Why is Terrell Owens broke?

In the February issue of GQ Magazine, Terrell Owens admits to being flat out broke. That’s following a career in which he raked in upwards of $80 million:

The problem, he says, is that he’s by nature too trusting, loyal to a fault, despite everyone’s carping that he’s selfish. It’s the sad old stereotypical song of the up-from-nothing black athlete: He let other people take care of things. He says his financial advisers (informally recommended by Rosenhaus) put him in a series of risky, highly leveraged ventures that he didn’t discover until autumn 2010, when he finally demanded a full accounting. And of course there were the houses and condos, which he had always figured he could rent out; they became dead weight when the real estate market collapsed in 2008. Individually they weren’t terribly lavish, but together the mortgage nut is reportedly almost $750,000 a year. The Atlanta house is on the market; the south Jersey place he paid $3.9 million for was sold for $1.7 million in late 2010. Most egregious of all was the ill-fated Alabama entertainment complex (with an electronic-bingo component) that cost him $2 million. He invested, he says, at the suggestion of his advisers and a lawyer they steered him to, Pamela Linden. The venture turned out to be illegal in the state, not to mention a violation of the NFL’s policy prohibiting players from investing in gambling. Owens is suing Linden, as is Clinton Portis, the former Redskins running back who also invested. (Several other players and the boxer Floyd Mayweather Jr. also got sucked into the venture.) (GQ.com)

To make things worse, Owens is a guy who’s still got some serious bills:

Friends may not be calling, or teams, but lawyers, a slew of them, definitely have him on speed dial. Especially those who represent the four women to whom he pays a total of $44,600 a month in child support for his four children, ages 5 to 12: “If there’s anything I’m sorry about, it’s getting involved with all that.” He never actually dated any of the women, he says. One was a one-night stand, the others “repeat offenders.” Owens, who has never been married, concedes he is “not a very good judge of character.” Still, he “never suspected they were the types to do what they done in the past year.” (GQ.com)

So what’s the root cause of Owens being broke?  It’s simple: he’s crazy.  And crazy people can’t hold onto money to save their lives.

You would think that insane folks wouldn’t be able to amass vast fortunes, but you’d be wrong.  From Howard Hughes to Michael Jackson, the list of batshit nuts people who made huge coin is a long one.

Oh yes, you can be crazy and talented at the same time, and during his career Owens most certainly was.  The dude caught 153 touchdown passes for five different franchises and had four different seasons in which he eclipsed the 1,300+ yard receiving barrier. That’s impressive stuff.

But while they’re bringing it in, the amount of money that these same eccentrics can piss away just boggles the mind.  Let’s be honest, you gotta be some kind of nuts to start something like Neverland ranch.

Granted, plenty of sane people lose money as well, I’m not saying this phenomenon is exclusive to the unhinged masses of the world.  But a crazy dude like Terrell Owens is FAR more likely to throw money at an investment that includes an “electronic-bingo component.”

But don’t take this as an indictment of T.O. on my part. No sir, I’ve always found him to be highly entertaining. Hell, this still makes me laugh:

Can Terrell Owens climb out of this financial abyss? Well, there’s really no market for a 38-year old wide receiver, even one who’s as insanely fit as he is. So the NFL cash spigot that once flowed so freely for him is most likely cut off.

Also, T.O. is paying more in child support each month than most people make in a YEAR. Until he gets some relief on that front, getting ahead will be hard to do. I feel bad for the dude, but once again, crazy is as crazy does.