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Post by kustokie on Jul 13, 2015 14:17:04 GMT
It's very difficult for ordinary folk living from pay check to pay check to understand why so many pro athletes lose all their dough.
Pablo Torres in a 2009 Sports Illustrate article claimed 85% of all National Football players are broke or bankrupt within two years of retiring.
www.si.com/vault/2009/03/23/105789480/how-and-why-athletes-go-broke
fivethirtyeight.com/features/theres-a-difference-between-broke-and-bankrupt-for-ex-nfl-players/
The main reasons why most highly paid athletes blow through their millions are the same as the reasons most lottery winners lose it all:
- Lure of the tangible - bad property investments
- Misplaced trust - relying on family members (e.g. Konoplanka, N'Zonzi) or slick, dishonest investment advisors
- Family Matters - The divorce rate for pro athletes in the US is 60-80%. Most footballers marry young and don't sign prenuptual agreements. So they can expect to lose 50% to divorce
- Great expectations -pressure to live the life style of the rich and famous, large entourage of hangers-on, big house/cars, Rolex Watches, and giving money away to friends and family they didn't know they had.
Add to this the fact that many pro athletes don't get good tax advice. Some do get good advice, which is why pro golfers, tennis players (and now footballers) live Florida rather than California. The top income tax rate in the US is 39.5% (over income of $406,000). There is no state income tax in Florida, in California it is 12.4%. So on an income of $10 million that's $3.95 million in taxes in Florida compared with $5.3 million in California. Not as bad as the 1970s in the UK when the upper rate was 95% - "one for you nineteen for me" - Tax Man, The Beatles.
"The only sure things in life are death and taxes" - Daniel Defoe (1726) made famous by Benjamin Franklin in 1789. For footballers you can add a 70% probability of divorce. So a badly advised footballer that fools around can expect to 75% of pre-tax earnings to taxes (50% to the government) and divorce (50% of what's left to the spouse).
Raheem Sterling beware!
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Post by cheekymatt71 on Jul 13, 2015 14:21:14 GMT
Happy Days
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Post by lawrieleslie on Jul 13, 2015 14:31:35 GMT
Are you a ventriloquist kustokie
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Post by foxysgloves on Jul 13, 2015 14:31:59 GMT
It's very difficult for ordinary folk living from pay check to pay check to understand why so many pro athletes lose all their dough.
Pablo Torres in a 2009 Sports Illustrate article claimed 85% of all National Football players are broke or bankrupt within two years of retiring.
www.si.com/vault/2009/03/23/105789480/how-and-why-athletes-go-broke
fivethirtyeight.com/features/theres-a-difference-between-broke-and-bankrupt-for-ex-nfl-players/
The main reasons why most highly paid athletes blow through their millions are the same as the reasons most lottery winners lose it all:
- Lure of the tangible - bad property investments
- Misplaced trust - relying on family members (e.g. Konoplanka, N'Zonzi) or slick, dishonest investment advisors
- Family Matters - The divorce rate for pro athletes in the US is 60-80%. Most footballers marry young and don't sign prenuptual agreements. So they can expect to lose 50% to divorce
- Great expectations -pressure to live the life style of the rich and famous, large entourage of hangers-on, big house/cars, Rolex Watches, and giving money away to friends and family they didn't know they had.
Add to this the fact that many pro athletes don't get good tax advice. Some do get good advice, which is why pro golfers, tennis players (and now footballers) live Florida rather than California. The top income tax rate in the US is 39.5% (over income of $406,000). There is no state income tax in Florida, in California it is 12.4%. So on an income of $10 million that's $3.95 million in taxes in Florida compared with $5.3 million in California. Not as bad as the 1970s in the UK when the upper rate was 95% - "one for you nineteen for me" - Tax Man, The Beatles.
"The only sure things in life are death and taxes" - Daniel Defoe (1726) made famous by Benjamin Franklin in 1789. For footballers you can add a 70% probability of divorce. So a badly advised footballer that fools around can expect to 75% of pre-tax earnings to taxes (50% to the government) and divorce (50% of what's left to the spouse).
Raheem Sterling beware!
I thought frogs went groke?? If so...... Toady Pulis, Froghino and Natterjack Clyne would all definitely go groke.
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Post by hartzchoco on Jul 13, 2015 14:33:11 GMT
It's very difficult for ordinary folk living from pay check to pay check to understand why so many pro athletes lose all their dough.
Pablo Torres in a 2009 Sports Illustrate article claimed 85% of all National Football players are broke or bankrupt within two years of retiring.
www.si.com/vault/2009/03/23/105789480/how-and-why-athletes-go-broke
fivethirtyeight.com/features/theres-a-difference-between-broke-and-bankrupt-for-ex-nfl-players/
The main reasons why most highly paid athletes blow through their millions are the same as the reasons most lottery winners lose it all:
- Lure of the tangible - bad property investments
- Misplaced trust - relying on family members (e.g. Konoplanka, N'Zonzi) or slick, dishonest investment advisors
- Family Matters - The divorce rate for pro athletes in the US is 60-80%. Most footballers marry young and don't sign prenuptual agreements. So they can expect to lose 50% to divorce
- Great expectations -pressure to live the life style of the rich and famous, large entourage of hangers-on, big house/cars, Rolex Watches, and giving money away to friends and family they didn't know they had.
Add to this the fact that many pro athletes don't get good tax advice. Some do get good advice, which is why pro golfers, tennis players (and now footballers) live Florida rather than California. The top income tax rate in the US is 39.5% (over income of $406,000). There is no state income tax in Florida, in California it is 12.4%. So on an income of $10 million that's $3.95 million in taxes in Florida compared with $5.3 million in California. Not as bad as the 1970s in the UK when the upper rate was 95% - "one for you nineteen for me" - Tax Man, The Beatles.
"The only sure things in life are death and taxes" - Daniel Defoe (1726) made famous by Benjamin Franklin in 1789. For footballers you can add a 70% probability of divorce. So a badly advised footballer that fools around can expect to 75% of pre-tax earnings to taxes (50% to the government) and divorce (50% of what's left to the spouse).
Raheem Sterling beware!
I thought frogs went groak?? If so...... Toady Pulis, Froghino and Natterjack Clyne would all definitely go groak. You misspelled 'groke'.
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Post by dutchstokie on Jul 13, 2015 14:38:13 GMT
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Post by cheekymatt71 on Jul 13, 2015 14:49:32 GMT
I wouldn't let it go to my head if I had squllions of pounds....... View AttachmentI always had you down as a Dandy Jimmy
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Post by Deleted on Jul 13, 2015 14:51:51 GMT
Just give me the chance!
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Post by dutchstokie on Jul 13, 2015 14:57:25 GMT
I wouldn't let it go to my head if I had squllions of pounds....... View AttachmentI always had you down as a Dandy Jimmy Haha mate Id be up to me nuts in guts in 'Ria's' with just a monocle and me riding boots on..... Attachment Deleted
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Post by Deleted on Jul 13, 2015 15:07:44 GMT
Do they buy too many gottles of geer.
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Post by richardparker on Jul 13, 2015 16:09:23 GMT
As George Best famously said, "I spent a lot of money on booze, birds and fast cars. The rest I just squandered."
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Post by Deleted on Jul 13, 2015 16:20:07 GMT
As George Best famously said, "I spent a lot of money on booze, birds and fast cars. The rest I just squandered." One of the finest quotes of all time
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Post by kustokie on Jul 13, 2015 16:32:34 GMT
I was going to change "groke" to "broke", but I kind of like it so I think I'll leave it!
Jimmy Mantle (famous baseball player) died of liver failure at 53. He's reported to have said "If knew I was going to live this long, I'd have taken better care of myself".
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Post by The battheader chronicles on Jul 13, 2015 16:51:03 GMT
It's very difficult for ordinary folk living from pay check to pay check to understand why so many pro athletes lose all their dough.
Pablo Torres in a 2009 Sports Illustrate article claimed 85% of all National Football players are broke or bankrupt within two years of retiring.
www.si.com/vault/2009/03/23/105789480/how-and-why-athletes-go-broke
fivethirtyeight.com/features/theres-a-difference-between-broke-and-bankrupt-for-ex-nfl-players/
The main reasons why most highly paid athletes blow through their millions are the same as the reasons most lottery winners lose it all:
- Lure of the tangible - bad property investments
- Misplaced trust - relying on family members (e.g. Konoplanka, N'Zonzi) or slick, dishonest investment advisors
- Family Matters - The divorce rate for pro athletes in the US is 60-80%. Most footballers marry young and don't sign prenuptual agreements. So they can expect to lose 50% to divorce
- Great expectations -pressure to live the life style of the rich and famous, large entourage of hangers-on, big house/cars, Rolex Watches, and giving money away to friends and family they didn't know they had.
Add to this the fact that many pro athletes don't get good tax advice. Some do get good advice, which is why pro golfers, tennis players (and now footballers) live Florida rather than California. The top income tax rate in the US is 39.5% (over income of $406,000). There is no state income tax in Florida, in California it is 12.4%. So on an income of $10 million that's $3.95 million in taxes in Florida compared with $5.3 million in California. Not as bad as the 1970s in the UK when the upper rate was 95% - "one for you nineteen for me" - Tax Man, The Beatles.
"The only sure things in life are death and taxes" - Daniel Defoe (1726) made famous by Benjamin Franklin in 1789. For footballers you can add a 70% probability of divorce. So a badly advised footballer that fools around can expect to 75% of pre-tax earnings to taxes (50% to the government) and divorce (50% of what's left to the spouse).
Raheem Sterling beware!
Same as lottery winners.!too much too young from families who generally speaking have had bugger all before so there is no president set on how to deal with having money
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Post by Deleted on Jul 13, 2015 17:09:15 GMT
As George Best famously said, "I spent a lot of money on booze, birds and fast cars. The rest I just squandered." One of the finest quotes of all time The other one I remember is him returning back from the casino, thousands of quid up (and the 70's to boot!), a miss world on his arm and going back to the presidential suite of a top London hotel and calls room service. Shortly a waiter arrives, a little old chap, with a champagne bucket full of ice and several bottles of the top sparkly stuff. The old chap enters the room, sees Bestie's winnings on the bed, looks into the ensuite to see the Miss World getting into something comfortable, looks at the champagne and says to Best with a shake of the head: " Where did it all go wrong, sir?" How comic and how poignant, a sad man tormented by addiction to control his fears and a genius on the pitch wasted when the former corrupted the latter
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Post by riccyfuller93 on Jul 13, 2015 17:16:31 GMT
Good job I'm not a footballer then.
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Post by nonameface on Jul 13, 2015 17:29:00 GMT
I personally think there is some kind of tax dodge they are all doing. Maybe transferring their assets offshore into trust and then reducing their assets to a point that when faced with a personal tax bill they declare themselves bust so they don't have to pay it, but have hidden assets they can use aftwards tax efficiently.
Musicians have done things similar to this in the past.
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Post by Deleted on Jul 13, 2015 17:34:29 GMT
all footballers should follow my example and lead a more humble life ......
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Post by iamcliveclarke on Jul 13, 2015 17:38:13 GMT
Is it too much to ask for a gorrectly spelt thread title?
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Post by kustokie on Jul 13, 2015 21:57:03 GMT
I personally think there is some kind of tax dodge they are all doing. Maybe transferring their assets offshore into trust and then reducing their assets to a point that when faced with a personal tax bill they declare themselves bust so they don't have to pay it, but have hidden assets they can use aftwards tax efficiently. Musicians have done things similar to this in the past. Only the smart ones. The others bo groke!
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Post by craig67 on Jul 13, 2015 22:09:37 GMT
I think I read somewhere a few years ago that the divorce rate for professional footballers after they retire is 43% or thereabouts.
Too much time on their hands/wife not used to them being around/feeling is that it-35 and finished?
I suppose alot like being in the army-everything is decided for the most part for you and is dealt with by somebody else.
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Post by kustokie on Jul 13, 2015 22:18:44 GMT
I think I read somewhere a few years ago that the divorce rate for professional footballers after they retire is 43% or thereabouts. Too much time on their hands/wife not used to them being around/feeling is that it-35 and finished? I suppose alot like being in the army-everything is decided for the most part for you and is dealt with by somebody else. That and they find out that their spouse has been banging the milkman while they're away on tour in Singapore!
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Post by kustokie on Jul 13, 2015 22:26:46 GMT
I personally think there is some kind of tax dodge they are all doing. Maybe transferring their assets offshore into trust and then reducing their assets to a point that when faced with a personal tax bill they declare themselves bust so they don't have to pay it, but have hidden assets they can use aftwards tax efficiently. Musicians have done things similar to this in the past. Only the smart ones. The others bo groke! Actually it's not as simple as it sounds. They do have to establish residency, own property and spend some time there, which must be quite tedious. For example, Eric Clapton has a little place in the Grahamas (sorry Bahamas). It must be very tiresome having to nip over for a couple of weeks in the sun at Christmas in a Lear Jet, missing all the queues/lines, delays, cancellations, missed connections, lost luggage, shit food, no food, expensive drinks, no drinks, drunk passengers, crying babies, suicide gomgers etc. - as I said all very tedious just to save a few million dollars/quid.
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Post by Bojan Mackey on Jul 13, 2015 22:31:16 GMT
There are rare occasions where a footballer makes the right investments though, look at Thomas Gravesen, he invested a lot of his capital in small, just starting businesses in his native Denmark, last year he retired to Las Vegas worth £150 million.
So it can, albeit scarcely, go the other way.
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Post by parttimelurker on Jul 13, 2015 22:34:24 GMT
Cheque.
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Post by kustokie on Jul 13, 2015 22:53:06 GMT
There are rare occasions where a footballer makes the right investments though, look at Thomas Gravesen, he invested a lot of his capital in small, just starting businesses in his native Denmark, last year he retired to Las Vegas worth £150 million. So it can, albeit scarcely, go the other way. Yep. And David Beckham's not doing too gad either - net worth $350 million and climbing. Looks like Steven Berrard is smart enough to follow suit. Unfortunately, they are the exception that proves the rule.
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Post by craig67 on Jul 13, 2015 22:58:23 GMT
Lee Hendrie is a classic example.
His Villa paycheck was leaked in the NOTW when he was with us on on loan-and after tax & with his game and win bonus it was £80K+ a month.So £960K+ a year after tax!!! And he still went bankrupt.
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Post by dozintheseventees on Jul 13, 2015 23:13:20 GMT
One of the finest quotes of all time The other one I remember is him returning back from the casino, thousands of quid up (and the 70's to boot!), a miss world on his arm and going back to the presidential suite of a top London hotel and calls room service. Shortly a waiter arrives, a little old chap, with a champagne bucket full of ice and several bottles of the top sparkly stuff. The old chap enters the room, sees Bestie's winnings on the bed, looks into the ensuite to see the Miss World getting into something comfortable, looks at the champagne and says to Best with a shake of the head: " Where did it all go wrong, sir?" How comic and how poignant, a sad man tormented by addiction to control his fears and a genius on the pitch wasted when the former corrupted the latter Then there's the night that he retired to bed with (yet another) beauty and left £2,000 at the side of the bed. When he woke up in the morning the girl had gone and so had his £2,000. When the 'room service' guy arrived and asked Mr Best how he was today, he replied that, sadly, he wasn't feeling too grand this morning.
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Post by JoeinOz on Jul 14, 2015 5:43:02 GMT
Not just footballers. 50 Cent as well.
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Post by y_oh_y_delilah on Jul 14, 2015 5:50:17 GMT
Is it too much to ask for a gorrectly spelt thread title? What!! Dunna be so daft. You'll be asking for common sense in the replies next!
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