Terrell Owens broke now that his career is over
Terrell Owens broke? What exactly is going on with the
untouchable Super Star on the field Terrell Owens? Well after many jobs,
different back child support payments,
bad investments, a torn ACL, and a massive tax lien Terrell Owens broke days
began to start. Terrell had to make a payment of $430,000 to the IRS in 2010.
It still isn’t clear where the money came from still to this day given his
financial state. Terrell Owens has now been added to long-line of NFL players
who were once high paid players but are now broke. Most players after retiring
after 2 years, 78 percent of players have gone bankrupt says reporter Pablo
Torres. The money problem hit Owens before retirement which is rare. Too many
cases of child support with mind blowing payments of hundreds and thousands of
dollars literally left Terrell Owens in a state of depression. Too add more salt to the financial wound, the
IRS filed a lien against him for more than $438,000 for taxes not paid for several
years. For 2005 he owed $294,661.71, for 2007 he owed $46,504.00, for 2009 he
owed $97,747.81. With those numbers anyone can see why his finances went down
the drain.
Did bad advice also make him broke? Terrell Owens Broke
Too often you’ll find young athletes in the NFL that really
have no idea on where to invest or how much
money to save after having a big pay day. After sometime, players
quickly figure out that in order to survive beyond their career in the NFL that
they need to get a financial advisor. Jeff Rubin was the advisor of Owens which in the opinions of many have
may led him into his dark days of finances. Owens took Rubin and his firm to
court with a very long list of financial mismanagement. Rubin advised Owens to
invest in an Alabama Casino which was a bad deal. Owens now down 2 million
dollars because of the bad deal didn’t make Rubin look good in court. Other
players from the NFL were advised to make to the same investment but like Owens
had no return. $25b million dollars in players investments had failed. Terrell
Owens broke the bank in a bad way after 2 million dollars going down the drain
with that advisement from Rubin.
What will Terrell’s next move be?
Well Terrell really doesn’t have many options for income in
the NFL anymore. Being that he burned all of his bridges with his ego and bad
attitude with coaches and players. Owens admits to making a lot of bad
decisions with his money but still see’s hope for himself in the NFL. He’s
basically wasting his time many think. This is a sad story, just as sad as it
is for allen Iverson. He also now is feeling the pain of making wrong financial
decisions. CPA Robert Raiola suggest that players figure out what would be the
a good source of income after their career as an athlete. He says, “ What they
have to realize, said Raiola ,is that “sports careers are generally short lived
,so many athletes must plan for what they want to do after they retire. Many
have no idea, getting caught up in the constant flow of BIG checks lead most to
believe that the world is theirs and that the cash flow will never stop.
Wrong!!!
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