Terrell Owens is a classic example of no matter how good you are at something, if you have a terrible attitude, you will fail. As an Eagles fan, I remember when T.O. came to Philadelphia. For once, it seemed like my hometown team might actually make things happen since he was averaging at least one touchdown per game. But as we all now T.O. was extremely outspoken, cocky, arrogant, and just a terrible teammate. After leaving the Eagles he would play for a variety of different teams but never really stuck with any particular one, probably because he was horrible to work with. After his retirement he quickly made some poor investments, owed the IRS over $400,000, failed to pay child support, and just generally had a rough time financially. Professional football players have the potential to earn quite a good deal of money. Even if you are a second string player, chances are that you’re earning more money that what most lawyers make. Now if you’re a star player, you can really rake in the cash. Still despite all the money that NFL players make during their careers, many of them end up growing bankrupt and lose everything after they retire. This isn’t the case for every player in the league, however it is well known that many retired players end up squandering their earnings and then have to file for bankruptcy. They either spent all of their money of fast cars or mansions, or lost it all in poor business investments. We are going to take a look at a list of 20 NFL players that earned millions of dollars during their careers, and then eventually end up with nothing after their retirement.
Dermontti Dawson enjoyed a successful football career with the Pittsburgh Steelers, where he served as their center for 12 long years. He was even elected into the Pro Football Hall of Fame back in 2012. However his life outside of football was very difficult. All of his financial issues came from his failed real estate business. After spending a few years as a developer, he filed for Chapter 7 bankruptcy in 2010 where he had $69 million in liabilities and debts, but only just $1.5 million in assets.