Why 40% Of Professional Footballers Go Bankrupt

  • Publisert 18 dager siden

    HITC Sevens

    Runtime: 16:11

    In a world in which three footballers; Cristiano Ronaldo, Lionel Messi, and Neymar earn in excess of £70 million a year, and the average wage in the Premier League is close to £60,000 a week, some people may be surprised to discover how many professional footballers experience financial difficulties.
    Two out of every five football / soccer players go bankrupt in retirement, often suffering from mounting debts, a huge drop off in income, and the emotional difficulties that come with leave the sport behind. From poor financial education and money management, to the challenge of finding a new career before the age of 40, HITC Sevens takes a look at some of the most common causes of economic hardship among footballers.

Nige
Nige

The financial literacy channel is a must

5 timer siden
Building on a Budget Models
Building on a Budget Models

Supposedly Pele had very bad financial management during his career which is why he did lots of advertising (including for viagra) after he retired.

8 timer siden
Two Man Game
Two Man Game

I’m here for that financial literacy Chanel it is most definitely needed

Dag siden
Godwin Ameya
Godwin Ameya

I kind of understand why Oscar did what he did now.

4 dager siden
Luiz Piccinin
Luiz Piccinin

Ronaldinho didn't actually went bankrupt, he has a lot of money left, he just doesn't declare it, so he saves a lot in taxes

9 dager siden
Iain Murray
Iain Murray

Financial Advisers are in one of the most highly regulated sectors in the UK. The regulated ones are at least.

10 dager siden
ConanCnutKicker
ConanCnutKicker

The trouble seems to be the same for people of all walks of life; people earning x amount think that means living an x amount lifestyle. The different is that for professional sportsmen their career ends when they are still young so they may not of learnt the lesson that if you earn x amount you should live a 60(or less)% of x lifestyle and save the rest. And as sportsmen are so young when they retire, they should probably live a 40% of x lifestyle (which would still be very comfortable for a lot of them). If you take home £25M a year but spend but spend £20M a year for 10 years, that's only a saving of £50M. Even if you restrict your lifestyle to only spending £5M a year, that's only 10 years! However, if you only spend 10M a year then that's a saving of 150M. Then if you reduce your lifestyle to £2.5M, it will see you through 60 years.

10 dager siden
Christy Dolan
Christy Dolan

Lack of education . They are from a particular type of cultural and racial background . Same with the NBA . No point being rich when you are too thick to know how to handle it . Typical inherent disease in the peasant class

10 dager siden
Janys Mahoney
Janys Mahoney

LUV of money..ROOT of ALL EVIL. 2 greedy t double/treble the £💯/£1000s they already got. listening to these devious investors.

10 dager siden
Janys Mahoney
Janys Mahoney

CUD B A NUMBA OF REASONS- 1) be coz not EVERY footie plays at the TOP LEVEL. (wot bout teir 2/3 or 4.). 2) sum have to PAY OFF GREEDY lawyers who have protected their privacy or RUBBISH agents.3)With sum;it's the FALLOUT from ALL their EXTRA MARITAL affairs. (an ALL that ensues from that).4)Others,bad investments.

10 dager siden
Tom Blackfyre
Tom Blackfyre

League 2 players make an average of only 1.5k? That would do me would that, no complaints

11 dager siden
Mohammed Miah
Mohammed Miah

I like this channel but the amount of adverts in this video is ridiculous.

11 dager siden
MrGrombie
MrGrombie

4:30 I can see MANY people seeing that guide for the first time and learning. Rule one, buy an affordable home. Rule two, don't over spend. Profit Bonus marks for renewable energy.

11 dager siden
Ignoble Surfer
Ignoble Surfer

The "weekly" thing wasn't manufactured by the press. It's because football used to be much more of a week-by-week profession, and also much more bonus-dependent than it is now. With that said, now that top-level contracts are multi-year for the most part, we should try to talk about them in terms of overall contract value rather than weekly.

11 dager siden
El Camino
El Camino

It takes a special level of stupid to waste tens of millions.

11 dager siden
Thomas Armstrong
Thomas Armstrong

t

12 dager siden
Hadi Akmal
Hadi Akmal

Lavish lifestyle disappears when they retire... thats the problem thatvthey have. Its about their ability to reduce.. I think they can but not their wives haha. The smarter ones like fowler invest in real estate. These footballers should have started a business or own a property for rent.

12 dager siden
Brian Smaller
Brian Smaller

I think the main reason is that they know how to kick a round ball around but are usually also thick as bricks when it comes to understanding finance and investments, and planning for a future when you cannot kick a ball around.

12 dager siden
Gerjaison
Gerjaison

Because most football intelligence eg through ball, one on one, nutmeg, bicycle kicks etc aren't correlated with financial intelligence e.g asset, equity, liability, interest, income, debt.

12 dager siden
theguy0594
theguy0594

I don't really have any sympathy for them. It comes down to who you are as a person. I bet the consummate professionals such as ronaldo, gerrard, mertesacker, pirlo, petr czech etc... off the top of my head, will all seek financial advice with the money. Same as the average guy who wins the lottery and ends up in debt. These are people who have had huge sums thrown at them very quickly. You need to educate yourself not spend like a clown or make investment decisions blindly on the word of a leech

13 dager siden
PhIl Albs
PhIl Albs

Who’s talking? Probably take a masterclass course on public speaking.

13 dager siden
Eric N
Eric N

And then there's career ending (fastly or slowly) injuries

13 dager siden
SPQSpartacus
SPQSpartacus

The answer is quite obvious. RAISE TAXES for the rich. If the morons go lose their money, there will be more money for the government to help those in need, including footballers past their prime.

13 dager siden
HaikiTheGreyFox
HaikiTheGreyFox

Cristiano Ronaldo, Lionel Messi, and Neymar earn in excess of £70 million a year, and the average wage in the Premier League is close to £60,000 a week :O

13 dager siden
Darío Gutierrez
Darío Gutierrez

Very important issue.

13 dager siden
7CroNik
7CroNik

They are dumb.

13 dager siden
Khalid Cabrero
Khalid Cabrero

A natural companion piece would be a video on mental health problems among footballers. Most are plucked as young kids and plopped in a highly competitive job, in a strange environment, cut off from family and other traditional support systems. I know the NFL take considerable interest in the well-being of their players, and provide support and assistance in many aspects of their lives. Even simple practical things like renting a house can be stressful for someone who has never done anything but play football all their lives and knows nothing beyond that, particularly if they arrive from a foreign country. But a lot of European football clubs seem to be run like a lads' clubhouse and leave the kid to figure out all this life stuff out by himself. I find it perplexing how European clubs can pour millions in transfer fees, but then not give a damn on how their investment is faring in the rest of his life.

13 dager siden
Phil thy
Phil thy

Whole video felt like an intro 😂

13 dager siden
FRANK_SG
FRANK_SG

I came here for names... I am not leaving without them.

13 dager siden
vlad wick
vlad wick

People needs to understand that most footballers are dense as hell. Why? Because they sacrificed their formal education for football. This is why you shouldnt expect them to act normal. Sure there are exceptions like Marcus Rashford, Juan Mata, or Frank Lampard but most footballers wont survive living as ordinary slobs. Take Gary Neville for example, up until in mid 30's, he had no clue of how to turn the gas on to boil his tea. 😃😃😃😃

13 dager siden
SSEnrich
SSEnrich

Rory Delap played for City? Googled it and found out it was his son. Today's footballers are very anonymous. So being the son of more famous parents gives them more identity. A little surprising to see JA Riise here.

13 dager siden
Mitjitsu
Mitjitsu

£500 a day for ingredients? What are these chefs cooking? Caviar, Kobe beef and truffles?

13 dager siden
RP M
RP M

Our takeaway; don't marry a Western bixch who will take you for half your assets. Come to Thailand, get a slim, feminine and obedient gf and live the good life.

14 dager siden
vlad wick
vlad wick

Just be more cautious so that you dont pick transexual instead 😂

13 dager siden
jim morris
jim morris

Simple reason footballers talents are in their feet the furthest away from the head !

14 dager siden
shents aceve
shents aceve

Probably the same reason American "hand ball" players go bankrupt; because they never had a real job/life experience and never learned budgeting... or to hire a financial advisor. All they know is football. And, yeah... the rest of them have wealthy parents.

14 dager siden
Harry Turnbull
Harry Turnbull

I don't see any citations for this remarkable claim

14 dager siden
Ajell86
Ajell86

Coz most are thick didnt take 16 mins

14 dager siden
MarekUtd
MarekUtd

The way you talk is so annoying. It's the way you end your sentences. It's like you go quiet on the last word and almost cut it off. Hard to explain it but you need to unlearn that.

15 dager siden
Tony Haven
Tony Haven

Some times a judge will declare the footballer has to give half of his net worth to his ex wife AND pay 100,000 a year to maintain her "lifestyle" that her lawyer says he created and should be accountable for, so the guy will not only be bankrupt from the divorce but for the rest of his life

15 dager siden
vlad wick
vlad wick

This is why you shouldnt get married or make a marriage agreement in case of divorcion. Plus most footballers are horny af, they cheated alot make it so easy for them to lose legal court.

13 dager siden
Tony Haven
Tony Haven

This is why we say "playing football" not "working football"

15 dager siden
Red Mist
Red Mist

Cocaine n hookers !! Then there Mrs dumps there sorry ass

15 dager siden
SOLA_786_RETURNS
SOLA_786_RETURNS

In my opinion when it comes to European and western countries most the blacks are broke hear me out when I say this most Asian white and cocastion people that play football own a business on the side like clothing stock or perfumes etc where most black athletes are owned by a manager in football clubs notice that no blacks own a football club or even their own business i have noticed that a lot messi cristiano and others who are Asian white cocastion own their own clothing line on the side where players like mbappe naymar and others who are black don't own anything their just fully living off their football club they play for

15 dager siden
MordeOP
MordeOP

short answer: because they are stupid.

15 dager siden
Quest
Quest

So she was in it for the money? she can leave then haha

15 dager siden
ChopperSAFC
ChopperSAFC

Interestingly enough Marcus Rashford has just been lambasted by the Mail for investing in property for his retirement.

15 dager siden
vlad wick
vlad wick

They disliked his crusade of feeding their own children.

13 dager siden
Jay Smith
Jay Smith

Because many of them are stupid, as well as sometimes being badly advised. You know what they say about a fool and his money.

15 dager siden
Steve
Steve

I earn around the same as a top to high end premier league player and after tax trust me there’s not as much left as you think. Then add a divorce or 2, greedy family and friends I can see how it goes quick

15 dager siden
Webel
Webel

0:17 I hope that was not Jimmy Savile because if he was then he deserves no sympathy. Anyone wondering why the bitterness towards Jimmy Savile. (Attaching the link) https://www.google.com/amp/s/amp.theguardian.com/media/2014/jun/26/jimmy-savile-sexual-abuse-timeline

15 dager siden
JJ Olatunji is not KSI
JJ Olatunji is not KSI

I'm not sure about the exact wages in rugby compared to football but my business teacher once told us that he turned down being a pro rugby player to go to university and have a more stable income in the future. He also regularly brags about how rich he is from the business he has in Saudi Arabia.

15 dager siden
Graham Clayton
Graham Clayton

Best international XI of players who had just 7 caps for their country.

15 dager siden
Lesole N
Lesole N

Who on earth is ozil here 🤣man earns £350 000 a week

15 dager siden
Ghassan Khan
Ghassan Khan

Well done, really accurate and informative video mate 👍🏼

15 dager siden
Cannabis Camden
Cannabis Camden

6 ads in a 16 minute video, seriously?

15 dager siden
Brian Allen
Brian Allen

When the money goes, so does the hoes !!!

15 dager siden
Mahir Muktar
Mahir Muktar

Fuck them who cares if they go bankrupt it is common sense just be smarter

15 dager siden
Ameenu Munir
Ameenu Munir

so many fkn ads

15 dager siden
Flora
Flora

Not to be rude but Neymar does seem to be gullible and not financially smart :/

16 dager siden
Chris Edwards
Chris Edwards

Because common sense isn't common

16 dager siden
V0 2 10
V0 2 10

I believe it should be an agent should help there athletes from that. Athletes should be aware good times don’t last. I am a player but I would rather tell my kids not to play it due to it being demanding and short.

16 dager siden
Smelly Revolutionary
Smelly Revolutionary

More reasons why to not marry or gain success early in life.. damn this is cruel

16 dager siden
Милош Спасић
Милош Спасић

If you are a let say 18-22, and you get a lot of money you are going to spend that money on cars, parties... you may or may not become smarter in a couple of years but if you get too used to the lifestyle you are fucked.

16 dager siden
Dylan Abraham
Dylan Abraham

The fa is like a branch of the government, they don’t want footballers with money sense and fiscal knowledge. Footballers lavish spending encourages young impressionable people through social media to spend silly also which overall benefits the economy. How many young 20 something people do u see driving brand new cars on stupid finance agreements. Footballers wages are publicised the way they are because it generates insecurity in others which in turn results in people spending stupidly to feel better about themselves (the rat race)

16 dager siden
Drunk Cat Phil
Drunk Cat Phil

Seeing premier league players driving around in suped up chrome lambos would make my hair fall out if I had any. Talk about a depreciating asset and will bleed you dry!

16 dager siden
Drunk Cat Phil
Drunk Cat Phil

@Ben Ventress jealous? Or just not financially incompetent? 😂

12 dager siden
Steve Barker
Steve Barker

@Ben Ventress really?😴😴

13 dager siden
Ben Ventress
Ben Ventress

Jealous pricks you lot are

13 dager siden
Steve Barker
Steve Barker

And totally impractical! Take a Ferrari...watch "owning and running a Ferrari" on You Tube...quite an eye opener!

15 dager siden
MrSdsok
MrSdsok

Can for football left with life lessons

16 dager siden
Darren Webster
Darren Webster

Very sad to hear, but great video

16 dager siden
Monkey
Monkey

99% bullshit. You do not need financial training to know you're going to be in trouble if you don't live within your means, whether earning 300 or 300,000 quid a week, to not spunk hundreds of thousands and millions down the drain. Footballers as with anyone else should take responsibility for themselves.

16 dager siden
MrKillers87
MrKillers87

Day 25... 7 signings from the championship that made an immediate impact on the premier league.

16 dager siden
Thales87 G
Thales87 G

I am not a professional footballer, i have however just entered my 30s and after a decade of not really knowing what i wanted to do with my life, i finally figured it out and went back to school to get that degree. I say this to point out that i think clubs should do more to encourage players who are approaching their 30s to think about going to university. It may not be the glitzy lifestyle they are used to but as someone who went to university in my early 20s and again in my late 20s and early 30s i got so much more out of it the second time... to the point where i think everyone should wait a few years before going to university....

16 dager siden
katsist
katsist

In the US, ESPN release a full length documentary on why professional athletes go broke.

16 dager siden
6lemans10
6lemans10

30 for 30 Broke. I own the DVD.

14 dager siden
#TheYanksAreComing 2022WcBReady
#TheYanksAreComing 2022WcBReady

Damn I think future footballers should watch this! Education for footballers

16 dager siden
Shane Wright
Shane Wright

I'm pretty sure, sir, that the wage per week trope would have been invented for Johnny Haynes. I can say that to you because you, in like almost everyone else who runs a football channel, would know immediately who Johnny Haynes was and why his weekly wage was newspaper worthy.

16 dager siden
timmyfung01
timmyfung01

another reason that cause them to go broke is that most footballers are introduced to luxurious life style too early. I know many teenagers in my life that spend all their Macdonald paychecks when they get it. however since they don't make much to begin with, they can not buy too many luxury things, thus they slowly learn to prioritize their spending to things they really need and adapt to "normal expense" of an average joe. A footballer however is introduced to the high level of luxury at an early age, when you are paid over 2k per week at the age of 18, you don't need to think too much about buying that new iphone model because you can afford it right there, you can go to the bar where a drink will cost half the paycheck of an average joe and spend lavishly just because you like it. Since they get spoilt at a young age, it is hard to change it back when they reach adulthood. it is always easier to switch from a Honda Fit to a Ferrari than it is from a Ferrari to a Honda Fit.

16 dager siden
ulitmate gamer
ulitmate gamer

👍

16 dager siden
Mark D
Mark D

Lie about income to protect money from tax. I heard a lot of the wealthy hide money and go bankrupt as saves money

16 dager siden
Kian Shayegan
Kian Shayegan

One other reason why footballers go bankrupt after retiring could be to do with when they divorce with their partner, they have to give them a certain amount of money e.g. 20% of their earnings

16 dager siden
irishladdoyle
irishladdoyle

Please make an economics channel.

17 dager siden
Luke Schroeder
Luke Schroeder

Instead of pushing for a bunch of class warfare bullshit in school, maybe schools should teach people how to manage money and file tax forms. Instead of learning ridiculous mathematics, teach kids how to budget.

17 dager siden
Dave aus München
Dave aus München

At some point in my life, if everything goes positive and somewhat according to plan, I’ll open up a firm specializing in financially advising sports professionals

17 dager siden
Ray Ray
Ray Ray

Women and cars

17 dager siden
Kurington Kuriton
Kurington Kuriton

When all you know is how to kick a ball, it's no wonder the moment you stop earning as one, you'll lose all you own.

17 dager siden
Kurington Kuriton
Kurington Kuriton

@vlad wick In Funland all the pros turn into drinking and suicide.

13 dager siden
vlad wick
vlad wick

True. How many good athletes at your school was also brilliant student?

13 dager siden
JD Redwine
JD Redwine

In the USA our pro sports leagues have a Players Union. The Players Union job is to look out for players, thus the league and the players create a CBA (Collective Bargaining Agreement). The NFL, NBA, MLS, NHL, and MLB have a pension program. MLB has by far the best one with players being able to receive a pension with just 43 days of service of the amount of $34,000 per year and healthcare for life with just 1 day of service. After players in MLB get to 10 years of service they can receive a yearly pension of $220,000 per year if they wait until they are 62 or $68,000 if they retire at 45. Does this prevent players from going broke? No, but MLB players are the least likely of players in the 4 major league US sports leagues to go broke.

17 dager siden
rishi chauhan
rishi chauhan

Well, now I know why a lot of footballers try to evade taxes.

17 dager siden
Revolution Recording Studios Company
Revolution Recording Studios Company

Damn... I tried watching this video 5 times, still fell asleep within 2 mins in.. It's sixth now...

17 dager siden
Samuel Odonoughoe
Samuel Odonoughoe

F**** me...I’m lucky if I earn £400 a week working unsociable hours but even I pay into a pension ...not rocket science to think 🤔 of the future..

17 dager siden
Roberto Benavides
Roberto Benavides

This reminds of my boyhood club Chivas Guadalajara. Almost every player in the first team have their own businesses, restaurants, cleaning services, convenience stores and other kind of snack shops, many of the restaurants btw are from typical foods or meals from the footballers’ regions within Mexico which makes it very appealing for the people of Guadalajara where those meals aren’t very common. It’s almost like a culture amongst all of them to start a business, and I think it has to do with the owners of Chivas who extremely support and encourage their players to do so. Even some players that leave the city to another team, have a family member manage their business or sell it and start another one in the new city.

17 dager siden
Djole Zile
Djole Zile

Cuz they are dumb footballers

17 dager siden
Alex
Alex

You used a picture of Jimmy Saville at 18 secs when saying feeling bad for bbc presenters in the 80s...

17 dager siden
Timmy Nguyen
Timmy Nguyen

So that's why Grant Holt decided to become a professional wrestler.

17 dager siden
JET Playz
JET Playz

League 1&2 players are underpaid. I mean some of them make £500 a week or the average U.K. salary, when if you play in League 2 you have to be very very good at foltball

17 dager siden
TMZahida226
TMZahida226

Fascinating! Great video. Sounds similar to reasons why many athletes in the US lose all their money once they stop playing. There was an ESPN documentary called "Broke" a few years back that was very insightful.

17 dager siden
Raja Rizky
Raja Rizky

this is very good mate. Financial knowledge and education is indeed really important and hard to be disciplined hence require good environment to get good on it.

17 dager siden
Alex Kanyima
Alex Kanyima

But it's difficult how to spend.

16 dager siden
Allan Liang
Allan Liang

That's a simple one. A lot of them live beyond their means.

17 dager siden
Barnaby Kariuki
Barnaby Kariuki

You make a very valid point in footballers, especially premier league level footballers not being a normal career at all. Most of the world famous millionaires/billionaires have spent their whole lives acquiring that wealth so they've gained knowledge along the way on how to not only get rich but to stay rich. But most footballers after they retire have no idea how to stay rich and that also dates back to how their lives up to that point was just focused on their careers 24/7

17 dager siden
rcho 22
rcho 22

Literally the definition of living rich and dying broke

17 dager siden
TheBloodEagle27
TheBloodEagle27

11:19 "Raheem shoots himself" lmfao

17 dager siden
The groove sessions anyalewechi
The groove sessions anyalewechi

brilliant. video. i learned alot. keep it up

17 dager siden
Matheus Salmaso
Matheus Salmaso

You mentioned a Brazilian player who left the premier league penniless and the image shows Oscar's boots. Although I don't think you were talking about him, he wanted to play in China just to gain more money to support his family. He says he never wants his mom to struggle again financially. Most people don't understand that move since he probably would still found a place in other European markets but it shows some kind of maturity in that regard.

17 dager siden
James Croad
James Croad

Manchildren; shielded from the real world, having had everything done for them and being told what to do, where to be, what time to be there, and what to say for their entire adult life, until they retire. There you go.

17 dager siden
Nasko Tsarev
Nasko Tsarev

Because they love high life haha

17 dager siden

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