Legendary NFL receiver Terrell Owens has spoken out multiple times to address his financial mistakes throughout his career.
According to Celebrity Net Worth, the professional athlete is presently estimated to be worth about $500,000, a major decline from his former status of $80 million between his salary and endorsements.
During a previous interview with Insider, the retired athlete shared advice regarding money management and the consequences of making poor financial decisions. He specifically addresses the perspective of a professional athlete, stating that draft rookies need to be careful to not allow the flashy lifestyle to sway them into breaking their bank.
“At that time I got sucked into wanting to be like everybody else, the guys with the Mercedes and all the flashy cars and the jewelry,” Owens says. “I think those are some of the most idiotic purchases I think players can do, especially when they don’t have that money in the bank account to really pay for that stuff.”
Owens added that people who accept positions offering large signing bonuses or salaries have to be aware that taxes still have to be accounted for, and sometimes they can total out to more than half of people’s incoming finances.
“My advice to any fan or athlete out there: Just don’t live beyond your means. You definitely have to be smart,” he said.
Financial advisers and trusting someone else is not always a promising factor, especially for athletes since everyone does not have their best interest at the center of their duties. However he advises that it is a great option for those who do on not completely understand the intricacies of managing finances.
“Find somebody you feel that are experienced in that area to give you advice, ask them what do you think about this,” Owens says. “Don’t take anything for granted.”
Although financial advisers ensure that they will take care of their clients Owens stated the importance of paying close attention, learning, and being aware of all the money moves, having a confident understanding of all the reasons for your adviser’s decisions.
“I took it for face value and I got burned,” Owens said. “I can’t blame them totally because I had some responsibility in that myself, because I should’ve been able to really manage my finances just as well as they were doing.”
The wide receiver reportedly collected a total of $150,000 in fines for “excessive” celebration after scoring touchdowns.