5 Ways Footballers go Broke 😳

5 ways footballers go broke. Most footballers are not taught how to manage money, and if you get a windfall of money and start making good money but you don't know how to manage money, this could be a very big problem for you. Money tends to exaggerate your existing traits. So if you've not learned how to manage and master money, making a decent amount of money can be a curse, not a blessing. And this is why I've used the example of footballers, because footballers can go very broke despite making a lot of money. In fact, they can be worse off financially than when they started playing professionally. And there's 5 main ways that footballers go broke. but this is a great indication of mainstream society and how most people go broke. So some good solid tips for you. If you find my content useful, all I ask is that you share it. So the first way that footballers go broke is they go broke trying to look rich. They'll buy a car and spend 100 grand on add-ons. They'll be very concerned about their image. You know, looking really good on social media, and they'll spend and waste a load of money. They'll go broke trying to look rich. Instead, what you want to do is act broke for a few months or a few short years and save and invest money, and you'll end up being rich. The second way, and this is huge, huge, that footballers and rappers, etc., go broke is that they have hanger-on friends and people who use them. So I've been a victim of being used and abused as an entrepreneur for the money that I've made, and I know how it feels, and it's not great. And Mike Tyson lost hundreds of millions having a massive entourage of hanger-onners and abusers. And I don't necessarily mean physical abuse, but abuse— financial abuse. So don't have hanger-onners and leeches and people who just want you for your wealth. And this happens a lot to footballers and celebrities. Choose your friends closely. Very important. They say your network is your net worth. Okay, the third way that footballers go broke is they spend money on depreciating liabilities— cars, watches, bling, really over-the-top luxurious travel and accommodation that they really don't need. That's linked to number 1, going broke trying to look rich. But wealthy people invest in appreciating assets, and people who don't understand money buy depreciating liabilities and bling, aftermarket upgrades on cars. They ice their watches and all these things that depreciate in value. The fourth reason that footballers go broke is because they don't realize that most of the money they earn, they don't get. So they are taxed half their money, their agent takes 10 or 15 or 20%, and actually they can end up being left with only 30 or 40% of the money that they earn, and they don't budget properly. I remember interviewing someone who was in one of the biggest bands in the world, and I said, 'You know, what's the worst advice you ever received?' And he said that a million pounds is a million pounds. Because when you earned a million pounds, you might only be left with £300,000 after the agent's fees and, you know, the taxes and everything else. So you've got to know how to budget properly. And then the fifth reason that footballers go broke is that they don't manage their own money, and they have all these agents and advisors who are apparently independent that are just fleecing them, or advising them to invest their money everywhere in things that they don't understand or for their own commissions. So be wary of everyone wanting to manage and spend your own money. You must learn to manage your own money. You cannot master what you do not measure. Are you budgeting? Are you planning? And you must learn to manage your own wealth. I'm gobsmacked at how many people will consider to use an IFA, but they won't learn the fundamentals of money management. So please hit the share button if you find my content useful. Um, I'm on a mission to help as many people start and scale their business, get better financial education and knowledge. In the cost of living crisis we're going, the soaring inflation and the soaring expenses and fuel, I am doing my bit to help as many people as possible. So please do share my content. I'm going to do daily content on money and managing money and making money and mastering money. Quick summary then: the 5 ways that footballers go broke, which common people do too. 1, they go broke trying to look rich. 2, they have hanger-on friends and the wrong people in their network. 3, they spend on depreciating liabilities and bling. 4, they don't realize that their wage is not what they get, and they don't take off the agent's fees and the taxes. And 5, they have other people manage their money instead of their own. If you reverse those, for example, if If you go rich by acting broke for a while, if you get rid of all hanger-onners and only have good people in your network, if you spend on appreciating assets rather than depreciating liabilities, if you know what you earn net, not just gross, and you manage your tax affairs and you offset a lot of expenses, and you manage your own money and only trust yourself to truly invest your money, then you're going to go from broke to rich very quickly. Tahir has mentioned gambling. Absolutely, lots of people gamble their wealth away. I never gamble. Gamble. I only back myself, uh, when I can control the variables. Okay, so if you want to learn to start and scale your business, get better financial education and knowledge, if you want to create multiple streams of recurring income, build digital assets, and not just survive but thrive in this cost of living crisis, I invite you to join Rob.team. So Rob.team is a platform where you can access 15 pieces of premium content from me every month on starting and scaling your business, getting better financial education and knowledge, building assets, um, you know, maybe monetizing your personal brand and monetizing social media. So the link is rob.team. Simply go to rob.team right now. Do it right now because I gotta go. I've got my friend who's waiting for me. We're gonna do a a podcast together on Don't Marry an Entrepreneur. That'll be a fun one. But if you open a browser now, um, you know, an internet browser, and just type in rob— as in my name, Rob— dot team, you can join for just the cost of a large cup of coffee. Now I have 62 of them a month, and you only have to invest once per month. It's just a fiver, um, for 15 pieces of premium content a month. Premium creamy large coffee. Um, and you know, so it's basically you're investing in yourself. It's offsettable against tax if you have a company, so it only costs you about 3 quid. Um, and I do masterclasses every month. I've got the Recurring Income 2-Day Summit coming in a few weeks' time, only for Rob.team members. R-O-B.T-E-A-M. You just need to type that into a browser. You can't click the link here, you have to type it in. Um, but on the Recurring Income Summit, I've got the head of Netflix as a keynote speaker. I've got someone who sold half a billion books, and I'm doing content on creating multiple streams of recurring income. We also have the Social Media Monetization Masterclass. So if you'd like to monetize social media, you know, if you'd like to monetize your personal brand and monetize every social media platform for free, then join rob.team right now. R-O-B team, and you can get, get that as a free masterclass. That would be a $500 one-day masterclass if you're not a member of rob.team. In fact, the 2-day Recurring Income Summit, the VIP tickets are $1,000, but it's all free just when you pay your monthly subscription. rob.team. You can cancel anytime. There's content going back 3 years. In fact, I'm celebrating the 3-year anniversary which is why I've held the founder members price. It will be going up significantly from just a fiver a month. I've got thousands of members, so you've got a great network, you've got community, you've got accountability and ongoing education. Right now in this cost of living crisis, you cannot save your way to wealth. You can't save your way out of this cost of living crisis. You can only earn your way out, create extra income streams, additional income streams, and multiple income streams And I'll teach you how to do that with content 15 times a month at rob.team. So go and open a browser right now, r-o-b dot t-e-a-m. Do it now. Hit the share button because I'm, you know, doing these daily videos on money to help people survive and thrive through this cost of living crisis because there are going to be a lot of opportunities A lot of opportunities if you know how to create wealth. Okay, so quick summary. The 5 main ways footballers go broke, which of course the mainstream masses do as well: they go broke trying to act rich, they have hanger-on friends who leech them, they spend money on depreciating liabilities, they don't realize that what they earn, agents and wage and taxes come off that, and they can sometimes only earn 30% of actually what they earn net. They don't budget for that, and they don't manage their own money. They let advisors and agents manage it for them, and therefore they lose it. Agents and managers are often— and advisors are often only really interested in their commissions. These are facts. Don't fall for these. Instead of going broke trying to act rich, get rich by behaving broke for a while. Instead of having hanger-on friends, have mentors. Like, you could have me as a mentor. On rob.team for just a fiver a month. Now obviously I'm not doing one-to-one calls or coming over your house, but you get my content and essentially me as a remote mentor. So go to rob.team, open a browser and type it in right now if you haven't already. Don't spend money on depreciating liabilities, invest money into appreciating assets. Rob.team is an appreciating asset for you. Make sure you know what you earn net as well as gross. And learn to manage your own money. And you'll learn, like almost daily, you'll learn from me on how to manage your own money on rob.team. So I'll see you there, rob.team. Hit the share button right now. Let's help as many people as possible in this cost of living crisis. The government aren't going to save you, but I can help. And also remember this: if you don't risk anything, you risk everything.