Not literally "bankrupt", but Kinsella spent all his prem money and had to move home to Dublin and now works as a first-team coach for Drogheda United which I think is only semi-pro.
Was sure he was involved in some shady deals with some east end gangsters. Think woolston manor near Chigwell which became Epping Forest Country Club ( pool party anyone?)
Didn't Brad Friedel go bankrupt a couple of years ago, something to do with his soccer schools in the US.
Yes he did. Also, Didi Hamann either went into bankruptcy or had massive debts due to a gambling addiction. Friedel now does commentary and punditry over here, and he's half decent. It seems to have faded now, but he used to have a lovely part American part Lanc accent.
Where is says been declared bankrupt in the UK does that mean that he could have money overseas that is excluded from the UK debts?
I agree that it is difficult to have sympathy for millionaires that 'speculate' to make more money and end up losing the whole lot but in truth they just want to make more money like the rest of us do. Many on here, probably, live like Kings compared to some members of our society - and that doesn't even start to scratch the surface of those in poverty in other parts of the world.
The Tax 'schemes' that many have been caught up in (including, so some degree, Glasgow Rangers) were just too good to turn down. I have been approached by people in the past that have offered me, and my clients, the opportunity to take advantage of the latest scheme, that they promise a top QC has assured is not going to go wrong. Anyone that enters one of those must know that they are risking a lot if it goes wrong - especially when they see what the chap peddling it is going to make from 'helping you out'. Five percent of the fund upfront and one percent a year. What does he care if it is overturned ten years later?
The problem is that I have worked hard to make my money and I don't have very much but footballers, especially at the top of the game, have had everything on a plate for them for most of their lives. They have money, and all the things it can buy, they are adulated by their fans, they are desired by women that will do almost anything for nothing in return, why should they have any doubts that this chap in a smart suit that promises to make them millions would be wrong, or lining his own pockets?
It seems obscene that someone earning £60k a week couldn't put some aside to retire on and be grateful for that but we all aspire to bigger and better things and they have temptations that we can only dream of, and plenty of people willing to help them spend their money.
Didn't Brad Friedel go bankrupt a couple of years ago, something to do with his soccer schools in the US.
Yes he did. Also, Didi Hamann either went into bankruptcy or had massive debts due to a gambling addiction. Friedel now does commentary and punditry over here, and he's half decent. It seems to have faded now, but he used to have a lovely part American part Lanc accent.
I've been looking at the various pre-season predictions in the Racing Post 80 page preview published on 5th August. Didi Hamann has a two page spread all to himself in which he made the following gambling recommendations:
Manchester City to win the Premier League @ 6/4 (finished 3rd and beaten by 13 points)
Newcastle top-four finish @ 9/4 (finished 5th and beaten by 3 points)
J Zikzee top Premier League goalscorer at 66/1 (scored 3 goals)
Fulham to be relegated @ 11/2 (finished 11th and survived by 29 points)
One promoted team to be relegated @ 13/8 (all three were relegated with 12, 22 & 25 points respectively)
B Leverkusen to win Bundesliga @ 11/4 (finished 2nd and beaten by 13 points)
Apart from the fact that he had 0/6 there really wasn't any "meat on the bone" for at least four of those predictions. That's nothing, though, compared to some of his statements, the best of which is the headline "New boy Zirkzee will give Red Devils a Dutch of class". The "boy" only missed out by 26 goals.
I've already put in my order for next season's preview.
As mentioned earlier in the thread…..buy a few houses and set up a property portfolio, plus eventually maybe set up a letting agency. Keep them well maintained and make sure they are a bit above the national average so as to attract a better standard of tenants….can’t always predict that of course. You’ ll never have to do a hard days work in your life, unless you actually want to get involved yourself on day to day running of the business……gives you something to do. Can’t go wrong with a bit of common sense.
Its hard to have sympathy for people like former footballers who pull in insane sums of money. There is a few points that need taking seriously within the football community through. The mental aspect of retirement at an age a lot of people are just putting their feet into a meaty role professionally. The divorce rate for ex footballers is shocking
I don't care what anyone says, you cut your cloth and let's remember footballers get the stereotype of being thick, its more true that they are just uneducated. Especially now when they are put into academies at such young ages and have ignored all academia because they won't need it as they are going to be a professional footballer. It isn't like the data isn't there to back up only one in about 250 will make a career int he game at professional level. So all well and good me saying they should have been more clued up as footballers are also a massive cash teat for a lot of people. Richard Murray says this about Scott Parker, basically none of his family worked and relied on him for money (whether thats factually true or not I don't know but thats what the Parker camp told Murray) then you have all the other remora fish that follow footballers and the peer pressure of previously mentioned cloth cutting. Nice home, big home with tall gates and security, cars, all that stuff and then the teat just stops. Thats what we have less sympathy for
It isn't like media work is close to being as lucrative as playing, nor coaching, management unless you land the Chelsea job for 9 months.
So all of a sudden if someone shows up with a film investment scheme I dont think its all about trying to reduce tax exposure as much as thats a big incentive but also about investing for their futures. They will be such easy targets for things like crypto, EFTs or whatever that nonsense was and they are creatures of habit and will succumb to peer pressure
As mentioned earlier in the thread…..buy a few houses and set up a property portfolio, plus eventually maybe set up a letting agency. Keep them well maintained and make sure they are a bit above the national average so as to attract a better standard of tenants….can’t always predict that of course. You’ ll never have to do a hard days work in your life, unless you actually want to get involved yourself on day to day running of the business……gives you something to do. Can’t go wrong with a bit of common sense.
All day long. Steve Claridge was on the Undrthecosh podcast(this one is brilliant btw). Claridge said he lost loads as he was a gambler. However, he said that each time he won big he bought a property. The geezer is very shrewd, plus never to be forgotten for the '94 play-off final winner
Lee Clark joins the bankrupt club .. despite being unbeaten as manager of Huddersfield lol
Thought Lee Clark was v respectful towards us. I remember playing them live on sky at the valley (iirc a kermorgant free kick was the winner?) and Clark kept going on about how it was a great stadium, great opposition and great crowd and exactly the kind of games they want to play more of. He did get handled terribly by Huddersfield as well tbh.
Am sure I read once, that the PFA insisted that something like 10% of the players salary is paid directly into a pension scheme to ensure players don’t get such a shock when their career ends at an early age.
Regardless of how successful someone has been I would always be mindful of being judgmental or laughing at their plight. Poor advice, bad luck, addiction, mental health issues etc can mean most people could unfortunately find themselves in financial hardship pretty quickly.
My financial advisor, has told me that people understanding of money and how it works is quite frightening. Especially when the money required to fund a comfortable retirement is discussed.
My financial advisor, has told me that people understanding of money and how it works is quite frightening. Especially when the money required to fund a comfortable retirement is discussed.
I’m just assuming that by the time I retire society will have collapsed and we’ll be back to a barter based economic system. Investing in my retirement by stocking up on tradable goods.
Footballers are always at risk of being encouraged to make unsafe investments. I remember several well known names losing a fortune from a Spanish property development.
Footballers are always at risk of being encouraged to make unsafe investments. I remember several well known names losing a fortune from a Spanish property development.
How many footballers are from families or backgrounds that have any pedigree in the finance world? I know I'm not and I seem to fit the demographic as a potential target to whatever the flavour of the month investment pitch is.
The desire of the UK tax office to take as much off high earners as it possibly can contributes to this. I don't think super wealthy people are necessarily greedy but as someone who is in the 40% tax bracket it pisses me off how little I take from the system v how much I contribute so I can imagine the thoughts that go through the Jimmy Carrs and Gary Barlows of those world and they had just taken advice given to them, I doubt either are nefarious financial geniuses.
Robbie Fowler is always held up as an example of how to be sensible with a lot of money at a young age with good reason.
Also worth remembering Lee Clark is from a time in football where things were starting to go very well for players, he was definitely in the category of footballer below the really good ones and given that 50% of what he earned would have gone to HMRC, couple that with understandably but naively wanting to maintain a certain lifestyle and probably some daft decisions and it is really easy to see where his money has gone.
We are constantly on at the younger lot at work about the importance of doing your best not to live month to month and I used to get wound up by people telling me that as it's hard when you are trying to get a foot on the ladder, live and get by. That's when the eye rolling starts when I point out a decent sized deposit could come from the monthly PCP payments on an A class for example compared to a 10 year old motor.
The PFA do a decent job for their members in so much as a lot of unions do, encourage membership which in turn gets a collective power and I don't like the idea of forcing people to do things like give x amoh t of their salary up for pensions etc but they should definitely take a more direct approach to that and bring people like Lee Clark in to discuss realities.
So easy to see how it happens - Fowler mentioned above went into properties with his agent, and they've made a load of money off it.
But it only takes the footballer trying the same but trusting the wrong business partner, unlike someone like Fowler trusting the right one). I'm sure there's no shortage of blokes they play golf against or whatever trying the 'we'll both make a nice profit' line at them, and footballers trying to maintain that lifestyle after retirement.
So easy to see how it happens - Fowler mentioned above went into properties with his agent, and they've made a load of money off it.
But it only takes the footballer trying the same but trusting the wrong business partner, unlike someone like Fowler trusting the right one). I'm sure there's no shortage of blokes they play golf against or whatever trying the 'we'll both make a nice profit' line at them, and footballers trying to maintain that lifestyle after retirement.
That's the biggest mistake anyone who earns mega money can make - especially those who, like professional footballers, have a fairly short window at those earning levels. Save two thirds of income (and still live a great life on the one third that is left) for say 10 years and you then have 50% of your current spending level to last 40 years!
Also you might expect their agents to help on this side given the role they perform.
@Carter suggests maybe a life lesson for all is not to live up to your means but maybe a bit below to afford some contingency / leeway.
The biggest house / most expensive holiday is not the target some think it is.
It's something I've tried to live by, don't make myself full stretch at anything financially. My missus has a different view that it could all end tomorrow so money is to be spent. I don't disagree that living for the day is a fairly healthy life view however if there is a tomorrow I'd like to be able to afford it. If not, it isn't something I'll have to worry about or regret. I work hard for what I've got and I'd hate to have something like a house taken from me because I couldn't afford it.
Am sure I read once, that the PFA insisted that something like 10% of the players salary is paid directly into a pension scheme to ensure players don’t get such a shock when their career ends at an early age.
Do clubs have to match a players pension contribution like normal employers do? I'd never thought about this before!
Am sure I read once, that the PFA insisted that something like 10% of the players salary is paid directly into a pension scheme to ensure players don’t get such a shock when their career ends at an early age.
Do clubs have to match a players pension contribution like normal employers do? I'd never thought about this before!
No - and any employment pension scheme only ever leads to an employer contributing (matched) up to a certain percentage of salary, not open ended.
With the PFA scheme there is a set contribution from clubs via a transfer levy, currently £6,900 pa. Players can then opt in by adding their own contributions, or opt out.
Comments
Was sure he was involved in some shady deals with some east end gangsters. Think woolston manor near Chigwell which became Epping Forest Country Club ( pool party anyone?)
I agree that it is difficult to have sympathy for millionaires that 'speculate' to make more money and end up losing the whole lot but in truth they just want to make more money like the rest of us do. Many on here, probably, live like Kings compared to some members of our society - and that doesn't even start to scratch the surface of those in poverty in other parts of the world.
The Tax 'schemes' that many have been caught up in (including, so some degree, Glasgow Rangers) were just too good to turn down. I have been approached by people in the past that have offered me, and my clients, the opportunity to take advantage of the latest scheme, that they promise a top QC has assured is not going to go wrong. Anyone that enters one of those must know that they are risking a lot if it goes wrong - especially when they see what the chap peddling it is going to make from 'helping you out'. Five percent of the fund upfront and one percent a year. What does he care if it is overturned ten years later?
The problem is that I have worked hard to make my money and I don't have very much but footballers, especially at the top of the game, have had everything on a plate for them for most of their lives. They have money, and all the things it can buy, they are adulated by their fans, they are desired by women that will do almost anything for nothing in return, why should they have any doubts that this chap in a smart suit that promises to make them millions would be wrong, or lining his own pockets?
It seems obscene that someone earning £60k a week couldn't put some aside to retire on and be grateful for that but we all aspire to bigger and better things and they have temptations that we can only dream of, and plenty of people willing to help them spend their money.
Manchester City to win the Premier League @ 6/4 (finished 3rd and beaten by 13 points)
Newcastle top-four finish @ 9/4 (finished 5th and beaten by 3 points)
J Zikzee top Premier League goalscorer at 66/1 (scored 3 goals)
Fulham to be relegated @ 11/2 (finished 11th and survived by 29 points)
One promoted team to be relegated @ 13/8 (all three were relegated with 12, 22 & 25 points respectively)
B Leverkusen to win Bundesliga @ 11/4 (finished 2nd and beaten by 13 points)
Apart from the fact that he had 0/6 there really wasn't any "meat on the bone" for at least four of those predictions. That's nothing, though, compared to some of his statements, the best of which is the headline "New boy Zirkzee will give Red Devils a Dutch of class". The "boy" only missed out by 26 goals.
I've already put in my order for next season's preview.
Keep them well maintained and make sure they are a bit above the national average so as to attract a better standard of tenants….can’t always predict that of course.
You’ ll never have to do a hard days work in your life, unless you actually want to get involved yourself on day to day running of the business……gives you something to do.
Can’t go wrong with a bit of common sense.
I don't care what anyone says, you cut your cloth and let's remember footballers get the stereotype of being thick, its more true that they are just uneducated. Especially now when they are put into academies at such young ages and have ignored all academia because they won't need it as they are going to be a professional footballer. It isn't like the data isn't there to back up only one in about 250 will make a career int he game at professional level. So all well and good me saying they should have been more clued up as footballers are also a massive cash teat for a lot of people. Richard Murray says this about Scott Parker, basically none of his family worked and relied on him for money (whether thats factually true or not I don't know but thats what the Parker camp told Murray) then you have all the other remora fish that follow footballers and the peer pressure of previously mentioned cloth cutting. Nice home, big home with tall gates and security, cars, all that stuff and then the teat just stops. Thats what we have less sympathy for
It isn't like media work is close to being as lucrative as playing, nor coaching, management unless you land the Chelsea job for 9 months.
So all of a sudden if someone shows up with a film investment scheme I dont think its all about trying to reduce tax exposure as much as thats a big incentive but also about investing for their futures. They will be such easy targets for things like crypto, EFTs or whatever that nonsense was and they are creatures of habit and will succumb to peer pressure
Steve Claridge was on the Undrthecosh podcast(this one is brilliant btw).
Claridge said he lost loads as he was a gambler. However, he said that each time he won big he bought a property.
The geezer is very shrewd, plus never to be forgotten for the '94 play-off final winner
Still, he’s still got his £2m house so I won’t shed a tear for him just yet
How many footballers are from families or backgrounds that have any pedigree in the finance world? I know I'm not and I seem to fit the demographic as a potential target to whatever the flavour of the month investment pitch is.
The desire of the UK tax office to take as much off high earners as it possibly can contributes to this. I don't think super wealthy people are necessarily greedy but as someone who is in the 40% tax bracket it pisses me off how little I take from the system v how much I contribute so I can imagine the thoughts that go through the Jimmy Carrs and Gary Barlows of those world and they had just taken advice given to them, I doubt either are nefarious financial geniuses.
Robbie Fowler is always held up as an example of how to be sensible with a lot of money at a young age with good reason.
Also worth remembering Lee Clark is from a time in football where things were starting to go very well for players, he was definitely in the category of footballer below the really good ones and given that 50% of what he earned would have gone to HMRC, couple that with understandably but naively wanting to maintain a certain lifestyle and probably some daft decisions and it is really easy to see where his money has gone.
We are constantly on at the younger lot at work about the importance of doing your best not to live month to month and I used to get wound up by people telling me that as it's hard when you are trying to get a foot on the ladder, live and get by. That's when the eye rolling starts when I point out a decent sized deposit could come from the monthly PCP payments on an A class for example compared to a 10 year old motor.
The PFA do a decent job for their members in so much as a lot of unions do, encourage membership which in turn gets a collective power and I don't like the idea of forcing people to do things like give x amoh t of their salary up for pensions etc but they should definitely take a more direct approach to that and bring people like Lee Clark in to discuss realities.
But it only takes the footballer trying the same but trusting the wrong business partner, unlike someone like Fowler trusting the right one). I'm sure there's no shortage of blokes they play golf against or whatever trying the 'we'll both make a nice profit' line at them, and footballers trying to maintain that lifestyle after retirement.