“In my case, it was not a situation where I lost money making careless investments. I was negligent by not holding my financial team accountable for what I hired them to do.”- Terrell Owens,
Some professional athletes who come from struggling backgrounds are not fully equipped to handle the pressure that comes with receiving a lump sum of money after they are drafted. You hear about many of the horror stories about the investment opportunities that were presented to them by individuals who are close to them and by people who are supposed to be their financial advisers. Heck ESPN did a 30 for 30 called ‘Broke’ Which was written and directed by Billy Cohen in 2012. In 2009 Sports Illustrated released an article reporting that 60 percent of former NBA players go broke 5 years removed from retiring. In the NFL after two years post retirement almost 80 percent of its players have filed for bankruptcy or under financial stress. These athletes are constantly being hounded by friends & family that are freeloaders, medical bills, and the instinct of showcasing their worth by purchasing cars, real estate, entering the restaurant business and the music industry. Players that were featured on ESPN 30 for 30 broke Curt Schilling, Cliff Floyd, Jamal Mashburn, and Andre Rison. Achieve clips include, Carmelo Anthony, Vince Carter, Tracy Mcgrady, Micheal Vick, Michael Strahan, Magic Johnson, Darryl Strawberry, and Charles Barkley to say a few. Many of these athletes like Antoine Walker, Terrell Owens, and Vince Young have all gone on the record about make bad decision with their finances.
Whether it was trusting the wrong people, lavished trips, and not understanding financial literacy. Now they all want to share their stories to help not only young professional athletes, but every day people as well to not go down the path that they have gone. They all have learn different life lessons going through bankruptcy and they want to lay the foundation to financial literacy. Antoine released a documentary called Gone in An Instant along with a book ‘How I Made $10 Million From Internet Affiliate Marketing’ a couple years ago.
During his playing career, he earned an excess of a 110 million dollars during 13 seasons in the NBA as a member of the Boston Celtics, Miami Heat, Dallas Mavericks, Atlanta Hawks, Minnesota Timberwolves, and Memphis Grizzlies.
Terrell Owens is a former wide receiver who played 16 seasons in the NFL as a member of the San Francisco 49ers, Philadelphia Eagles, Dallas Cowboys, Cincinnati Bengals, Buffalo Bills and the Seattle Seahawks. The Hall of Fame Elect has been featured on television programs like the Dr. Phil Show, in-depth with Graham Bensinger, and even writing a book ‘T.O.’ addressing some of the issues playing child support and other financial responsibilities.
He recently partnered along with former NFL Running Back Eric Dickerson with a company called ‘Nerd Wallet.’ The company helps professional athletes and people in general find the right financial advisors.
The former 16-year veteran recently did a digital cover interview with Landon Buford at The Hype Magazine to discuss why he decided to partner with Nerd Watch and how it all came about. “I partnered with Nerd Wallet. I feel that I have done my due diligence with that company and I have finally surrounded myself with people who genuinely care about my well-being, financially and otherwise. I’ve learned that I must weed out all the individuals who do not have my best interests in mind. One must be meticulous when hiring a person or a company, and one must make the time to really stay on top of their finances.” Says Owens
Buford also presented the question of why young athletes do not ask for financial advice.
“I do not think it is an issue of pride. I feel it is just something that many people do not ask about. Some individuals might not even know what to ask. If you are not raised in an environment where no one taught you how to manage your finances, you’re going to have a hard time learning how to do this. Not a lot of parents have ample experience with this, and if you think about it, most of the young athletes who make it to the pros come from urban communities, potentially single-parent households where financial planning wasn’t always a top priority.”
Owens would continue by saying, “I was not as fortunate as people who had both their parents around to lean on for support or guidance with important life lessons such as financial planning. I didn’t have anyone around who taught me what it takes to manage substantial finances. It just comes down to these people with new wealth being comfortable with asking and not being afraid of someone thinking they have dumb questions. To me, there are no dumb questions. You must put yourself in the mind frame to be okay with realizing that you do not know everything and that you must do your due diligence and hire the right people.”
The Full interview can be seen here.