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!