Why 40% Of Professional Footballers Go Bankrupt
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- čas přidán 11. 11. 2020
- 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. - Sport
This is why ALL NFL draftees are forced to attend financial literacy classes by their teams as mandated by the NFL. the FAs should make this mandatory as well.
Even as a big NFL fan I had no idea about it, brilliant idea actually.
Is this an idea FIFA could emulate?
And yet the bankruptcy figures for NFL players are staggeringly high.
@@Foul_Quince you can teach a horse to do dressage but when you let it out in the field its gonna do whatever it wants. Feel that fits quite well.
The Foul Quince NFL players are on average younger then the average footballer, making them more likely to act childish with their money.
I remember that 2 or 3 years ago, Kai Havertz missed a couple of Bundesliga games because he had to write his A-Levels. The Leverkusen academy basically 'makes' all of their players get a degree so they have at least some sort of education for the time after their career.
Seems like it worked. I haven't seen that many interviews with Havertz yet, but the ones I have seen make him look very level-headed.
Now, compare that to some of those teen wonderkids who dropped their entire education in the pursuit of lucrative contracts - more often than not spurred on by greedy relatives and managers - only to not live up to the hype they bought into themselves, blowing through whatever funds they had in record time, and then retire at age 25 playing for FC Hüttenkäse in the 7th division.
I knew a guy like that. He was in my school in his second to last year before graduating and already making almost 6 grand a month from signing a contract with a 2nd division team that was aiming for a promotion and signing hot prospects from all over the region. He would constantly boast how he'd got a five figure signing bonus that would release when he turned 18 (we later found out it was about 25k, a handsome sum but hardly a princely one).
Almost predictably, he began thinking his future was set, began slacking on both his studies and his training, instead spending his money on clothes, gadgets and giving out gifts to desperate hangers-on. The day he turned 18 and got his 25k, he skipped class and took a bunch of friends on a little trip. He dropped out of school entirely eventually, got in trouble at the club for his lack of motivation, and was eventually cut loose. He ended up playing for amateur sides where half his salary would come in the form of drink coupons for a couple of years, then stopped playing completely. He's in his mid-30s right now, working in the butchery at a local supermarket, looking incredibly jaded.
And he was fucking good, too. I doubt he'd ever reach world class level, but he definitely had the chops to play tier 1 football in Belgium and making 10-20 times what he makes today.
It was imposed by the DFL or DFB that the young players have to attend school until a certain degree (I know someone who went through Dortmund's academy and they were highly encouraged to get the equivalent of the british A-Levels (german: Abitur)).
Great. IMO, all footballers should be high school graduates
@@gaiusjuliuspleaser damn this is real sad
@@gaiusjuliuspleaser This happens in many aspects of life.
Bostock signed a contract at 15. You cannot expect a 15 year old to know the right thing to do or even have the power to decide for themselves
Jesus christ Alfie, that was a good video. I have never really thought about how footballers do financially, even with their multi million dollar contracts. Much more needs to be put in place for a succesful transition, post-football. There should be education of some sort, as well as a career path, so lower league footballers aren't left bankrupt 5 years after retirement. This message should be more widespread, while it is hard to sympathise with multi millionaires, none of these players should unjustly go bankrupt, as well as most circumstances, where they are not millionaires but just those on average wages in League 2.
If they suddenly doesnt goes bankrupt anymore then scammer would lost their job #scamlifematter
Sad to see these players come from poverty turn their life around and then go back
One player I think it was diagonal Maradona became obese after his career ended and died because of his retirement started
@@alexbur6021 its diego maradona and he is a fat coke head but he's not dead hes a manager at a football team somewhere.
@@alexbur6021 He almost died 20 years ago, but he is well alive. In his case he never had financial trouble, because he is so popular in football that he is a brand by himself, makes a lot of money by only existing. But he had a rampant drug addiction, which ultimately was what almost killed him.
Nowadays he has a fair bit of issues (alcohol addiction, his long list of sons and former wifes/girlfriends fighting each other, bad avisors), but he is far better than 20 years ago.
"1/3 of footballers have divorces 12 months after they retire"... Damn that really says a lot about women
I am sure that is partly a factor. May also mean that some footballers become very difficult to live with after retiring.
Footballers are rarely home and when they're suddenly home all the time, the wives realise what a fucking wanker they have actually married.
Makes sense considering most of them will have a kid by 20. There’s no easing the transition from being another person on the street to making 7+ figures and unfortunately this results in only the wise being able to navigate themselves through the women, fame and money.
They’re relatively young when they get married, they choose wrong people and at the wrong time.
They just jump into something they’re not ready for
"Control the money. Don't let the money control you" some wise guy I was in the car with once.
Thats the the thing, alot of footballers dont learn that, they think they can live a lavish lifestyle forever.
@@bolt7047 not just footballers, musicians, basketballers etc. All these heavy paying jobs that are literally hobbies, some people always love to spend the money for the now, squander on excess expensive stuffs and forget about later.
I used to work in tax where some of my clients were footballers to a bottom-tier premier league/top-tier championship team.
The concept of paying tax is completely foreign to them, countless times we've told them they need to pay X amount as their tax liability and they just say 'I already spent it'. The level of fiscal knowledge among footballers is dire and in great need of reform.
Not to sound harsh, but very few of them are that smart, naturally a symptom of being taken out of school at a young age which ultimately has led to lack of financial knowledge and allowed them to be greatly susceptible to being exploited by the mentioned schemes.
It is astonishing to me that people can’t understand the concept of paying Tax... I get that it sucks but shit, we all do it.
You hit the nail on the head. Most of them are dumbasses. And not for the lack of trying by academies. Some are just pushed by insane parents that want to live their own dream through them, but a lot just used football as an excuse to ditch school.
@@guydutoit61 Most come from families which never made enough money to worry about taxes...
@@guydutoit61 idk mabye because we arent taught it in fucking school which is fuckin crazy to me
Honestly speaking though - I’m fairly smart on an academic level, but have never been told how to do taxes or how taxes actually work. Majority of jobs I feel the taxes are automatically deducted from wages, it’s probably a genuine systematic problem nation wide rather than football exclusive thing.
Money is a surgical knife: It can save your life.
Money is also a murder knife: It will ruin your life.
Be wise with money, as you would with a knife.
That cuts very deep
Lol
Nice comparison
@@archstanton6102 Pun intended?
@@3dsaulgoodman43 of course
I'm not really sympathetic to someone who was earning millions a year getting into financial trouble but i never really thought about the position lower league players were in. Maybe football teams or the FA could have financial management help for players while they are playing to make sure that this sort of thing doesn't occur as much.
I understand where you are coming from. That said, what must be remembered is that footballers, particularly those active 1997 onwards did not have to do a thing for themselves. They had an agent doing everything for them including things like booking a hotel, doctors appointments etc. Pair that with limited education in many cases, in addition to a working class background where those around them would not understand how to invest money well. The lavish lifestyle that footballers fall into is hard to leave. You can also half they amount of money and then some if footballers divorce a woman they have kids with.
The PFA does a ton of this stuff already but most players aren't interested. You can lead a horse to water etc
I can't help but feel like the lack of financial education given to children is driven by the top 1% in order to maintain their wealth. Financial literacy is so essential, especially for athletes. Great video, Alfie
I earn less than league 1 players and own property in London. Growing up poor made me appreciate saving money more than spending it
Exactly. This video is nonsense.
@@design7054 how is it nonsense?
@@design7054 what do you mean by nonsense? Has he said anything that wasn't true? He's just giving reasons for why it happens.
@@design7054 You're nonsense.
How much do you think league one players earn ?
Cricket in England has partnerships with several universities, to give players a chance to pursue an education while also being in the county system. Young players who don't go on winter tours are also encouraged to pursue studies in their off seasons, to help with finding a job post career
much harder to pursue education while playing elite football
DA Dominos I disagree. Even those that play 2 games a week and train twice a week, there are 3 days off. In this day and age everything can be learnt online.
@@SbK1369 Easier said than done. It's hard to find the motivation and dedication when you are already working. Be it 9-5 or sports. Those who do it, have an actual passion to learn the course. You will find it hard if you are not really interested in it and is only doing it just for the sake of it.
I get really sick of the people who think footballers who apparently earn millions cannot have opinions about anything and should play inhumane amounts of games.
best xi of bankrupt players? 😂😂
Would be a nice one. Johan Cruijff would be in there, he once invested all his money in a pig farm, after that he had to play football in the US to make some back.
@@Tom-sb6ml 😯
I'm fairly certain Ronaldinho and Maradona have both filed for bankruptcy...
Oh...and Keith Gillespie
Left back is John Arne Riise
Luc Nilis also. He fell in a blackhole depression after his career ended abruptly with that horror injury he suffered and he started gambling. He lost everything very quickly...
I have seen one video in the liverpool yt channel where one kid asked vvd "how do you like to spend your money". Vvd replied "i dont actually like to spend a lot of money as after football our income decreases and thus we have to do proper future plan".
I read somewhere that football players wages are explained by weeks because the numbers would have been very high otherwise and it would take up a lot of space in newspapers back in the days, and then it just kinda stayed in the culture. Not sure how legit this is, but there you go.
Yeah I’ve always wondered why sport (mainly football) is the only industry that portrays income on a weekly basis rather than monthly or yearly.
In German mass media reporting a weekly income is unusual (rather monthly or yearly income).
Regarding players going bankrupt, some of these individuals don't set themselves up for retirement, not many players will get to work in the media for example a pundit or columnist, or players who made a career outside the game, and some have to chase a coaching job to get the a salary.
Flamini was clever he is a billioner
True, there's only like 4 seats available on a post-match analysis, normally Gary Lineker and some other regulars, while there are thousands of footballers.
When talking about Professional footballers remember that all the players you see in the top 5 leagues of Europe are by far the exception not the norm. I’m an aspiring professional footballer, had a trial with a club that wanted to sign me but couldn’t due to their lack of financial resources meaning I wouldn’t be earning just playing. The whole league though is fully professional but their are times different clubs can go months without paying players.
Humane, disinterested (that's a compliment peeps) empathetic, well researched, educated, wide ranging, you got a lot of issues and facts into this, and all this where it's a media bone thrown around in an emotional arena. You addressed the financial context of society all over the world in a smooth engaging narrative. imo. i thought the ringfencing bit was a journalistic coup that everyone could rally to but you kept it to the story, and yes it's a worthwhile topic and Zaha should use it everywhere he goes. Fucking well done I say:))))
The earning period for sports professionals is only till 40 at max. A clever man will always save for the future or invest them to extend their earning period.
Most of these rags to riches footballers do not think ahead and use them all. I wish football academies teach them about money management in their youth
Financial literacy should be a necessary subject for young players in the academy. You have many working or middle class children, some of whom will succeed in their mission to become professionals and embark on a relatively short high paying career. It is imperative that they know how to handle this money and ensure it lasts for life. Even for those that don't become footballers, these lessons are never wasted.
Most of them are uneducated knuckleheads. Current playera are lucky that nowadays figures are outrageous, so even a bad money management will still leave them rich as f***
@@alvarc3675 Not really. Terrible management can still throw people off no matter how much they earn during their playing days
Haven't yet watched the video but... I recall reading that research found that approximately 30%+ of the population will spend as much or more as they earn, no matter what that figure is. Famous examples of this effect in action are Johnny Depp and Nicholas Cage. Combine this with a short and unpredictable sporting career, and I can easily see how the figure could hit 40%.
Thank you very much for this video, Alfie. I did know that many football players go bankrupt and some of them take courses to improve their financial situations after retirement. For instance, Dutch ex football players invest their time and money in studying investments, so they can still earn money in the future. I really hope that you can continue making this type of videos because they are quite enlighting.
Great video - I think a lot of people forget that the vast majority of footballers play their entire career (which is about a 1/3 of the length of a “normal” career) in the lower leagues. I remember watching a really tragic clip on Football Focus once about a player in League 2 who was injured for a full year at 27 and desperate to get back to playing because he was scared of what the reality would be if he couldn’t...
Thanks for the video. Looking at this from the United States we seem have that same issue with our professional athletes as well. I am reminded of a baseball player, hall of famer Joe Morgan who recently passed, and was able to enjoy a successful post-career, gave profound advice to all athletes everywhere. He said "Plan for your retirement the first day you get in."
Top 7 current players to have never played in Europe’s Top 5 leagues. Hulk, Tagliafico etc.
Actually, hulk did when the portuguese league was 5th in the ranking 😉
Everton Santos, Christian Pavon, Andre Onana, Taglafico, Junior Moraes, Marlos, Sardar Azmoun
@@aishikpanja3931
Would have been sure to add Everton Riberio back when he was great
@@nada-tt8gi big 5 in europe is always england, spain, italy, germany and france. rankings are volatile.
@@dragndorf9 it doesn't matter, at the time, portuguese league was the 5th in the ranking, so he was playing in the 5th best league, and btw, they also got to 4th ahead of Italy for a season as well 😉, but obviously not the same quality overall, but the truth is, portuguese teams do manage well against most teams, even smaller teams, the league is competitive enough, they've got coaches, and they've got the players, a good example of that was this eays ac-milan-rio Ave, 1-1 and Rio Ave could've been through in the penalties ahead of milan havent they missed they're chances at the end 😉
Very good video, as a Zambian, I can confirm that lack of financial education is a problem that plagues African Communities and is especially visible in the lives of our professional sportsmen and women. I hope that you do start that youtube channel to help combat financial illiteracy, I will support that 100%.
Alfie, this might be your most informational video on the channel. Props for that!
Day 25: Final East German First League teams, where are they now?
Would love to see you make a channel where you can stray away from football, weather it be financial topics or anything else
Whether - "Spelling Nazi."
Best XI of players that didn't win any trophy of all time
players not teams
Had a stroke reading this
Can you repeat that in English
@@slplug8129 happy now
@@MohamedEssam-su6vx sort of
Your name sounds familaiar ngl
On the begining of your video Alfie, would be interesting to see bankruptcy figures by income. Could be that those on modest wages don't take as many debts on/are forced to be better at financial planning and go bankrupt less.
Very true
the title is very misleading, 40% do not enter bankruptcy, just financial troubles. The issue remains the same however, here's a good read: inews.co.uk/sport/football/bankrupcy-football-finances-190289
So basically you’ve told me to become a chef for a footballler 😬 thank you 👍🏻
If you really like money you should be their agent
@@InlandEmpiresoccer909 significantly more difficult if you don't like talking to people
Best XI of players who wear shirt numbers that don't represent their position (#1 playing outfield, #9 at CB etc)
William Gallas CB number 10 in Arsenal. That always comesto my mind when people talk about weird number and position
2 wagner
Patricio 11
Asamoah Gyan 3
nicolas lord bendtner wore no 3 in wolfsburg as a striker
Video idea: Should there be a footballers' union?
Like Kroos said recently, players are often puppets of UEFA, FIFA & Club officials who are mostly businessmen. Maybe a players' union could make their voices heard?
I would like it. As an American sports fan, I know all too well of player's unions.
There is the Professional Footballer's Association in England, its Scottish counterpart the SPFA and there's probably others in other countries
@@exsandgrounder I'm talking about a more general union, like across Europe. or even world.
@@asifshahriar4503 FIFpro exists for this reason.
Considering the early deaths of athletes and the myriad of health issues with professional play (even with an injury free career), it would be a good idea.
There is a great ESPN 30-for-30 episode about this topic. It's called 'Broke'. I highly recommend it for anyone who wants to learn more about this. Some stats are terrifying. 78% of NFL players who have been retired for two years are either broke or under financial stress.
this is your best video yet alfie, a great and fascinating insight.
Really well-explained video. I still struggle massively to sympathise with a lot of these stories of premier league footballers going bankrupt though, but I think stupidity and lack of education are the biggest reasons, which isnt necessarily their fault.
When I first started watching HITC I thought it was HTC
Hey, HITC Sevens, have you done a "Could promotion/regulation be implemented in North America" video?
I'd love that. They could do it with the USL, but a lot of the MLS's reserve teams/feeder clubs play there so that'll be a problem.
@@3dsaulgoodman43 You just wouldn't promote the reserve teams/relegate the main teams if they'd be in the same division the following season. Like in Spain, France and Germany.
@@brandonhey7797 Agreed. MLS and their minor league affiliates are set up like MLB and NHL. Also Relegation/promotion doesn't happen in any american pro league and is completely foreign to fans. Also I don't think the tv contracts are written in a way to allow it.
@@krisgordon3116 I know that. That's why I said my point.
Tifo made a video about that like 2 years ago
Dude your content keeps getting better each passing day
long stroy short:most of them are not prepared for life after football
Excellent video, Alfie.. And I totally support your idea for the financial education channel. Give it a go if you feel you have the time! I am sure that many of us will follow you there.
This is probably the best video I've seen on this channel.
Incredible video. Best channel on CZcams
Genius video this video is frankly too good to be on hitc sevens
Excellent video Alfie! Wondering you can do one on how Italian football is suffering due to so many teams have outdated derelict stadiums?
Absolutely brilliant video Alfie, something that really isn't taken into account enough, especially lower down the pyramid. I swear there's football fans who believe there's players on Sunderland or Hull's bench that earn as much as Messi. It's quite a big theme in a film I'm working on so I'm glad I'm not the only person who is aware of the problem and the impact it can have on these people's mental health
I guess Oscar and Hulk made the right choices moving to China 😂😂😂👍
Flamini is a billioner
The first reason is essentially the same as why lottery winners often end up worse off, they're simply shit with their money and go and rack up stupid debts because they think they have everything now
Great video. And I think the idea about basic financial management and literacy is a really good one.
Very detailed explaination! Loved it! Keep it AWESOME!
Great video. Very balanced and informative. A topic which is so easy to unintentionally and probably even tempting to sensationalise. I think you avoided this, great work and love to see videos like this in future.
Great Video. A great recommended watch is the ESPN 30 for 30 Broke Documentary. Its in the perspective of American Sports but its the same applies to Football
Came to mention the same documentary. It is a universal problem in the world of sport.
amazing from the lad its now been 2 years since I started watching this dude
This was an incredibly insightful video. I would love more content like this.
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.
Ranking every PFA Players' Player of the Year winner since the award started based on playing ability.
Wow top level video as usual Alfie!
Great video, great insight. Something I've always wondered
Really enjoy that, thank you
Great video. Right up my street as currently training to be a financial adviser. But let me tell you, it is highly regulated in the areas I have worked in. I once went into a school in Sheffield to try and teach tax. It was very difficult.
Generally, people forget that football isn't only the Premier League or the Top 5 leagues.For example,England has 11 divisions (!) and thousands of teams.Players in non-league earn below average wages and they usually don't have degrees.In my country (Greece) players outside the first division earn below average or poor wages.Great video Alfie, you have probably the most informative football channel on CZcams. 🙌
That financial education channel idea is marvellous. I hope it becomes a reality!
I certainly learnt something. Didn’t know about the level of insolvency among former players. I never stopped to consider what happens when their careers come to an end. I thought they generally earn so much they would have enough for the rest of their lives. Thank you for information and insight.
Well done, really accurate and informative video mate 👍🏼
One of the best videos ever uploaded on this channel
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.
Excellent piece of journalism 👏 thanks for revealing the truth and shedding light on this surprising issue...
I love your content. They are so educative and entertaining
Massively under-appreciated content
I’m here for that financial literacy Chanel it is most definitely needed
This video was literally a big flex from Alfie to show off what clearly must be a degree in either Businesses or Economics, not a bad thing, he knows his stuff
brilliant. video. i learned alot. keep it up
Great vid. Food for thought
Brilliant as always.
Absolutely brilliant video on a topic that needs to be better understood. It mustn't be easy adjusting to life after football. As a teacher in China for almost 10 years, going back to the UK will be very similar. I got reverse culture shock when I went home in 2018 just for a visit. Everyone had moved on and I kinda felt alienated. I think I'll be fine when I do go back for good but like footballers, the average person needs to understand that those big earners in football are in a minority. Thanks for the video again!
Video Idea:
7 rule changes which changes football forever and how helpful they turned out to be (example: penalty shoot outs, VAR)
or 7 rules that no longer exist (example: golden goal)
Thank you for this video i think I’m speaking on behalf of most people when I say it is somewhat therapeutic when you are watching your favourite players kick a ball around and earn 100,000s of £s weekly and then you go to work and work your ass off to earn £500 per week it really puts things in perspective and motivates me to keep going and do my best 👊🏼❤️
Great video!
I work for a firm of financial advisers and the amount of regulations that are actually in place now is way more than people give credit for, investments are ultimately chosen by clients in most cases, the job of the advisor is to understand how risky the client wants to be with their money and then to suggest investments that match their assessed level of risk. Taking losses is always going to be a part of investing money, but it’s more often the people who suddenly come into large amounts of wealth that won’t accept that.
Hi, I understand from this that you might not be a financial advisor yourself but if you don’t mind would you be able to tell me more about the role of one and their everyday tasks please? I’ve had a look at videos and websites explaining the job role before but it’d be great to hear from some personally who’s had experience around finance.
Great video as usual
amazing video!
Good video today Alfie
Entertaining as always
😃
You'd think FIFA or at least the national FAs would put a financial class in place or at least offer some support or a system to help footballers post retirement.
Then again, it comes down to the players themselves to be willing to spend wisely and take on the support system.
Great video
Thanks for the video Alfie. How about a top 7 "super subs"?
Really really good video, very interesting
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
Great video. This is an issue that always bothered me. These real-world issues, not talking about footballers now, should be part of the curriculum, topics like critical thinking, logic, does help people navigate society and all its undercertainties.
Charles Dickens had excellent advice on finances: 'Annual income 20 pounds, annual expenditure 19 [pounds] 19 [shillings] and six [pence], result happiness. Annual income 20 pounds, annual expenditure 20 pounds ought and six, result misery. '
One of your best videos .
love this channel 😜
4:52 Is.....is that Brad Friedel?
With a head of hair?
That seems....wrong
Great video
This happens in many aspects of life.
Bostock signed a contract at 15. You cannot expect a 15 year old to know the right thing to do or even have the power to decide for themselves
Football rarely if ever deals with the problems it creates .....its refreshing to see a video that highlights football's dark side for a change.
Amazing video
great video, keep it up
Very sad to hear, but great video
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.
Damn I think future footballers should watch this! Education for footballers
Great video,but one key thing you missed about lower league players wages you missed is their bonus for goals wins clean sheets etc , as well as sponsorship from private firms and boots and kit spomsor. I know a guy who played at a decent level for spfl clubs and Scottish championship and English league 1 clubs and his average wage was around 400 quid when playing for Patrick thistle, but his actual wage was more than double that with add ons. Another instance I know about is that in Scotland players will leave the professional leagues to play junior football because the money is better.