Why do so many footballers end up broke?

[Cellular]

To the peruser of a lower reading age, the answer...Blacks.

Blacks?

In the US, very prominent otherwise smart white athletes have also been taken to the cleaners.

The thing they have in common is that they are athletes and remain vulnerable to con-man/woman. Has nothing to do with skin color.

Some of these guys go/end up broke not because they squandered their money but because they were victims of fraud.

Celluminatus, years of idolatry and passing the goblet amongst fellow secret societarians has obviously brought some degree of malaise.

The statement is not that footballers end up broke because they're black, rather a statement on the agenda...those less adept at reading between the lines, read the pictures. They went as far back as Danny Cadamarteri to meet their message, why not a picture of Chopra, Gillespie, Etherington, Neil Ruddock, Kenny Sansom, Lee Hendrie, Dean Windass? Because a reggae headed Danny boy says it better.

Shades of the domestic violence helpline poster that had a black man with what can only described as tribal scarification, reminiscent of an Oluwadeji, on his cheek, as the centre piece.

Apologies Coachito. It makes sense now...

[ohenhen1]

Most of them don't go to post secondary school. Also look at the way they spend money on sports cars and etc. The NFF should encourage all players to get an education. Their are online schools.

All you need is $2 million to be set for life if you spend it wisely.

$1 million should go into investments. A diversified portfolio of stocks, bonds, Tbills, annuities and etc.

$500 K for new house, new car, settling debts for you and family and etc. A $300K house is good. You don't need a mansion. A $60K car is good, you don't need a $2 million sports car. Also buy energy efficient car.

$200 k emergency fund for emergencies in savings account earning interest.

$200 K business that will earn you a monthly salary. $100 K cash invested as equity into the company over a five year period.

You can even leave the money for your children and grandchildren.

When you earn £300k a week, a £500k house will NOT be good enough for you! You will not be accepted in the 'group' with a $60k car!

The problem is simple. Lack of financial literacy.

find new friends.

[Coach]

^A 500K house is absolutely good enough, the problem is not one of equaling need, rather the relentless pursuit of a hedonistic lifestyle destined to crash and burn. The excesses are medallion of their successes in the fools reality that is the fickle footballer's. The bigger car, unnecessary for the single man, bags the better girl, the flashiest suit gets the front page of the dogsh*t tabloid and the watches and chains get all the applauds of the paupers. Footballers suffer the curse of being infectiously working class, a cluster of nothing to somethings, who hurry to have all the world's wonders, to the uneducated mind of a would've been riffraff, not realising they're doing no more than the chavs and chavettes of council estateville, only difference being the accents on the vowels and extra 0s on the price-tags. Idi*ts and imbeciles, who, for all their millions, remain working class and sentence their progeny to the very same fate.

[mastermind]

http://newsforever.net/miss-ca/?voluumd ... 9657141062

[bepanda]

Very interesting insight by the players themselves.
[/video]

Family spent all the money
[/video]

NBA draft pick. $11 millions ... gone
[/video]

lost 110 millions wow
[/video]

[camex]

Very interesting insight by the players themselves.
[/video]

Family spent all the money
[/video]

NBA draft pick. $11 millions ... gone
[/video]

lost 110 millions wow
[/video]

insightful

[wiseone]

Ohenhen some of these guys are not financially literate. Some do not know the difference between net and gross income for example. They just hear their gross salary and do not realise that after the taxman takes his 40-50%, the agent his 15%, there is little left to settle hangers on, the groupies, and pay for the fleet of Ferraris.

An elite athlete cannot go and live in a middle class neighbourhood with 500K homes (his house would probably get stoned or burned to the ground by fans of rival fans for a start!). They want to show off and compete with their peers living in mansions.

Most of them don't go to post secondary school. Also look at the way they spend money on sports cars and etc. The NFF should encourage all players to get an education. Their are online schools.

All you need is $2 million to be set for life if you spend it wisely.

$1 million should go into investments. A diversified portfolio of stocks, bonds, Tbills, annuities and etc.

$500 K for new house, new car, settling debts for you and family and etc. A $300K house is good. You don't need a mansion. A $60K car is good, you don't need a $2 million sports car. Also buy energy efficient car.

$200 k emergency fund for emergencies in savings account earning interest.

$200 K business that will earn you a monthly salary. $100 K cash invested as equity into the company over a five year period.

You can even leave the money for your children and grandchildren.

[maceo4]

Ohenhen some of these guys are not financially literate. Some do not know the difference between net and gross income for example. They just hear their gross salary and do not realise that after the taxman takes hit 40-50%, the agent his 15%, there is little left to settle hangers on, the groupies, and pay for the fleet of Ferraris.

An elite athlete cannot go and live in a middle class neighbourhood with 500K homes (his house would probably get stoned or burned to the ground by fans of rival fans for a start!). They want to show off and compete with their peers living in mansions.

Most of them don't go to post secondary school. Also look at the way they spend money on sports cars and etc. The NFF should encourage all players to get an education. Their are online schools.

All you need is $2 million to be set for life if you spend it wisely.

$1 million should go into investments. A diversified portfolio of stocks, bonds, Tbills, annuities and etc.

$500 K for new house, new car, settling debts for you and family and etc. A $300K house is good. You don't need a mansion. A $60K car is good, you don't need a $2 million sports car. Also buy energy efficient car.

$200 k emergency fund for emergencies in savings account earning interest.

$200 K business that will earn you a monthly salary. $100 K cash invested as equity into the company over a five year period.

You can even leave the money for your children and grandchildren.

True talk, we from the outside can't always fully understand the pressures and situations that cause these players to live in a certain way. They are also a target, and sharks surround them to get their bite of the cheddar, including tax man, agents, con men, women, family etc. They really need a group of people looking out for their interests to navigate these murky waters and stay afloat for the long run.

[wiseone]

Exactly. Dressing room peer pressure is so great that sometimes, having sensible team-mates can help these guys curb their extravagance. When Jody Morris first broke into the Chelsea first team, he got his bonus and salary increase. Morris said he started talking in the changing room about what car he was going to buy. When the senior players (including JT) overheard him, they immediately came over and told him to use his bonus to put down a deposit on a house. Morris admitted that he thought they were giving him bad advice, but now says he is relived he listed to them, because that house he bought has appreciated in value so much.

True talk, we from the outside can't always fully understand the pressures and situations that cause these players to live in a certain way. They are also a target, and sharks surround them to get their bite of the cheddar, including tax man, agents, con men, women, family etc. They really need a group of people looking out for their interests to navigate these murky waters and stay afloat for the long run.

[kali]

A big part of why they go broke is their age. Most athletes make the bulk of their money between 21-35 years of age. Those are prime years of reckless consumption for most people. The best that sports leagues should do is withhold at least 30% of earnings and dump it in a no risk fund thats not payable until they turn 40.

[wiseone]

Good suggestion. Perhaps a mandatory "post-retirement" pool for athletes that they cannot touch until [x] period of time after retirement.

A big part of why they go broke is their age. Most athletes make the bulk of their money between 21-35 years of age. Those are prime years of reckless consumption for most people. The best that sports leagues should do is withhold at least 30% of earnings and dump it in a no risk fund thats not payable until they turn 40.

[Man Ataye]

Rooney is a prime example of a soon to be ex footballer to be taking to the cleaners, if they ever got a divorce, his wife will end up with everything

Modern day sports stars, everything has to be shiny, including their women, even shiny things have their shelf life

kpom. What is the best has 2 appear so. Gold.has to glitter.

[Man Ataye]

TRAGIC. POOR INVESTING- ASSOCIATING WITH THE WRONG



Bad friends, bad/greedy family, useless, fast women, poor decisions with purchases, shouldering too many or bad responsibilities has stunted & maimed many with ca$$$$h. In this day n age though, u would think young ones would wise up from the folly of so many from the past, but like a chick who falls 4 the player like her friends b4, the mistake is made & stays.

[mcal]

...when they announce say a player signed $10 million contract, does that mean he get the whole shebang?
Nope, of the 10 million he probably have a take home of $4 million and will still pay tax at the end of the year.
By the time shell out largess to friends and family, and buy all the shiny stuff, money is gone.