You would not believe how many of these guys go broke quickly.

 

http://www.elysien.com/elysien-clients/professional-athletes/

[bmur66]

He could have spent it all on booze, fast cars and women. Or he could have wasted it.

[Chandler#81]

Couldn't happen to a more deserving idiot.

Next up. All his 'friends' desert him.

[dpberr]

Personal responsibility.

 

An underrated human trait pretty much all over Earth these days.

 

Whether it's people squandering millions, out of wedlock babies, obesity, you name it. It all comes down to self control.

[Gordio]

My credo in life, if you have to have a credo goes after what the Great Gary Player once said; "I have spent most of my money on women, booze & gambling, the rest I spent foolishly.

[LabattBlue]

Not sure why the players' union doesn't have a list of approved financial advisors and basically forces the players to hire an advisor.

 

If I were dirt poor for most of my life, not well-educated on money management, and suddenly fell into millions at the age of 22, I would have a hard time managing my money too.

The NFL puts on the rookie symposium every year in an attempt to get them going down the right path. I'm sure one of the talking points revolves around financial management. It was reported a few years ago, that some rookies would either skip out on many of the sessions, or sleep through the ones they do attend.

 

You can't help those that don't want to be helped.

[BUFFALOKIE]

And...how much did his baby momma squander? I'm sure she received enough to last a lifetime too. That was the child's money. Double shame on her.

[todzilla]

Couldn't happen to a more deserving idiot.

Next up. All his 'friends' desert him.

We seem to take such pleasure in the pain of these athletes that squander their money and I don't really understand why. Sure it's frustrating to see someone blow all that money and we all think that if we just had $1m we would be set for life. But I would bet a large percentage of the people on this board struggle with finances everyday. Even people who make a nice living. We say things like, as soon as I get that next promotion or raise, I'll be all set...then we buy a new car (sure, not a Maybach) and get right back to the struggle. The athletes are the same, just living on a much bigger scale, and then they stop earning in their late 20's or if they are lucky, their 30's.

 

Saying all that, it would seem like $80m would be enough not to screw it up too much, but even if TO invested, he went through 9/11 and this recent recesstion during his earning days and could have lost millions during each of these.

[Mr. WEO]

Not sure why the players' union doesn't have a list of approved financial advisors and basically forces the players to hire an advisor.

 

If I were dirt poor for most of my life, not well-educated on money management, and suddenly fell into millions at the age of 22, I would have a hard time managing my money too.

 

 

Let's save everyone the trouble: "put it in the bank". There, financial crisis solved.

 

Like many here, I'm sure, my grandparents came to this country dirt poor and took whatever labor that would hire them. They saved and sacrificed, raised a large family and everyone turned out fine. No one had to tell them how to look after their money.

 

Anyway, cue the "I think we should pick up TO" guys.....

[Adam]

Did he pay his fair share? Oh, sorry.....wrong board

[thewildrabbit]

When I first heard of Shaqs degree, I figured it was an honorary degree.

Its good to hear that it was earned (although you do have to wonder if his money and fame had any help with him "earning" it)

But the reason why this is news is because when it comes to these star athletes atleast, its very rarely ever done.

 

Don't knock the Womans studies or Turkish History majors out there, I'm sure they have found plenty of work in their fields and put those degrees to great use............

 

 

Sadly, those bolded items don't seem like huge expenses when you have over $6 mil. I expected more like him having a big car collection with multiple homes, not just over $10 grand in shoes, watch and a rug

Just saying, 240 pairs of shoes is kinda why these idiots go bankrupt. Like the NFL clinics try to explain to these people, it doesn't last forever and limit what you buy. It probably is because of all the houses,cars and women.

 

Even with all that college background you would think that most of them could have some self control. Instead the reality is most don't even consider life after the NFL, they think it was last forever. The average lifespan of an NFL player is 3 years.

[Spiderweb]

For every 1 T.O. I bet there are 100 players that are fiscally responsible. Let's not paint all players with this broad paint brush.

 

You really should investigate your premise.

 

Gone Broke...

 

Based on SI's article above, you may wish to evaluate your comment, and do a bit of research first next time.

[Wooderson]

Personal responsibility.

 

An underrated human trait pretty much all over Earth these days.

 

Whether it's people squandering millions, out of wedlock babies, obesity, you name it. It all comes down to self control.

 

What's that?

 

I'm a teacher, it's unbelievable how many parents come flying at the teacher first before speaking with the child. The child is always right these days, teachers are just dumb and ignorant and stupid.

[Alaska Darin]

I seem to remember one of "The T.O. Show" episodes where he went and dropped $80k on earrings for himself.

 

Yeah, I got tons of pity.

[apuszczalowski]

Just saying, 240 pairs of shoes is kinda why these idiots go bankrupt. Like the NFL clinics try to explain to these people, it doesn't last forever and limit what you buy. It probably is because of all the houses,cars and women.

 

Even with all that college background you would think that most of them could have some self control. Instead the reality is most don't even consider life after the NFL, they think it was last forever. The average lifespan of an NFL player is 3 years.

Not arguing, I don't think anyone (although woman may argue it) needs a pair of shoes for almost every day of the year, but thats only $6,500 of over $6 million. Thats barely a percent of his money. $6,500 in shoes isn't why he went broke

 

As for Todzilla, We all went through those same things he did. TO didn't go broke because of 9/11 and the recession.............

[dollars 2 donuts]

If he is spending like a drunken sailor. At 320k a year, that would be 1.28 million. Consider that a person making 50k a year (well above the average 26,364 a year salary) would take almost 26 years to make that amount.

 

If they invested half of that amount then they be more than set for life.

 

keep in mind their higher tax bracket and

 

...well, they have to enjoy life a little bit.

 

[Canadian Bills Fan]

I seem to remember one of "The T.O. Show" episodes where he went and dropped $80k on earrings for himself.

 

Yeah, I got tons of pity.

 

 

I was going to say the same thing only I remember them costing well over $100,000 and him charging them to his black AMEX card.

 

No pitty.

[atlbillsfan1975]

You really should investigate your premise.

 

Gone Broke...

 

Based on SI's article above, you may wish to evaluate your comment, and do a bit of research first next time.

with in two years of retirement 78% of NFL players are broke or in bankrupcy. Wow. I know we are acapitalistic society and people can spend their money how they feel, but the league needs to also look at this 'epidemic'.

 

Forcing players to set aside a certain percent every year should be praised by the players association.

The so called rookie weekends where former players come in and tell their stories is not working.

 

I for one do not reveal in another mans missfortune, that is just bad karma and unhealthy. These players also sacrificed their bodies so we could watch and be entertained by them. I am not saying they are worthy of the Noble Peace Prize or anything, but would like to see them able to enjoy the rest of their lives. Many already have to deal with medical ailments, financial ones can debilitate them just as much. Ultimately a mixture of the two, physical and financial, can lead to the growing number of suicides we are witnessing.

[Direhard Fan]

We had a guy Named Vincent who had a finance management company who almost became the Comm. of football. He should have. Smart guy. He has tried real hard to help these ego heavy boys. Many articles about him when he played for us. Too bad he didn't become the man because I believe he would have had a program for the new BOYS coming into the lights. Not a meeting but a program. Invest a % and be good for life. Shame yes. Feel sorry for them NO.

[Cripes]

He could always do porn like the Octomom.