117. Money Tips from "Ochocinco" and T.O.?

Chad Johnson was a NFL wide receiver for the Cincinnati Bengals from 2001 to 2010 and played for the New England Patriots in 2011. You’ll hear him referred to at times as Chad Ochocinco because from 2008-2012 he wanted to be called by that name in tribute to his jersey number, 85. 

Terrell Owens also played wide receiver in the NFL from 1996 to 2010 for 5 teams, starting with the San Francisco 49ers and ending with one year playing alongside Chad Johnson in Cincinnati. Wikipedia lists TO, as he is known, as currently playing for the Knights of Degen of the Fan Controlled Football League. 

Johnson and Owens were regarded during their playing days as “diva” wide receivers; supremely talented, self confident, cocky, some would say selfish, and flashy. Their profiles more closely resemble the stereotype of the financially irresponsible pro athlete who goes broke after his playing days than those of money management role models.   

As it turns out, Chad Johnson’s story today seems to contradict the stereotype. According to the site Celebritynetworth.com, he made $49 million dollars during his playing career, and has a current net worth of $15.M.

Unfortunately, Terrell Owens’ story plays more into the stereotype about athletes and money, and serves mainly as an example of what not to do when it comes to managing your personal finances. Celebritynetworth.com states that Terrell Owens made $80 million in salaries and endorsements during his playing career, but currently has a net worth of only $500k. According to the site, by 2011, one year after his NFL career ended, Owens was completely broke, telling a judge that he had no monthly income and very expensive monthly obligations. 

What can we learn from both their positive examples and unfortunate mistakes?

Resources

• Chad ‘Ochocinco’ saved 83% of his NFL salary by buying fake jewelry and sleeping in the stadium — here are 5 simple ways to preserve your wealth at an all-star level

• Football star Terrell Owens said these are some of ‘the most idiotic’ purchases we can make. Pros say avoiding those kinds of expense traps could save you big bucks.

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