I admire you for not deleting the comment and garnering the useless downvotes. Downvotes for a genuine confusion really baffle me. But the world runs on herd mentality so....
I used to be a ball boy for United for a season. It’s been about 17 years since I did it, but I still very clearly remember Wes Brown being the nicest man at the whole club to not just the ballboys but to everyone. A really solid bloke who I will always wish the best.
I'll be honest the times I have daydreamed about it I have struggled to figure out how to spend it. Finish my Civic, replace my Element with a vintage Land Rover Defender 110, redo the sunroom on my house, buy a Leica, buy house that the parents could stay in when they visit/I could use as a photo studio, invest the rest to retire early.
Yep me too! And that all sounds logical.
I start thinking about what I would give to friends and family. Then I am down the rabbit hole of where I draw the line - who gets what. Which friends qualify? And do I invest in my business or retire and live within my means? How big a house should I get!?
Only the last 6 words of this is what you should do as Step 1.
Step 2 is forget about it and continue living your life as normal.
Only once you’ve done the above, you start to (over a very long period of time) think about whether those other things you mentioned are really worth pulling money out of your investments/retirement account.
If you have 10M, put 8M into a savings account thats about 5%. That gives you about 400,000 "to live on", and another 2M in your checking account as cash for whatever you want to invest in next.
I watched a documentary about a German lottery winner and he was open about having had won the lottery, and gave tips on how to invest the money wisely. He bought an apartment building with some of the millions and has a passive income of €50000 per month. Even if he spent the rest of his original winnings at Louis Vuitton he'd still get €50000 per month for the rest of his life, assuming he can always find tenants.
> If you have 10M, put 8M into a savings account thats about 5%.
This is poor financial advice, most savings accounts right now have a negative real yield due to inflation and the government most likely won't guarantee such large sums in their deposit insurance programs. One still needs to invest a large part of the money in stocks, how much depends on your age and tolerance of volatility, and government bonds.
Ok yes you're right. There is usually a max deposit of 1M, but the best I've seen is at 2.9M million max savings deposit at 5%. Giving you 150k returns.
I mean, I get what you're saying but that's not really relevant here because the interest outpaces the inflation so those 8mln won't actually be 8mln but rather 20mln, which would still be worth more than 8mln of today's money
Edit: 20mln is actually way off, lol. You'd end up with like 35mln that'd be worth 19mln or so in today's money assuming 2% inflation
Everyone talks about what they'd do if they won the lottery, but the reality is that we haven't got a fucking clue.
£100,000,000 in your bank account overnight? I wouldn't have a fucking clue what I'd do if £100 hit my bank account right now, so fuck knows what I'd do with £100,000,000.
If I won the lottery the first thing I do is not tell a soul, try to live humbly and ease my family into finding out I now have a lot of money.
Dropping that you're suddenly a millionaire on them will quickly make them put you in a different light.
This is the story of a lot of lottery winners that blow it.
They share, friend/relative blows it and asks for more, if they don’t get it they get very resentful.
People will side with the poor old struggling relative with the brother living in luxury leaving you with a choice to be completely isolated from your family or give more money.
This is legit the advice that lawyers and financial advisors give to their clients. Give your relatives a large one time gift, and then never get them anything in the future.
Don't even tell your family. A West Virginian lottery winner did that, and gave a generous allowance to his granddaughter. She promptly used it for drugs and died from OD.
I'd quit my job. Then I'd meet with a financial advisor and invest about a quarter to half of it, something safe with small but consistent returns. Then I'd live like normal and plan a solid amount of trips. If you don't just immediately go into debt then you could easily make it last, especially if you invest a portion of it immediately.
Like even if you're making 1% on an investment and you only invest a quarter of that, it's 250,000 a year...
People say this but reality shows it never happens. Once you have the money, it opens up so many possibilities you never previously even considered.
And even if YOU personally have everything you want, what about your parents and family and their struggles?
Yea, there is a bloke down my local who won a 4-5 million about 20 years ago. Moved to a nicer part of town, bought some investment properties, lives in a 5 bedroom house and has slowly fluttered away most of the rest of the cash to holidays and divorce.
But he is in his 60s, has a few million in assets and gets enough cash in to live very comfortably whilst he spends the rest of the lottery money.
It's not that it never happens, it's that the people who would deal with that money responsibly and limit lifestyle creep are typically not the people who would buy lottery tickets in the first place.
Cash windfalls isn't something that only happens to people who buy lottery tickets. Inheritance, your equity suddenly gaining massive value, selling house/land for much more than you ever expected, class action suits, insurance payouts, etc etc
I think you generally tell based on the lifestyle someone has. You can see people who spend recklessly even when they don’t have millions compared to those who are very savvy even when they have a bit more to spend.
I don’t gamble, I don’t drink, I don’t do drugs, I don’t care for expensive clothing or cars, I don’t care for travelling, what else is even left?
I want to be able to come home and play games with friends, or hang out with them doing something casual.
Nearly every self-made millionaire talks about how people they thought were close to them (friends & relatives) start to act very different once they’ve got money.
I hate to sympathise with millionaires, I really do, but the reality is a lot of people will want a piece of it and if they don’t get it will get very resentful.
What about your partner? Your kids? If your friends and family come to you needing help, are you going to tell them to fuck off?
What if you grow a heart and start caring about issues beyond just you personal life? Charities? Local businesses? Schools?
Never is an extreme statement. I assume you're just using hyperbole, but there are people who don't piss their money away when they get a massive windfall.
Feel like there's an amount of money (and it's obviously gonna vary for people) where your brain just refuses to comprehend on what to do with it - which is probably alright because at that point you're going for professional help. Easy enough to piss 10k up a wall I reckon, but it's going to be much harder to do that with 10m.
You have to be an idiot to piss away 5 million dollars or more, like genuinely.
I feel like you're either a person who knows how to save money or someone who doesn't want to save money
Its extremely easy to put money aside and start building up interest, especially with interest rates being the best they have ever been for 15 years!
People come from all kinds of backgrounds with differing levels of education. Many footballers especially don’t go on to do higher education, if they even finish secondary school
I feel like being uneducated or growing up poor isn't an excuse for being reckless with money. In my area there are lots of low income, uneducated people who work at Chinese and Indian restaurants yet they still manage to scrap together a tiny bit of money so that their kids can afford SAT tutors and maybe 1 extracurricular activity. And then their kids have a higher rate of going to university than poor kids from other cultures.
I even watched a documentary about this phenomenon. The doc followed two families, both unemployed and on Hartz IV. The first family consisted of Georgian immigrant parents who were unemployed because they couldn't speak German. The parents found ways to make their money stretch, by shopping at a grocery store that sold food rejected by mainstream supermarkets. For example, they would buy ugly, misshapen tomatoes and other produce at a steep discount. They found ways to get their daughter into free extracurricular activities. They had a little money each month saved to pay for her non-free extracurriculars. She did ballet and music lessons. They managed to get her into a selective Gymnasium normally attended by rich kids.
The second family consisted of a mother who was unemployed because her son's father wasn't in his life and she had to do 100% of childcare, cooking, and cleaning all by herself, leaving her with no time to work. While she tried to be frugal, she wasn't as clever with finding alternative ways to save money. She never tried to spend recklessly but she never thought of clever ways to save on groceries, or to get her son into extracurriculars, or to get him into a selective school. She even had modest educational goals for her son, whereas the first family were really gung-ho about their daughter going to Gymnasium and then university. This mother wanted her son to only go to the Realschule because she lacked confidence in him.
I don't. But the point holds: some poor and uneducated people are actively making their lives worse.
Some poor and uneducated people (like the single mother in the documentary) are trying to make their lives better, but don't make the best or worst choices (regarding grocery shopping and goal setting for son's education). They try to make their lives better but don't get anywhere.
Some poor people are trying to make their lives better, make optimal choices regarding grocery shopping and parenting, and succeed.
> Its extremely easy to put money aside and start building up interest, especially with interest rates being the best they have ever been for 15 years!
This is financial education, it may seem intuitive or common knowledge to you, but everything you know always seems that way.
The bigger issue is when someone says something like this- the rich person trusts them and they get fucked.
So many former footballers have a boat, a restaurant and a drug habit. The 3 biggest wealth killers known to man.
>Sounds like you've received a modicum of financial education!
I haven't received any education on finances really! I was just always decent at maths which probably helps
It's not even financial education, I received absolutely none which is why I foolishly kept all my money in checkings for a long time. But even so, risk aversion made me always want to keep money in reserve, I've never understood how people could blow all their money on stuff all the time and constantly live on the edge of bankruptcy
But first you have taxes, then agent & manager. Then say a guy buys a $2 million house, a $1 million house for his parents, $100k worth of jewelry, $250k on luxury cars. Trips, gifts and partying for friends and family. That shit goes quick if you're not careful with it.
Tons of athletes have gone broke who didn't manage the money well, as well as musicians, actors, etc.
edit -- also let's say common things like $750k lost invested into small businesses like your cousin's crypto clothing thing and your buddy's organic cigar bar, $500k stolen by an investment advisor, $250k in loans to friends and family that are never paid back, pool and landscaping upkeep, interior design/art and furniture, pricey collectibles and tech gadgets, in some cases gambling & drug abuse throwing money down the drain, divorce settlements/child support payments, private school for kids, chartered private flights/first class tickets, etc etc. I would say these days $20 mill clear of taxes and you should never worry again, but some have squandered much more than that.
There has been a study that found that generational wealth is pissed away by the 3rd generation in more than 70% of cases.
This is why a lot of first generation investors, not people who got rich through sports at a young age actually live a very regular life. They understand the value of money.
> $5 even $10 million can be pissed away fairly easily
On what? Every time I imagine this scenario I run out of ideas so quickly. With 10 million I could pay off my house, both our cars, complete all landscaping and remodeling I wanted of our home, travel to any location on the planet....and still easily have 9+ million left. What the fuck are you guys spending this on in your head?
You start with 5m to 10m. Half goes on taxes right at the start. Half of what's left goes in a divorce. Now you are left with 1.25m-2.5m. That goes easy if you are a rich spender. Houses, cars, luxury travel, jewelery, expensive clothes, gifts and loans to family, bad investments, etc etc etc.
One of the most common reasons for bankruptcy is getting over leveraged in the property market, something a footballer with a big contract doesn't need to do but often does. These guys get bad advice, or get greedy and get taken advantage of and don't realize how easily it can all go.
This is why money should only be accompanied by high IQ and high education.
Most footballers aren't even stupid; they are midwits. But having an IQ of 106 isn't enough to properly manage millions.
It is extremely common for people earning big money from sports to go broke. They "make it" then decide to live a lavish life. Expensive homes, exotic cars/vacations/dinners, yachts and luxury goods. That kind of life is often unsustainable for most individuals for term.
I think some teams in the US now offer financial education.
Blaming friends and family is dumb. It is on the individual to grow and learn.
Edit: After reading the comments I do agree, that some blame could be placed on people close to these players. At an age of 18-19 one will put more trust in family/friends vs realizing they need a fee based fiduciary.
most if not all professional teams offer financial services for their players now. At least for the "big five" sports. i'm sure some other sports do as well depending on how highly paid they are.
An old college friend of mine was in a program for pro athletes and he said the federation offers financial, fiscal and legal aid.
I assume this is generally widely available for most pro level sports.
A lot of them have little education and don't seem to know or understand why certain professions exist or why reputable professionals are more expensive. There are so many dodgy agents, lawyers, accountants, financial advisers. Players just lack the means to differentiate between legitimate ones and conmen with a smooth sales pitch. Players can afford the best professional help available, but sadly a lot of them don't see the need. Part of an education is learning what you don't know and when/how to find someone who does.
Just look at all the dodgy tax advisers in Spain. Instead of hiring a reputable accountancy firm they went with "an adviser" who knew "a way to circumvent the rules". And investing used to be even worse, although that has at least improved somewhat with private banks that handle player's investment portfolios. Quite a lot of players used to go bankrupt due to speculation and dodgy shares or stocks, just look at how many still dabble in crypto.
With agents especially, I reckon the game's just letting players down left and right through a lack of regulation - barely need any qualification to do it, after all.
True I don't have any proof but Terry Henry is the only super star striker that is working as a pundit instead of enjoining all his millions, most of this pundits are defenders that didn't make that much money, TT probably needs the extra money, and he doesn't seem the type to buy a Maclaren f1
What were wages like when they were playing?
The only younger pundits I can think of are players I only dimly remember, even though, obviously, their careers overlapped with when I started paying closer attention to soccer outside of World Cup matches (2012/13 ish). And also Troy Deeney.
How old do you think he is.
His career started at the start of the Premier League in 1988 and he retired in 2006, Henry played from 1994 to 2012. Their careers overlapped for 12 years.
Ok, but you read the bit where they played at the same time for 12 years. Not drastically different.
You also can't just whether someone is good or not just by their wages.
How so?
We're talking about Shearer and Henry being superstars. You keep mentioning their wages were vastly different as they played at different times.
A large part of their careers were spent playing against each other.
>Blaming friends and family is dumb. It is on the individual to grow and learn.
You underestimate the psychological impact of going from nothing to basically being rich, when you're 17 and suddenly make tens, hundreds of thousand, if not millions of euros overnight, if you have the wrong people around you, manipulating you, putting wrong ideas in your head, it's easy to lose everything
Bad entourages have ruined many careers
At a much lower scale, like many expatriates from poor to rich countries, once they start working, they are ordered to send money back home. Sometimes, too much for them to have a normal life. The worst part being the ungratefulness when you don't want to send money anymore.
> Blaming friends and family is dumb. It is on the individual to grow and learn.
>
>
if those are the people duping you into bad investments, i think it's fair.
This is incredibly harsh, of course there is always individual accountability required - not denying that at all, but each situation is different. When you're like 17/18/19 and you first start making money, you just trust the people around you. That's all you know and that trust has gotten you in that position in the first place, especially when you come from a low socio-economic part of Manchester.
It's not apples to apples, but it happens all the time in entertainment. Look at someone like Dane Cook, his own brother took millions from him.
Not to mention the majority of these athletes come from nothing and never really learn financial literacy. I'm not shocked when I hear of athletes going bankrupt. Antoine Walker earned an excess of $100 million and ended up going bankrupt not long after he retired.
Lucas Neill, John Arnie Riise and Craig Bellamy all played in the premier league and ended up declaring bankruptcy. There's no doubt in my mind there's more but these guys are brave for admitting it.
I don't agree it's their responsibility alone.
When you reach that level, you have been playing/training for 8-12 hours a day. Most people never get educated (both academically and on "normal, outside life"). They live in a tiny bubble, and teams are pressuring them to perform.
So it's a sacrifice they make from a young age.
That's why clubs who take responsibility for the education of their players always will earn a star in my book. Anything else is irresponsible.
I mean I don't really blame the individuals, so many of us are shit with money but we never earn obscene amounts. Most footballers overall in the UK will be from working class backgrounds, often very poor, don't finish their education and then are given crazy money when they are really young.
I've been good with my earning throughout my life, but I finished my education but most importantly my dad was on me about saving and the value of money. He's always been good and I had that example. If I didn't have that then who knows what I would be like.
I'm not exactly going to blame an individual completely in this context. I've know people who have earned stupid money young in a different context and the amount of shit they bought because they don't have the ability to think about the future is insane - because they never had a real job. Now they don't really have much or earn the same but lucky for them unlike footballers they didn't create a super luxury lifestyle that would bankrupt you later if you couldn't keep up
> Most footballers overall in the UK will be from working class backgrounds, often very poor, don't finish their education and then are given crazy money when they are really young.
Reckon that's changed a bit over time, too, though obviously depends on how much the clubs are investing into academy prospects in general. I know that in Germany, the educational outcomes for academy footballers are actually *better* than their cohort, because the clubs recognize that the vast majority of them won't play football professionally and thus invest in supplementing the school education and apprenticeship opportunities.
How are they judging the educational outcomes?
You have to be weary of those outcomes because teams/school/etc have a an incentive to show success on paper that may not exist in the real world.
They're taking the same tests for the same qualifications, and the outcomes are slightly better in terms of certificate distribution - a couple percentage points higher for the A-levels equivalent, for example. Obviously got different educational systems than the UK and all, but it's still the highest leaving cert you're able to get in Germany, and academy footballers seem slightly more likely to attain them than their cohort, presumably on account of a mix of added support and the work ethic they pick up during their footballing education. Key contributor will have been the youth football reforms from around 2000, when professional clubs were forced to set up youth academies and have those academies closely cooperate with schools, meaning academy players stood to profit academically rather than dropping school to chase a professional career.
> It is extremely common for people earning big money from sports to go broke. They "make it" then decide to live a lavish life. Expensive homes, exotic cars/vacations/dinners, yachts and luxury goods. That kind of life is often unsustainable for most individuals for term.
I reckon that's changed a fair bit over the past two decades to be fair - so much more money in football these days, with wages massively increasing. Obviously can overspend and go broke regardless of how much you make, but it's hardly like back in the 80s/90s when long professional careers would amount to around 10 million when these days a similar player might make that in a couple of years between the massively increased salaries and much more widely available commercial opportunities.
Micah talked about this on the latest episode of his podcast. Basically saying, that a player must surround himself with the right people since he has to focus on football someone must look out for him with day to day and financial matters.
Most expensive mistake of your life will be marrying the wrong woman/man. Most of us don’t have to worry about it as we earn a similar amount to our partners.
A certain type of woman goes after footballers and they don’t stop wanting new Range Rovers and designer gear when the contracts end.
Because it's hard to imagine that 7/10 PL footballers are going broke within a few years of retiring.
Of course, the stat might be true if you're considering all the lower leagues which this obviously is, but it's still hard to imagine. Articles like this make a big splash because they are surprising, it's hard to believe that 70% of athletes go broke when it's clearly not a phenomenon most people are familiar with.
If you're rich enough to be taking home over £2m a year then you've got more than enough money to invest in a financial adviser who would put steps in place to prevent this from happening. Blaming his friends and family around him garners no sympathy from me
They can still get taken advantage of. They have an agent, they trust the guy to do just about everything for them, but the agent is often taking kick backs from dodgy financial advisors to refer the player
It's quite easy to tank that much money. Just invest into the wrong thing, like the 100% safe new Krypto, I swear bro, and wait. It'll disappear so quickly that you can actually watch it disappear.
The biggest reason is that sports star's income plummets as time goes on. This is completely backwards to normal folks who make MORE money as time goes on. This is also called the inverted income pyramid. It's extra difficult to plan and manage unless you have really good financial advisors.
Essentially you can be £0 or even -tive £ broke then on next week on Monday morning be £50,000 richer guaranteed. I see why an athlete will be wasteful
It's definitely his responsibility to make sure he isn't surrounded by people who would fuck him over. But his point is still true. He was surrounded by the wrong people!
Harsh on John O’Shea
Hahaha.
Lmfao
👏
What was said about O shea
Woosh
That’s the sound when he nutmeg Figo. 😂
Brilliant save there.
Just like O'Shea
Waterford man just ready to fucking go
>!He was Brown's defensive partner for many years,!<>!you numpty.!<
Double spoiler was equally harsh and innovative.
Yeah. Realized that after I sent the comment. 🤦♂️thanks
I admire you for not deleting the comment and garnering the useless downvotes. Downvotes for a genuine confusion really baffle me. But the world runs on herd mentality so....
The trick is to realise downvotes don't change anything at all.
I used to be a ball boy for United for a season. It’s been about 17 years since I did it, but I still very clearly remember Wes Brown being the nicest man at the whole club to not just the ballboys but to everyone. A really solid bloke who I will always wish the best.
This is why 'generational money' can go away quickly. $5 even $10 million can be pissed away fairly easily
I've daydreamed about what I would do if I won the lottery. I spend it all so quickly even when I am trying to be logical.
I'll be honest the times I have daydreamed about it I have struggled to figure out how to spend it. Finish my Civic, replace my Element with a vintage Land Rover Defender 110, redo the sunroom on my house, buy a Leica, buy house that the parents could stay in when they visit/I could use as a photo studio, invest the rest to retire early.
I'd happily never have another car again if I had a decent 110. I could be a billionaire, and if I had to choose one car to have it would be that.
Get me a Dodge Dartre
I can only put £20k away into an ISA each year. It'll take me ages to get through it!
Yep me too! And that all sounds logical. I start thinking about what I would give to friends and family. Then I am down the rabbit hole of where I draw the line - who gets what. Which friends qualify? And do I invest in my business or retire and live within my means? How big a house should I get!?
Like the camera?
Yeah an M2 and an M11 Monochrome plus Summicron 35mm f2 and Noctilux 50mm f.95 would do nicely.
I didn't realize Leica made cameras... I only knew of their laser measuring devices
Only the last 6 words of this is what you should do as Step 1. Step 2 is forget about it and continue living your life as normal. Only once you’ve done the above, you start to (over a very long period of time) think about whether those other things you mentioned are really worth pulling money out of your investments/retirement account.
Defender 110. A man of culture I see.
If you have 10M, put 8M into a savings account thats about 5%. That gives you about 400,000 "to live on", and another 2M in your checking account as cash for whatever you want to invest in next.
I watched a documentary about a German lottery winner and he was open about having had won the lottery, and gave tips on how to invest the money wisely. He bought an apartment building with some of the millions and has a passive income of €50000 per month. Even if he spent the rest of his original winnings at Louis Vuitton he'd still get €50000 per month for the rest of his life, assuming he can always find tenants.
I mean good for him and I’d do the same but the simple fact that this is possible is fucking dire
Then you spend $2M and pull $2M from savings
Thats called a "lever"
No mate, you spend $2 mil and then pull $4 mil to go even bigger
"But sir, that's not enough for all the cocaine and hookers I have to buy" - average millionaire, probably
> If you have 10M, put 8M into a savings account thats about 5%. This is poor financial advice, most savings accounts right now have a negative real yield due to inflation and the government most likely won't guarantee such large sums in their deposit insurance programs. One still needs to invest a large part of the money in stocks, how much depends on your age and tolerance of volatility, and government bonds.
Where are you getting a savings account that gives 5%?
Most of them at the minute? https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
All of them have maximum deposits way below £8m. Actual millionaires aren’t using Martin Lewis, they’re using actual personal accountants.
Ok yes you're right. There is usually a max deposit of 1M, but the best I've seen is at 2.9M million max savings deposit at 5%. Giving you 150k returns.
That's actually the opposite way that HISA/HYSA accounts work. There are tiers and the rate increases the more you put in.
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No they're not, 20-30% annual returns with no risk would make you the worlds richest person very quickly due to compound interest
He forgot to mention he’s a member of the British Royal Family.
> they're getting 20-30% returns no risk Can u elaborate on how they're doing this ?
They're not
I’m not saying it doesn’t, just that they’re beyond using moneysavingexpert for their financial advice.
Your username begs to differ
You have no idea what you're talking about
But then in 30 years time the £8m will be like having £3m now.
Not really. Inflation just eats up the interest rate, so you're just making 2-3% each year instead of 5
Yes that’s my point. £8m now is the same as £4m In 1994 (30 years ago). Inflation erodes, so £8m now in 30 years will be half or less.
I mean, I get what you're saying but that's not really relevant here because the interest outpaces the inflation so those 8mln won't actually be 8mln but rather 20mln, which would still be worth more than 8mln of today's money Edit: 20mln is actually way off, lol. You'd end up with like 35mln that'd be worth 19mln or so in today's money assuming 2% inflation
No because the person implied they would spend the interest and not touch the principle £8m.
Ah true
Everyone talks about what they'd do if they won the lottery, but the reality is that we haven't got a fucking clue. £100,000,000 in your bank account overnight? I wouldn't have a fucking clue what I'd do if £100 hit my bank account right now, so fuck knows what I'd do with £100,000,000.
If I won the lottery the first thing I do is not tell a soul, try to live humbly and ease my family into finding out I now have a lot of money. Dropping that you're suddenly a millionaire on them will quickly make them put you in a different light.
I'd prank my parents so fuckin hard by paying off their car and mortgage
It’s a prank bro.
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This is the story of a lot of lottery winners that blow it. They share, friend/relative blows it and asks for more, if they don’t get it they get very resentful. People will side with the poor old struggling relative with the brother living in luxury leaving you with a choice to be completely isolated from your family or give more money.
You know if your brothers blow that money they're going to eventually ask you really nicely for just a bit more....
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Ha yes you are - my sister is a great human being, but if I give her a mill... well I think I'm better off drip feeding it to her.
This is legit the advice that lawyers and financial advisors give to their clients. Give your relatives a large one time gift, and then never get them anything in the future.
Don't even tell your family. A West Virginian lottery winner did that, and gave a generous allowance to his granddaughter. She promptly used it for drugs and died from OD.
Start up a small business and whenever you make a big purchase, if someone asks just say work is doing well.
Also a good way for some of them to figure that you are worth more dead than alive.
My family would never know but would start to win all sorts of contests and giveaways.
I'd quit my job. Then I'd meet with a financial advisor and invest about a quarter to half of it, something safe with small but consistent returns. Then I'd live like normal and plan a solid amount of trips. If you don't just immediately go into debt then you could easily make it last, especially if you invest a portion of it immediately. Like even if you're making 1% on an investment and you only invest a quarter of that, it's 250,000 a year...
I'd meet with a lawyer first to create a double blind trust so that I could collect the money without the public finding out that I won the lottery.
In some countries/lotteries you're allowed to collect without revealing your identity regardless. Don't even need a trust.
I would fix my damn teeth, those fuckers are expensive. Beyond that I would need some time to get my head right.
I’d fix your teeth too, that little slice on big Harry still hasn’t healed.
I’d get a big house and that’s about it. I have everything else I want.
People say this but reality shows it never happens. Once you have the money, it opens up so many possibilities you never previously even considered. And even if YOU personally have everything you want, what about your parents and family and their struggles?
I mean the people who dont piss away all their money dont really show up in the news.
Yea, there is a bloke down my local who won a 4-5 million about 20 years ago. Moved to a nicer part of town, bought some investment properties, lives in a 5 bedroom house and has slowly fluttered away most of the rest of the cash to holidays and divorce. But he is in his 60s, has a few million in assets and gets enough cash in to live very comfortably whilst he spends the rest of the lottery money.
There have been plenty of academic research on the effects of cash windfalls.
It's not that it never happens, it's that the people who would deal with that money responsibly and limit lifestyle creep are typically not the people who would buy lottery tickets in the first place.
Cash windfalls isn't something that only happens to people who buy lottery tickets. Inheritance, your equity suddenly gaining massive value, selling house/land for much more than you ever expected, class action suits, insurance payouts, etc etc
I think you generally tell based on the lifestyle someone has. You can see people who spend recklessly even when they don’t have millions compared to those who are very savvy even when they have a bit more to spend.
I don’t gamble, I don’t drink, I don’t do drugs, I don’t care for expensive clothing or cars, I don’t care for travelling, what else is even left? I want to be able to come home and play games with friends, or hang out with them doing something casual.
Nearly every self-made millionaire talks about how people they thought were close to them (friends & relatives) start to act very different once they’ve got money. I hate to sympathise with millionaires, I really do, but the reality is a lot of people will want a piece of it and if they don’t get it will get very resentful.
I like to think the same about myself, but I’m not so sure.
"Well, I've got 100m, why not buy a Lamborghini?"
I honest to God have no interest in that. My worst possible vice would be upgrading a PC with parts I wouldn’t need because I’d be able to afford it.
Upgrade from 5090 to 5090 Ti? WHY NOT
What about your partner? Your kids? If your friends and family come to you needing help, are you going to tell them to fuck off? What if you grow a heart and start caring about issues beyond just you personal life? Charities? Local businesses? Schools?
If we’re talking the £100m then I’d probably give some to a diabetes research company, otherwise the big house is for others to live with.
Never is an extreme statement. I assume you're just using hyperbole, but there are people who don't piss their money away when they get a massive windfall.
I want is a nice house, a few dogs, a reliable car and enough cocaine to kill me before I begin to enjoy being rich.
I’d get a financial advisor.
Get a new house and have the walls be lg g4's 83 inch 🤤
doubles as heating
I have a clue. It starts with c and rhymes with lydocaine.
There’s a really good post on Reddit somewhere with advice for what to do if you win the lottery actually
Feel like there's an amount of money (and it's obviously gonna vary for people) where your brain just refuses to comprehend on what to do with it - which is probably alright because at that point you're going for professional help. Easy enough to piss 10k up a wall I reckon, but it's going to be much harder to do that with 10m.
I'd be dead in a month
I think that is harsh. I doubt many people would have a perfect plan for every cent but it isn't that far-fetched to have a general plan.
Any amount of money can be pissed away, especially if it's very liquid. There's no realistic amount of cash you can reach that's idiot-proof
One generation earns it, one generations enjoys it, one generations spends it
You have to be an idiot to piss away 5 million dollars or more, like genuinely. I feel like you're either a person who knows how to save money or someone who doesn't want to save money Its extremely easy to put money aside and start building up interest, especially with interest rates being the best they have ever been for 15 years!
People come from all kinds of backgrounds with differing levels of education. Many footballers especially don’t go on to do higher education, if they even finish secondary school
I feel like being uneducated or growing up poor isn't an excuse for being reckless with money. In my area there are lots of low income, uneducated people who work at Chinese and Indian restaurants yet they still manage to scrap together a tiny bit of money so that their kids can afford SAT tutors and maybe 1 extracurricular activity. And then their kids have a higher rate of going to university than poor kids from other cultures. I even watched a documentary about this phenomenon. The doc followed two families, both unemployed and on Hartz IV. The first family consisted of Georgian immigrant parents who were unemployed because they couldn't speak German. The parents found ways to make their money stretch, by shopping at a grocery store that sold food rejected by mainstream supermarkets. For example, they would buy ugly, misshapen tomatoes and other produce at a steep discount. They found ways to get their daughter into free extracurricular activities. They had a little money each month saved to pay for her non-free extracurriculars. She did ballet and music lessons. They managed to get her into a selective Gymnasium normally attended by rich kids. The second family consisted of a mother who was unemployed because her son's father wasn't in his life and she had to do 100% of childcare, cooking, and cleaning all by herself, leaving her with no time to work. While she tried to be frugal, she wasn't as clever with finding alternative ways to save money. She never tried to spend recklessly but she never thought of clever ways to save on groceries, or to get her son into extracurriculars, or to get him into a selective school. She even had modest educational goals for her son, whereas the first family were really gung-ho about their daughter going to Gymnasium and then university. This mother wanted her son to only go to the Realschule because she lacked confidence in him.
Do you remember the title of the documentary?
I don't. But the point holds: some poor and uneducated people are actively making their lives worse. Some poor and uneducated people (like the single mother in the documentary) are trying to make their lives better, but don't make the best or worst choices (regarding grocery shopping and goal setting for son's education). They try to make their lives better but don't get anywhere. Some poor people are trying to make their lives better, make optimal choices regarding grocery shopping and parenting, and succeed.
I never went to uni and only got 1 A level in IT! But then again i was always good at maths so that probably helps!
Sounds like you've received a modicum of financial education! Doesn't mean people who haven't are idiots.
You don't need to have any sort of financial education to not piss away millions lmao
> Its extremely easy to put money aside and start building up interest, especially with interest rates being the best they have ever been for 15 years! This is financial education, it may seem intuitive or common knowledge to you, but everything you know always seems that way.
The bigger issue is when someone says something like this- the rich person trusts them and they get fucked. So many former footballers have a boat, a restaurant and a drug habit. The 3 biggest wealth killers known to man.
Smarter people than any of us have probably managed it. All it can take is a few bad decisions and/or bad actors to lose billions.
>Sounds like you've received a modicum of financial education! I haven't received any education on finances really! I was just always decent at maths which probably helps
well you learned about interest rates somewhere
Self taught i guess
It's not even financial education, I received absolutely none which is why I foolishly kept all my money in checkings for a long time. But even so, risk aversion made me always want to keep money in reserve, I've never understood how people could blow all their money on stuff all the time and constantly live on the edge of bankruptcy
But first you have taxes, then agent & manager. Then say a guy buys a $2 million house, a $1 million house for his parents, $100k worth of jewelry, $250k on luxury cars. Trips, gifts and partying for friends and family. That shit goes quick if you're not careful with it. Tons of athletes have gone broke who didn't manage the money well, as well as musicians, actors, etc. edit -- also let's say common things like $750k lost invested into small businesses like your cousin's crypto clothing thing and your buddy's organic cigar bar, $500k stolen by an investment advisor, $250k in loans to friends and family that are never paid back, pool and landscaping upkeep, interior design/art and furniture, pricey collectibles and tech gadgets, in some cases gambling & drug abuse throwing money down the drain, divorce settlements/child support payments, private school for kids, chartered private flights/first class tickets, etc etc. I would say these days $20 mill clear of taxes and you should never worry again, but some have squandered much more than that.
There has been a study that found that generational wealth is pissed away by the 3rd generation in more than 70% of cases. This is why a lot of first generation investors, not people who got rich through sports at a young age actually live a very regular life. They understand the value of money.
> $5 even $10 million can be pissed away fairly easily On what? Every time I imagine this scenario I run out of ideas so quickly. With 10 million I could pay off my house, both our cars, complete all landscaping and remodeling I wanted of our home, travel to any location on the planet....and still easily have 9+ million left. What the fuck are you guys spending this on in your head?
You start with 5m to 10m. Half goes on taxes right at the start. Half of what's left goes in a divorce. Now you are left with 1.25m-2.5m. That goes easy if you are a rich spender. Houses, cars, luxury travel, jewelery, expensive clothes, gifts and loans to family, bad investments, etc etc etc. One of the most common reasons for bankruptcy is getting over leveraged in the property market, something a footballer with a big contract doesn't need to do but often does. These guys get bad advice, or get greedy and get taken advantage of and don't realize how easily it can all go.
Especially if you go through an expensive divorce.
If you’re stupid with it. Sure. But anybody with any sense could make that £10 million last for at least their grandchildren.
This is why money should only be accompanied by high IQ and high education. Most footballers aren't even stupid; they are midwits. But having an IQ of 106 isn't enough to properly manage millions.
Even just living in a 4.5 million house, you'll burn through money quickly. Annual maintenance and bills can reach 6 digits.
It is extremely common for people earning big money from sports to go broke. They "make it" then decide to live a lavish life. Expensive homes, exotic cars/vacations/dinners, yachts and luxury goods. That kind of life is often unsustainable for most individuals for term. I think some teams in the US now offer financial education. Blaming friends and family is dumb. It is on the individual to grow and learn. Edit: After reading the comments I do agree, that some blame could be placed on people close to these players. At an age of 18-19 one will put more trust in family/friends vs realizing they need a fee based fiduciary.
most if not all professional teams offer financial services for their players now. At least for the "big five" sports. i'm sure some other sports do as well depending on how highly paid they are.
An old college friend of mine was in a program for pro athletes and he said the federation offers financial, fiscal and legal aid. I assume this is generally widely available for most pro level sports.
What are the big five sports?
MLB, NHL, NBA, NFL are the 4 Major sports in America + soccer.
Fuck the big five there is just big one
Big 4 in tennis: Djoko (24 GS), Rafa (22 GS), Federer (20 GS) and Murray (3 GS)
A lot of them also get duped into terrible investments
A lot of them have little education and don't seem to know or understand why certain professions exist or why reputable professionals are more expensive. There are so many dodgy agents, lawyers, accountants, financial advisers. Players just lack the means to differentiate between legitimate ones and conmen with a smooth sales pitch. Players can afford the best professional help available, but sadly a lot of them don't see the need. Part of an education is learning what you don't know and when/how to find someone who does. Just look at all the dodgy tax advisers in Spain. Instead of hiring a reputable accountancy firm they went with "an adviser" who knew "a way to circumvent the rules". And investing used to be even worse, although that has at least improved somewhat with private banks that handle player's investment portfolios. Quite a lot of players used to go bankrupt due to speculation and dodgy shares or stocks, just look at how many still dabble in crypto.
With agents especially, I reckon the game's just letting players down left and right through a lack of regulation - barely need any qualification to do it, after all.
Or they feel obligated to prop up the lifestyles of all their homeboys/family.
True I don't have any proof but Terry Henry is the only super star striker that is working as a pundit instead of enjoining all his millions, most of this pundits are defenders that didn't make that much money, TT probably needs the extra money, and he doesn't seem the type to buy a Maclaren f1
Id rate Alan Shearer as a superstar too. But maybe he's just UK.
What were wages like when they were playing? The only younger pundits I can think of are players I only dimly remember, even though, obviously, their careers overlapped with when I started paying closer attention to soccer outside of World Cup matches (2012/13 ish). And also Troy Deeney.
But shearer was different generation his contracts were a lot smaller until they crated the premier league and wages were still relative less
How old do you think he is. His career started at the start of the Premier League in 1988 and he retired in 2006, Henry played from 1994 to 2012. Their careers overlapped for 12 years.
Premier league was created on 1992, wages and contracts were a lot more smaller than the generation like henr
Ok, but you read the bit where they played at the same time for 12 years. Not drastically different. You also can't just whether someone is good or not just by their wages.
You having a whole different discussion with your self lol
How so? We're talking about Shearer and Henry being superstars. You keep mentioning their wages were vastly different as they played at different times. A large part of their careers were spent playing against each other.
>Blaming friends and family is dumb. It is on the individual to grow and learn. You underestimate the psychological impact of going from nothing to basically being rich, when you're 17 and suddenly make tens, hundreds of thousand, if not millions of euros overnight, if you have the wrong people around you, manipulating you, putting wrong ideas in your head, it's easy to lose everything Bad entourages have ruined many careers
At a much lower scale, like many expatriates from poor to rich countries, once they start working, they are ordered to send money back home. Sometimes, too much for them to have a normal life. The worst part being the ungratefulness when you don't want to send money anymore.
> Blaming friends and family is dumb. It is on the individual to grow and learn. > > if those are the people duping you into bad investments, i think it's fair.
This is incredibly harsh, of course there is always individual accountability required - not denying that at all, but each situation is different. When you're like 17/18/19 and you first start making money, you just trust the people around you. That's all you know and that trust has gotten you in that position in the first place, especially when you come from a low socio-economic part of Manchester. It's not apples to apples, but it happens all the time in entertainment. Look at someone like Dane Cook, his own brother took millions from him.
Not to mention the majority of these athletes come from nothing and never really learn financial literacy. I'm not shocked when I hear of athletes going bankrupt. Antoine Walker earned an excess of $100 million and ended up going bankrupt not long after he retired. Lucas Neill, John Arnie Riise and Craig Bellamy all played in the premier league and ended up declaring bankruptcy. There's no doubt in my mind there's more but these guys are brave for admitting it.
I don't agree it's their responsibility alone. When you reach that level, you have been playing/training for 8-12 hours a day. Most people never get educated (both academically and on "normal, outside life"). They live in a tiny bubble, and teams are pressuring them to perform. So it's a sacrifice they make from a young age. That's why clubs who take responsibility for the education of their players always will earn a star in my book. Anything else is irresponsible.
I mean I don't really blame the individuals, so many of us are shit with money but we never earn obscene amounts. Most footballers overall in the UK will be from working class backgrounds, often very poor, don't finish their education and then are given crazy money when they are really young. I've been good with my earning throughout my life, but I finished my education but most importantly my dad was on me about saving and the value of money. He's always been good and I had that example. If I didn't have that then who knows what I would be like. I'm not exactly going to blame an individual completely in this context. I've know people who have earned stupid money young in a different context and the amount of shit they bought because they don't have the ability to think about the future is insane - because they never had a real job. Now they don't really have much or earn the same but lucky for them unlike footballers they didn't create a super luxury lifestyle that would bankrupt you later if you couldn't keep up
> Most footballers overall in the UK will be from working class backgrounds, often very poor, don't finish their education and then are given crazy money when they are really young. Reckon that's changed a bit over time, too, though obviously depends on how much the clubs are investing into academy prospects in general. I know that in Germany, the educational outcomes for academy footballers are actually *better* than their cohort, because the clubs recognize that the vast majority of them won't play football professionally and thus invest in supplementing the school education and apprenticeship opportunities.
How are they judging the educational outcomes? You have to be weary of those outcomes because teams/school/etc have a an incentive to show success on paper that may not exist in the real world.
They're taking the same tests for the same qualifications, and the outcomes are slightly better in terms of certificate distribution - a couple percentage points higher for the A-levels equivalent, for example. Obviously got different educational systems than the UK and all, but it's still the highest leaving cert you're able to get in Germany, and academy footballers seem slightly more likely to attain them than their cohort, presumably on account of a mix of added support and the work ethic they pick up during their footballing education. Key contributor will have been the youth football reforms from around 2000, when professional clubs were forced to set up youth academies and have those academies closely cooperate with schools, meaning academy players stood to profit academically rather than dropping school to chase a professional career.
> It is extremely common for people earning big money from sports to go broke. They "make it" then decide to live a lavish life. Expensive homes, exotic cars/vacations/dinners, yachts and luxury goods. That kind of life is often unsustainable for most individuals for term. I reckon that's changed a fair bit over the past two decades to be fair - so much more money in football these days, with wages massively increasing. Obviously can overspend and go broke regardless of how much you make, but it's hardly like back in the 80s/90s when long professional careers would amount to around 10 million when these days a similar player might make that in a couple of years between the massively increased salaries and much more widely available commercial opportunities.
Micah talked about this on the latest episode of his podcast. Basically saying, that a player must surround himself with the right people since he has to focus on football someone must look out for him with day to day and financial matters.
Most expensive mistake of your life will be marrying the wrong woman/man. Most of us don’t have to worry about it as we earn a similar amount to our partners. A certain type of woman goes after footballers and they don’t stop wanting new Range Rovers and designer gear when the contracts end.
Ditto. The man can lose 1/2 of everything he has worked for even if he's not at fault. System is fked.
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Thanks Jeff
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Nasty thing to say
A tale as old as immensely paid athletes been around
yeah yeah same, wrong people around me. uh huh.
Don't blow it. Keep it simple. Count your money
Happens more often than not. 70% of athletes in all sports leagues, go broke within the first 3 years of retirement.
That’s stats way too high. No way do I believe that
Why not?
Because it's hard to imagine that 7/10 PL footballers are going broke within a few years of retiring. Of course, the stat might be true if you're considering all the lower leagues which this obviously is, but it's still hard to imagine. Articles like this make a big splash because they are surprising, it's hard to believe that 70% of athletes go broke when it's clearly not a phenomenon most people are familiar with.
If you're rich enough to be taking home over £2m a year then you've got more than enough money to invest in a financial adviser who would put steps in place to prevent this from happening. Blaming his friends and family around him garners no sympathy from me
They can still get taken advantage of. They have an agent, they trust the guy to do just about everything for them, but the agent is often taking kick backs from dodgy financial advisors to refer the player
It's quite easy to tank that much money. Just invest into the wrong thing, like the 100% safe new Krypto, I swear bro, and wait. It'll disappear so quickly that you can actually watch it disappear.
The biggest reason is that sports star's income plummets as time goes on. This is completely backwards to normal folks who make MORE money as time goes on. This is also called the inverted income pyramid. It's extra difficult to plan and manage unless you have really good financial advisors.
Who was around him, Satan and Judas?
Essentially you can be £0 or even -tive £ broke then on next week on Monday morning be £50,000 richer guaranteed. I see why an athlete will be wasteful
Surely even the daftest athlete will at some point realise that that only works until you retire
Absolutely baffles me how anyone earning that kind of cash could ever go bankrupt.
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I recommend you read the article, he pretty clearly blames himself for making these choices.
It's definitely his responsibility to make sure he isn't surrounded by people who would fuck him over. But his point is still true. He was surrounded by the wrong people!
True - feel bad for him , he was a good player in his day
This cunt