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Another Dumb Athlete ,000
12-23-2011, 01:36 PM
Terrell Owens Child Support Documents Reveal Financial Ruin
Terrell Owens' financial situation is so dire, he filed papers in three separate child support cases to have his payments lowered ... because he makes ZERO DOLLARS ... this according to court docs obtained by TMZ.
As TMZ first reported, a bench warrant was issued for T.O.'s arrest after he missed a court date with one baby mama ... to whom he's trying to lower child support payments.
Turns out ... T.O. has three OTHER baby mamas and over the past few months he's filed to have his payments reduced with two of them (and, according to his rep, he plans to file for a modification of support for the third).
For those of you counting at home, here's the scorecard ...
Baby Mama #1, Monique Reynolds
T.O. and Monique have an 11-year-old son together. According to the papers, he paid $20,000/month in support until last year, when it was reduced to $11,202. He also gave her $100,000 to buy a house.
Baby Mama #2, Kimberly Floyd
They share a 7-year-old daughter, for whom TO was ordered to pay $20,000/month for back in 2005. In 2008, they agreed to drop that to $15,000.
Baby Mama #3, Samelia Miller
Miller gave birth to a son back in 2006. He was ordered to pay $13,400/month in support.
Baby Mama #4, Melanie Paige Smith
T.O. was ordered to pay $5,000/month for their daughter back in 2007. This is the only case where T.O. has not yet requested a reduction ... though his rep says he plans to ask for a modification.
In each of the cases where T.O. is requesting a reduction in child support payments, he says in his declaration, "My currently monthly income is zero ($0)."
In the papers, T.O. also claims to pay $62,366/month for various properties and says his home in Georgia is in foreclosure. He says he put all but two of his homes up for sale.
A rep for T.O. tells TMZ, "He has tried to keep paying all of these mothers what they were used to year after year, basically putting himself into a financial crisis. He has always paid his child support payments and loves his kids."
The rep says each modification case is still ongoing.
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Another Dumb Athlete ,000
12-23-2011, 02:59 PM
Aside from all of the baby mamas, how the fuck did he burn through all of his money. Hell, I bought the bodylastics "Terrell Owens" resistance bands (great, by the way), and I don't even watch football.
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Another Dumb Athlete ,000
12-23-2011, 03:42 PM
This nation's family law system seems like its almost designed to aid gold-digging. The formula is so simple-get knocked up by a wealthy guy ---> receive automatic six-figure annual income enforced by the court, with no legal obligation to show that it is all being spent on the child. It is ridiculous. It is no wonder we're starting to see so many groupie-type women with the mercenary attitudes to match-with incentives like this, you almost can't blame them
Then again, like so many athletes, T.O is an easy mark. The guy shows a complete lack of basic financial wisdom or general common sense. He spends too much, saves too little and rawdogs these gold-diggers far too often for his own good. It is no wonder these women run circles around him and extract such a huge amount of money out of him-again, I almost can't blame them. If they're going to make it this easy, why not go for it? Why even bother working as a woman if you're attractive enough to pull this off?
This is crunch time for T.O. His football career is pretty much over-he hasn't been signed yet this season and I can't see him getting signed anytime soon at his age. He's not particularly bright academically, so his degree won't help him. He didn't save any of his money either, as evidenced by his massive property debts (there's no valid excuse for him to still have outstanding mortgage payments by now).
I suppose he could try broadcasting/media. I've already seen him dabble in acting here and there, so there's that to. But he better get on it-there's a lot of adjusting left for him to do.
On a side note, if he really wanted to sire all of these kids, he should have done it overseas. Of course, he's not bright/worldly enough to even think of travelling and neither are most athletes, but if they realized the benefits of heading overseas they'd be much better off.
Know your enemy and know yourself, find naught in fear for 100 battles. Know yourself but not your enemy, find level of loss and victory. Know thy enemy but not yourself, wallow in defeat every time.
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Another Dumb Athlete ,000
12-23-2011, 04:16 PM
Quote: (12-23-2011 02:59 PM)joehoya Wrote:
Aside from all of the baby mamas, how the fuck did he burn through all of his money. Hell, I bought the bodylastics "Terrell Owens" resistance bands (great, by the way), and I don't even watch football.
1. Houses. These guys purchase mortgages on massive $1 million+ properties
all the time. T.O. has several of these-as you can guess, the payments add up. Foreclosure is
downright common post-career
for these guys.
2. Cars. These guys
like their expensive rides, and they
like to customize them too.
3. Women. These guys
fly their women all over the place and
trick on them often too. These girls end up with jewelry, box seats, tuition covered, and even automobiles and houses.
Groupies are ubiquitous-even the last guy on the roster/practice squad on an NFL team deals with them, so most dudes have these expenses to some extent.
4. Illegitimate kids. As the article outlined, these get pricey. You need to keep in mind that illegitimacy is downright common among NFL/NBA (
even college) athletes. Most of the
players you know have
at least one child out of wedlock.
5.
Entourages and family. These guys often feel obligated to "take care" of their relatives and friends. Mom usually gets an expensive house just like son does, and his childhood friends get plenty of cash too (cars, tuitions covered, funding for their businesses, etc, etc). There's also the charity work they do in their hometowns which, while altruistic, can get pricey.
6.
Crappy business deals. Guys get sucked into
poor investments and bankruptcy follows.
7. Just plain Stuntin'. These guys are known to throw down $75,000+ bills at nice restaurants, or regularly jet to Las Vegas to spend $50,000+ partying for weekends. These things seem affordable when you're making seven figures, but they do add up. Some of them get into debt early in their careers, and the effects linger on (
DeSean Jackson is one of many current examples of this).
Put it all together and you have a recipe for financial ruin down the line.
Know your enemy and know yourself, find naught in fear for 100 battles. Know yourself but not your enemy, find level of loss and victory. Know thy enemy but not yourself, wallow in defeat every time.
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Another Dumb Athlete ,000
12-23-2011, 04:24 PM
T.O needs to get snipped if he wants to fuck w/o a condom. Too many damn kids will leave a rich man to bankruptcy in no-time with our laws!
Mixx
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Another Dumb Athlete ,000
12-23-2011, 05:48 PM
there really should be a cap on monthly child support payments. its obscene that some chick is receiving 20k a month in child support. P Diddy or whatever he's calling himself these days basically said a while back "thats not child support thats mommy support"
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Another Dumb Athlete ,000
12-23-2011, 06:17 PM
For lots of groupies, their goal is to get knocked up by a ballplayer. They know they can pretty much quit working. The thing they DON'T think about is that if she's got competing baby-mamas, the gravy train won't run for very long. The checks stop when his playing career is over for the most part, and the average NFL career is about 4 years. Yeah, some freaks like T.O. can be productive into their late 30s, but most guys don't go that long. And NFL contracts aren't guaranteed. Most guys won't get superstar, multi-million dollar up-front bonus type contracts either. Only star QBs get those kind of contracts, and actually end up collecting nearly all of the money. So unless these tricks are smart and putting away a lot of the money they get in child support and living modestly, they'll have to go back to work at some point. Most try to take him to court, but if his income is $0, there's nothing to get. The bank will get T.O.s properties, so he'll have pretty much nothing to liquidate. If he had been smart, he'd have been renting his properties and making something on them, or at minimum enough to make the mortgage payments. If he had been a more solid citizen and good teammate, more teams would have been willing to bring him in. He was such a cancer on the teams he was on, no one wants to risk bringing him in now. He presents virtually NO financial risk for a team (he'll get vet minimum), yet they still won't bite.
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