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How to Avoid Being Broke and Friendless Like Terrell Owens

by Minority Fortune

Terrell Owens is broke. Nothing new there. The newest angle to the ongoing story of T.O. is that he’s currently friendless. To us, that’s the most interesting thing to dive into here. Once your money dries up, the fake people stop associating with you. It’s a sad state of affairs to not have a couple of close friends in your corner in the midst of a dark time in your life. There’s the saying “choose your friends wisely”.  T.O. never got the message.

The former NFL star referred to his current life as “hell”, as reported by News One. He blames his situation on debt, baby mamas, and backstabbing friends. He alludes in the article that he has little responsibility for his current situation. It simply rests at the feet of bad investments in real estate and evil, gold-digging baby mamas, whom he had no long-term relationships with.

It just doesn’t work like that, Terrell. Sometimes, we have to look within.

Lesson 1: Like attracts like. The easiest shortcut to decipher a person is to look around at the company they keep. Terrell kept shallow, hardly wealthy people around him because he too carries a poverty mindset and is vain. There’s no one to blame for overlooking women who were successful and on his level financially. There’s no one to blame for his choice in women who mostly saw dollar signs and took advantage of the generous child support checks that they knew would be coming. There’s no one to blame for his not using protection. There’s no one to blame for choosing friends that bled you dry. You should have allocated your money for yourself, parents, children, and spouse. You should have remodeled your social circle once you escalated into a lucrative career. Your social circle should reflect your identity or that of which you aspire to be.

Lesson 2: Take Responsibility for Your Investments

Real estate hasn’t been the hot investment for a minute. We’ll assume that T.O. held these properties well before the subprime crisis hit. Either way, it is never wise to double down on multiple investments when the following is true: A) You don’t know anything about the sector B) You won’t be 100% involved in the investment. C) You don’t have a contingency plan in place on how and when you will make your money back and how you will respond if you do not. From the sounds of it, T.O. had invested in several properties. Bad, bad decision since he clearly knew too little about real estate to dive in like he did. Too many assume real estate is the de facto way to invest money. It’s actually the de facto way to lose money. It’s a serious investment with a steep learning curve. If one is going to invest in real estate, they absolutely must personally study the trade. It is NEVER acceptable to hand this responsibility off to anyone else. However, we’re willing to bet that this was just partially where his money went.

Lesson 3: Contentment

It sounds so simple, but it’s the one thing every human being wrestles with their entire lives. Contentment doesn’t have a price on it. It can’t be achieved through monetary means. Terrell Owens earned an estimated $80 million during his NFL career. If T.O. had simply spent $1 million annually or less in personal and investment expenses, he would have had enough and more to live on, should he live for another 50 years. We always show concern when we see celebs who spend more than $1 million a year, as they already have a fairly brief career. Not many will be fortunate enough to earn anywhere near $80 million in their lifetime. The 99% lives comfortably off of $250,000 a year or less. There are families in the world that live of $365 a year and manage to find happiness. The power of contentment is finding happiness in having less or nothing. If a man has to blow through $80 million in a decades time, he’s lacking something serious. Time to discover yourself, or you’ll blow through everything you ever encounter throughout your life. However, there’s hope as News One reveals the following:

 

T.O. has landed a gig as a player and part owner of the Allen Wranglers of the Indoor Football League, which is based in Allen, Texas.  While it isn’t the fame and fortune that he is used to, it’s still a paycheck, so things may in fact be looking up for Owens after all.

 

T.O. must learn these three lessons if he’s ever going to get out of the “Hell” he’s living in. It’s shortsighted to blame your problems on everything and everyone but yourself, as you create your financial outcome and choose your friends. We create our own destiny. Remember that, and you’ll never find yourself in the situation Terrell is facing.

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