What happens when the money runs out?

What happens when the money runs out?

What happens when the money runs out?

What happens when the money runs out?

“All I can say is I can relate to people now who are struggling financially, struggling to pay the mortgage, struggling to fill the car up with petrol, struggling to pay the bills and everything that goes with it, because I’ve been in that predicament.”

Far be it from me to ask you to shed a tear for millionaire footballers, but the notion that super-stardom at a young age guarantees a comfortable lifestyle later in life is becoming less and less tenable. In a recent UK study published by a leading financial planning firm, it was concluded that “3 in 5 [Premier League] footballers face bankruptcy in the first 5 years after retirement,” a shocking reality for athletes who earn, on average, £12.5M throughout their playing career.

Indifference, or even scorn, are natural reactions when considering the enormous wages and lavish lifestyles commonly on display in the football world. With multi-million dollar salaries, international sponsorships and performance bonuses, it’s easy to assume that footballers are set for life from the instant they make their professional debut. But for all the trophies they earn and records they break, there’s often no replacement for the common-sense education that most footballers skip past once they reach the highest levels of the sport.

A balanced budget? A thoughtful list of expenses? A bit of hesitation before buying that new model Maserati? That’s a lot to expect from youngsters-turned-millionaires by the time they’re 24. And while most footballers can afford extravagant lifestyles during their playing days, the well dries up quickly once the paychecks stop; more so when one factors in the bad business deals and untrustworthy advisers to whom players often fall prey.

This isn’t to absolve them of responsibility for bad financial decisions, but rather, to acknowledge that many of the problems athletes face upon retirement are directly related to misaligned priorities from their younger years. Priories that could have been realigned by a strong support system and education that emphasized a real-world education just as much as off the ball technique.

Jasper Taylor recently filmed a short documentary that investigates the hardships that many professional footballers fall into upon retirement, from bankruptcy to living off of government assistance. Be sure to have a look. [Posted by Maxi