Money Lessons from Terrell Owens

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I feel like I've heard this story too many times. Why do people feel like they can put their financial futures in someone's hand? There are no friends in business. Let's say that again, THERE ARE NO FRIENDS IN BUSINESS. We can be friendly but friends, nope. In business everyone is doing what's best for them, even if that means putting you at a disadvantage. It's a shame that Terrell Owens made $80 million but he's crying broke.

"It's not a matter of having lived too large -- he was never the type to stockpile Ferraris or build himself a compound; the flashiest car he ever drove was a Mercedes, and while he indeed racked up a few homes that cost as much as $4 million, the only crib he classifies as even mildly sick by pro-ball standards was the one he bought in Atlanta to live in during the Philly off-season.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."

It's good to enjoy your money. I believe that one should enjoy the fruits of their labor, but you should also save for a rainy day. Why is it that every animal stores food for later but humans? Even mice store food for later, it may be poison but they make sure they have a stash. Money will not flow forever and it's not hard to blow through $80 million. People support their immediate families, their friends, have multiple baby mamas, houses in multiple states, hundred thousand dollar cars, and other things. People buy these things and think they're gonna maintain the same level of income, which is impossible. At some point the money has to stop flowing. Payments are for poor people. Yes, I said it. If I made a lot of money, you would not catch me renting or making a monthly payment on anything but utilities and taxes. I would own my house outright, my cars, and everyone else would have to support themselves. What do you think happens when the money dries up? The friends dry up too. Why go broke for people who don't really care about you?

Also, don't just hand off your financial future to someone because they're your friend or you think "you have it like that." You need to know account for every penny yourself. You need to know how much comes in, how much goes out, who gets paid what, how much everything costs, etc. You have to stay on top of your money. I don't have any sympathy for T.O. Get better people in your corner. Why is he crying over his lost career? He has reality shows and he's acting.