Owens ran a dry cleaning business and worked as a gas station attendant to earn a living; he eventually filed for bankruptcy. In 1966, he was successfully prosecuted for tax evasion.
At rock bottom, he was aided in beginning rehabilitation. The government appointed him a US goodwill ambassador. Owens traveled the world and spoke to companies such as the Ford Motor Company and stakeholders such as the United States Olympic Committee After he retired, he owned racehorses.