The REAL Reason Football Players Go broke | How To Lose EVERYTHING
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- čas přidán 14. 05. 2024
- Football players are modern day gladiators. As such, they earn unbelievable amounts of money. Despite that, a very large amount of them lose everything very quickly after retiring.
Why?
Transcript and sources: footballiconic.com/the-real-r...
Twitter: / theofficial_fi
Instagram: / chips009
00:00 - Introduction
02:18 - Where Is The Truth?
04:25 - Why Do Professional footballers go broke
19:06 - Will this ever stop?
Background music:
@pinkxo (Prod Pink)
Producer: Tinashe Chipako
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All non-licensed material used in this video falls under fair use for commentary, criticism, and educational purposes. No copyright infringement intended. If you are or represent the copyright owner of materials used in this video and have a problem with the use of said material, please send me an email at information@footballiconic.com and we can sort it out - Sport
Paying for Sky Sports subscription will make anyone go broke
Damn how much does it cost?
I would imagine even a few drinks in pub (where he watched) every month is more expensive?😀
@@lukazupie7220a few drinks a month in a pub even nowadays with extortionate prices would be like £20 sky sports is £50
Iniesta is a perfect example of saving up for the future, still playing now for Emirates Club making a fortune. Barely breaking a sweat and I’m sure he’ll retire when he feels comfortable financially.
Divorce and "failed investments" are the number one killer of finances for any high earner. We just see it more with athletes.
Bitches I bet are the main bank roll parasite😂😂
No it is not just that lol, it happens for them at a MUCH higher rate.
I think the clubs should stop giving out these ridiculous wages in a short window. Instead of paying out 60k a week, give the player half of that and put the rest in a fund which will be paid long term after retirement. Kind of like how pensions work.
There is no excuse to give kids (yes kids) this amount of money when they have barely finished high school.
It's a good idea but this should be done by the players not the clubs. Players should take economic literacy courses to set themselves up for the future.
And then a club down the road offers 100% of the wages up front to a dumb 18 year old and he's gone there instead. Could only work if EVERYONE did it. As if Bohly wouldn't find a loophole.
@@Ceaseless_Watcher i understand that but you said nit yourself. An 18 year old. He might be dumb but he is an adult. Clubs should offer literacy courses as it will make the players aware of the benefits, risks and mitigations. If they screw up, then it should be on the individual not the collective
What if the club goes into receivership....this can only be achieved if laws are enacted
@@eldios831 Yes. It's seems a good idea in theory, but not really practical. It really should be up to the player to hire a pro to help manage his money, and have the discipline to set a monthly spending limit and live within it.
I deffinitely watched the entire video in a couple seconds
Liar!
I believe it my guy
Couple of 100000 seconds
I know, trust me.
JJK IS FIRE!!! Didn't know you watched? Also amazing videos and Merry Christmas XD@@FootballIconic
Black tax is real especially in Africa
Currently experiencing this with family and and not what you would classify as rich just barely scraping by myself
Lazy people expecting their family to work for them. Amazing.
I would call it “social debt”
what is black tax?
this happens in many cases in Asia. Compared to the more "individualized" west, developing cultures tend to have this habit.
The sad part is no one is taught economics in school. Economics in maths lessons, not algebra. The establishment don’t want us to know because then how will we get in debt. 😢
You gotta be prepared to save for long term, especially if you’re earning that much money.
Tell that to Neymar living in freaking saudi Arabia and always had the pressure to become o' rei pelé
@@hansalvarado4286 I think that stopped after the last World Cup sadly
I never thought I'd hear "Jujutsu Kaisen" and football in the same video. I guess you're the second football CZcamsr that I've know to combine both anime and football. The first is Maqwell
@@X-X870Same
I wish clubs would give players an option to divert some of their payments to investments/savings. Education on finance is key, no one expects to make 10m+ in a decade.
LoL😂 they have that option! They can invest 100% of it how are the clubs stopping them?😂
From Kenya. Thanks for an informative and well balanced video. It;s great that unlike most social media news,you are not solely bashing African players in the pro leagues....I was disappointed to read many negative posts online that the frugal yet charitable Sadio Mane is greedy and money hungry for leaving Liverpool to Bayern yet thousands of players move for higher wages each season!
It's also well documented that Sadio does so much for people in his home community and country, he built a school, a hospital he even donated money during covid and he has done so much more that people are not aware of. Easy to judge a book by it's cover.
Reminds me to 'Guz' from Breaking Bad
Can tell you even many German players are known to be bankrupt after 2-4 years after the end of their careers.
You have a very calming voice, a great sense of humor and most of your videos are great quality content for people who are into football. Keep up the good work.
Then there's the Robert Gronkowski school of personal finance. "Gronk" played for the New England Patriots (American football). He caught footballs thrown to him by the fabulous quarterback Tom Brady and scored tons of touchdowns, won lots of trophies.
When he was at Arizona State University, waiting to be drafted into the NFL, his father challenged him not to spend any of his NFL salary and only live off endorsement income. In the last year of his career he was earning, allegedly, eight million a year in endorsements and had never spent his NFL salary or bonuses.
I wondered if this was true. When he transfered from the NE Patriots to the Tampa Bay Buccaneers, he sold his Boston home, which was listed in the paper and on real estate web sites. It was a two bedroom condominium selling for just over a million dollars. It was a nice condo, but it wasn't a mansion and the upkeep expenses were definitely low.
Of course, Gronk has never married and has no children which also keeps expenses low.
Be like Bob😂😂😊😊
ESPN did a great documentary called "Broke" that touches on a lot of these issues. One of my favorite lines was from a team president that would tell players "you can live like a king for five years, or you can live like a prince for the rest of your life".
Something they noted was players not factoring in taxes. When you make that much money in a short time, you might not realize that 40% (probably more in Europe) doesn't really belong to you, and athletes can't hide that money the way business execs or other high earners do. Also the overlap of friends/family and bad investments. Your cousin wants to open a restaurant or a childhood friend has a great idea for a startup, they tell you it's not a handout it's an investment, plus you "owe" them from when you were growing up so you make a bad investment on their behalf.
I think it's a combination of a lotta things: bad investments, excessive spending, alcohol and drug addiction, etc.
It's not something limited to sports athletes. That's a common occurrence in the music industry, most notably in the Hip Hop/R&B scene.
The fact that you know JJK just made me love your channel more 😂. Keep it up
Bro just did an episode of "I Blew It : Football edition" 😂😭
I'm here for the JJK shout! You're are truly a cultured man.
important topic!
Most people, even in Western countries where we say Education is so amazing etc. have had little to no education when it comes to finances and this is not a mistake but it's by design!
It's easy to fool people if they don't know or are naive.
I think if Football Academies can balance both Education and Football that wil help
Could you make a video about the 2023 Brasileirão season? Botafogo led the championship for 31 rounds to end up finishing fifth after ten matches without victories. Not to mention Santos' unprecedented relegation.
That JJK reference was spot on👌🏾
Thank you for your tactful discussion of a sensitive subject! You have provided many viewers with an entirely new perspective. 🙏😃🎯⛄️🎄
Don't think it's particularly complicated honestly. Footballers (most athletes honestly) come from disproportionately low income families and areas and often have pretty poor educations because they spent so much time focussing on football over everything else. This lack of experience and education, combined with the fact that football skill is probably not correlated with intelligence, means you're going to have a lot of young, slightly dim men with huge amounts of disposable income, no experience with handling it and often not knowing anybody who does. What other outcome can you actually expect from that scenario besides bankruptcy?
Personally I've thought clubs should take some more responsibility in ensuring their players are financially literate and have the knowledge to avoid this. It's not exactly complicated to stick some money in a savings account or pension scheme, but if no-one you know does it or has any idea about it, plenty of them might not think about it
Yeah I think people underestimate this if you come from a poor background getting given 10m in like 2 years can be so damaging. Like giving a starving man a buffet (can end in a heart attack). I have money issues and I know if I won the lottery tomorrow I would fucking destroy myself in 6 months.
@@Dd-ks2fmdo you think so? I don't think we give ourselves credit for being self aware that if we get lucky we will ruin ourselves. Like me I always thought if I had money, I would live the same as I do now. I train, I work and I study just somethings become easier
Yeah but is it the clubs responsibility? If I go and spend this months wages on hookers and cocaine how is that my employer's fault?
@@Dd-ks2fmnah you are only thinking worst case scenario. It isn't the poor background or lack of education that does these players in. It is simply lack of restraint and ego. They lack the discipline to not buy what they don't need to buy... and they lack the humility to understand that doing drugs and partying etc etc has consequences for everyone and that they aren't special or different. In the case of some brazilians it is their ego that makes them eat and drink and party without care, thinking that their enormous talent makes up for all of it. They adapt the same behaviour financially. They assume their enourmous wealth and brand image will mean that they can never truly be poor again... And finally, their choice in the people they share their life with. Marrying the wrong person, having the wrong friends or the wrong agent can destroy them the worst possible way.
@@fuzzyhair321 Statistically speaking, it's been found that a majority of the lottery winners lose their money very quickly.
Great video, dude.
Much respect from Mozambique 🇲🇿
quality video as always. Keep it up!
I know you made this video to numb the pain thats about to come to us Red Devils, i hate Liverpool 😭
Excellent video. Rational analysis sprinkled with touches of witty humor. Very apt observations and commentary overall. Subscribed.
This channel is so good , you always pick the most interesting topics about football
Money is an amplifier. it shows you who you really are those who are broke before the money will go back to being broke. it doesn't only amplifier you it also amplifies the people around you, it will show you who is your really friends are and the fakes that just helped you to get free money. once you start getting money start find new friends, i mean good ones not those that leave of daddy's money, those who work and grind to get money should be your new friends. also family are even worse than friends.
Well said. Money manifests people's real characters
I think ahletes all have addictive personalities. If they didn't do sports, they would doing every drug ever invented. Addictive personality and money don't mix. It's only a theory of mine.
Tinashe, as always a good vid. Really like your stuff at the moment, keep it up
I love this channel so much. Spot on man! Keep doing what you do, also JJK reference? You know ball and anime homie!
Loved the jujutsu kaisen call out! You are a man of culture sir!
I miss the days when youtube comments were full of memes and jokes about the video...but amazing video nonetheless😄. Keep up the great work and I hope to see a UCL Group Stage Review coming soon!
Really enjoyed this one!
Banger video as always
Unbiased, in depth, football centric, well explained AND gives anime recommendations?
God tier channel
Great video as always.
Awesome vid my dude.
Really Good video bro, and it's a bit of an eye opener to a lot of us. When we sometimes compare
our life, with a pro baller.
Saying stuff like "He is making 100k a week.He should be performing"
But we forget New Levels,New Devils....
1st world problems is heaven to someone in a 3rd world country
Good video, interesting topic!
On top of a crazy good look at one of the darker sides of being a professional athlete we get a JJK reference, what mroe can we ask for? 🔥video!
Awesome video. Thank you
He watches JJK too bro is fr the homie
Great video!
Hey! Love the videos.... do something on Spurs or kane pleaseee
great video, brev
I’m from the future, and this video is a banger.
Amazing content
We can sympathize with these players as much as we like but there is so much we can do
This was arguably one of your very best videos!
PS: It was funny to pound NFT´s corpse a bit more. Gonna check Jujutsu Kaisen as soon as I finish Pluto. Thanks for the recommendation!
Neymar, this is a warning video for you
Lol can never happen to neymar except he's very stupid
Solid video
Bro your channel should be much bigger.
Phillip Lahm is known as a smart guy: He bought a few of the best known wellness brands in Germany (Schneekoppe, Sixtus...) has cooperations with Adidas and Aldi, but almost all the companies he bought were close to bankrupt, and he could not turn them around. He loses around 1 million € per year, even buying famous brands for pennies. Sometimes it's better to not invest at all.
Everyone joked about Portuguese international and Southamoton and Fulham player Luís Boa Morte's frugal MTV cribs episode (it's on CZcams) but he knew what he was doing. Footballers' careers only last for a few years so save as much as possible, invest wisely and don't surround yourself with bad spending influences.
His right watch Jujustu Kaizen man I love this channel
Once there was an Argentinien player in Corinthians called Defederico. The Argentinien press called him the new Messi. Lost all gambling in São Paulo nights.
Financial literacy is very important and having access to materials and tools that secure one’s future shouldn’t be underestimated. It’s up to the individual in question to decide how their future will play out especially financially and how they can secure it for their life and their family. Just sad that some pros fall by the way side. At the end of it all
Here in the states, a lot of the reasons pros go broke is financial illiteracy. You aren't taught how to manage money here, bc of that most hire someone to handle that. Don't even learn how to do taxes, so same person or another person is hired to handle that. With all of that pros are buying a big house or 2 for themselves, a big house for their mom and grandma, and then buying a few cars for themselves, a car for mom, car for some friends. Generally just wreckless spending, bc they don't know how fast that money can drain and all those things they are buying requires a recurring payment. Shaq has spoken about how after his rookie season he hired someone to teach him to handle his money, bc he was spending like crazy and went to buy something simple and basic, but card was declined.
Very well explained if you ask me
Love the Jjuko shoutout😂
great video
good vid
In my opinion 2 factors are the biggest :1 The financial education that is probably none existent since they usually come from very poor families so they never had a chance to actually learn how to properly manage money or they got insane income at a really young age .2 I think the most important factor is that player just get used to the lifestyle of a pro ,since they have the income while playing ,they get used to living that way even after their careers are over so their savings disappear in 1-2 years since they continue living as if they still have those huge contracts .
It is actually lack of intelligence+ego+hedonism. Messi, Cristiano, Ibrahimovic and many many others all share the poor, uneducated background... And yet they are disciplined, smart and measured in their approaches... even though their salaries are much higher than a Ronaldinho salary was back in the day.
This is a common theme w athletes in the US as well and, tbf to them, financial literacy within this country is more or less non-existent on a formal level
This topic today is a very serious issue that affects us in large numbers. Oh boy. How i wish i was taught financial literacy from a young age. Either way, at the end of the day, you can give the person resources to elevate their lives but its them in the end who decide what they want
I'll be waiting for the Liverpool vs Man utd video, I believe the match will potentially shock many of us.
I respect Roc Nation Sports for this very reason! They have guys like KDB, Lukaku, Martenelli and others on their roster. They out an emphasis on what their athletes will do after their careers are over and offer assistance in financial management and investment. Let's see how it'll work out for them in the future.
Many of the top teams don’t allow academy players to buy flash cars to avoid they starting overspending. I don’t know what they could do with first team players though
i feel like once you reach a certain level of fame in football once you retire you will be financially stable as brands would want to partner with greats of the sport rather than a retired championship level player
This even more so common in American football. Average NFL career is 3 years and about 70% of retired NFL guys face financial issues moving forward.
It’s not just a financial literacy problem. This is what happens when folks are constantly pressured to become the best at one thing and fail to forge back-up plans with other specialities. This was even more of a huge issue when college/university players were prohibited from monetizing their likenesses.
Bro please do a vid on Barça right now watching their games is just giving me depression. We seem to concede in the first 2 mins of every match miss open goals. Lewandowski has gone from being the best Striker two years ago to trash same with Raphina. The defence is gone the tactics don’t make sense. I need someone to make it make sense. I honestly feel as if we are as bad and inconsistent as United are.😔😔😔
Need more content pls , like 2 vids weekly at least
"at one point he only had 600 pounds in his bank account"
Me, a fully employed guy eating noodles with 31 in my bank account: "haha yeah sounds awful"
When I began following football in my country at 8, an investor came back from America (actually a criminal, but we didn´t know that yet, at that early point) appeared on the scene, and bought the bast team, exchanged all the players (a bit old) with young tallents, who now earned 20 times more than their older colleagues, who have just left the team... That was crazy. A young 18-year-old got a sallary for 2 years, that would have been enought to give up working forever, after those 2 years were past (I was 8, I haven´t counted for inflation yet, in these calculations ;-)
I thought, that if I ever were to become a baller, I´d work for 2 years, and then, never again... ;-)
Hey excited for UNITED VS LIVERPOOL 🙂 where's your watch along 😂
That Bernardo Silva clip got me dying
"What are you doing my friend?"
My coach is Momo Diabang, who played in the Bundesliga and scored 17 goals there is now working for Hermes for 2k per month
Feels like a misstep putting OJ Simpson next to Ronaldinho.
OJ is in a category all of his own.
Chrismas came early 🎉
In American Football when a rookie gets drafted they do a welcome dinner the new player of whatever team they get into, but the other teammates just go so batshit on the bill and leave it for the new player to cover. It’s a tradition of sorts. I feel like that type of culture eases you into the whole hype of looking/ seeming like you “got it like that”. it’s absolutely bonkers if you ask me
Its been an increasing trend in Hockey, that, alot of the young players who are heading towards the draft, decide to go through the american NCAA system, so that they will get a degree and have something to fall back on after their playing career.
Upkeep of their mansions and whatnot probably drains them so much
Football and shibuya arc have been the weekly stabilizers
It's a lesson of living within your means, the temptation is to always raise your lifestyle according to earnings. However incomes can fall, bad investments, bad relationship choices. It's a tale as old as time.
raising your lifestyle according to earnings is fine... what these players do is raise their lifestyle according to their supposed earnings(which they don't really understand). You might get some kid who has a salary of 5 million a year and lives like that... but after taxes he really has about 2.7 million and he doesn't even know it.
Perfect length of episode. 2137 for life
There's a lot going on when all the bright lights are off that we dont know about.
Loool! My ex is a phd student from antwerp uni. I have a hoodie and a t from there. Wilrijt rules! Long live Colruyt 😅😅😅
facinating
this reminds me that "30 for 30" "Broke" episode. no offence, but their piece was more complex! btw, there war a rumour that J.A. Riise sold his UCL winner medal.
Why'd you ruin my image of Silva with that clip dude 😭😭😭😭 he was one of the few I liked on city 😂😂😂😂
As someone who has simple tastes, I find it hard to even imagine where they spend the money.
Cars, yachts and lavish homes are not investments, but you can recover some or all the money. I guess they eat, drink and fuck all the money.
Pls do a video on Alfredo Di Stefano I never see people talk enough about him in the Goat debate imo he is only behind Messi and Pele. The greatest signing in Madrid history and the reason why they are the club they are today. As well as the most complete player the game has ever seen. Yet not enough people mention him. The only winner of the Super Ballon d'or. And won 2 ballon d'ors and it lnly existed when he was past 30 Messi himself has only won 3 past the age of 30 he could easily won at least 4 probably 5 ballon d'or if it existed since he began playing the game.
You lost it after saying he's only behind Pele and Messi
yeah ian readin allat
Interesting that you say this because nobody who has watched him play is still alive. Or they are too old to remember.
He was cool but chill....
Those net worth estimates are completely made up. Two examples:
I personally worked with a A+ popular musician. I was their accountant. Estimated net worth per the various sites was around $50m. Actual balance of all their combined bank accounts was less than than $5k. Also had a MASSIVE delinquent tax bill. Had some assets but nothing close to $50m.
Example 2: my coworker had a single acting credit for a super low budget film. EST net worth: $1m. She was broke 😅
Alan Iverson had a large amount of money put in a trust by Reebok that can’t be used until he is 40 or 45
Kante looking at this video from his used mini cooper thinking “pathetic”
When are you going to be in Zimbabwe?
Biggest case of;"WOAH...YOU DON'T SAY!?" This video is.
The Jujutsu Kaisen shout out 😂
Like how many teams that have been at the top level for a long time get relegated, and the difficulties they face with high wage bills vs low income, players after retirement don't really adjust well, most of them still spend a lot thinking whatever they have will last longer. This along with other factors like divorces, scams, or some kind of issues with the law will drain that coffer fast. I see many ignorant comments saying players are irresponsible and such, they need to understand the targets these young players have on their backs once they sign that contract. From their own family, agents, teammates, and worst of all female companions that seek a payday.
Yes, these players deserve the pay they get, but they need to be educated and teams need to set up classes for the players and their entourage.