By Ryan Velez
Terrell Owens once commanded an impressive net worth of $80 million, stemming from his impressive career with the NFL. However, there is an emphasis on once, as Owens has managed to lose all of that money due to various reasons and bad decisions, which he has not been shy about discussing. The 43-year old, now a contestant on Dancing With The Stars, says that losing all his money has taught him several lessons. Celebrity Net Worth has compiled some of his insights.
One major issue that Owens encountered is living beyond his means. After being drafted in 1996, he admits to being drawn in by the sudden flashy lifestyle that an NFL salary suddenly offered.
"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," he 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 continues, "My advice to any fan or athlete out there: Just don't live beyond your means. You definitely have to be smart." He adds that athletes who receive lofty signing bonuses have to remember that taxes will take a big chunk of that: "Those things have to be accounted for."
He also admits that a major mistake was not taking enough ownership of his own money, as athletes are targeted by financial advisors promising to have their best interests at heart.
"I took it at face value and I got burned," Owens says. "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." What can athletes do? For one, not be afraid to ask questions. "It's a really tricky situation when you're an athlete. You want to kinda keep a lot of things close to the vest and I think the best thing to do is ask questions before it's too late," Owens says.
He continues, "Find somebody you feel that are experienced in that area to give you advice, ask them what do you think about this. Don't take anything for granted."