Riches to Rags: Millionaire footballers who lose everything

[dom9]

Ha ha nice one . I don't know many BA's - I'll PM you properly later!

It's a good job BUT I was recently employed at a Consultancy and it was madness what was expected of a BA. We were required to do the work of a technical architect, do systems analysis, user trainining and produce various pointless UML diagrams which were not required. Inevitably I left within 6 months!

I'm a BA.

Educated or not, money management is pretty much common sense to be honest.

Your job is to be methodical and apply logic to solve a variety of problems. That is a particular skill and not all people possess it.

The same applies to financial planning, creativity, mathematics or any other field.

That's life. I would have imagined that somebody with your alleged level of insight would be able to see and understand that.

[dom9]

Educated or not, money management is pretty much common sense to be honest.

Thinking about this some more, this is quite ironic given some of the debates we have had over the years.

Not having a go, just saying that you've put forward the odd argument here and there which doesn't hold up to scrutiny. I.e. Your idea of common sense not being particularly accurate in the greater scheme of things.

[dom9]

Anyhow, my point is that everyone is different, from inate ability in whatever sphere, to life experiences. Saj is clearly fortunate in that he has had a solid grounded upbringing and he is blessed with common sense and an ability to learn quickly. Life is a lot easier when you have those tools.

Many people aren't quite as fortunate, so when things go a little bit wrong, maybe we could be more sympathetic towards them rather than sneer from an ivory tower.

[saj]

I'm a BA.






Your job is to be methodical and apply logic to solve a variety of problems. That is a particular skill and not all people possess it.

The same applies to financial planning, creativity, mathematics or any other field.

That's life. I would have imagined that somebody with your alleged level of insight would be able to see and understand that.

You're a BA too - nice one.

And my alledged level of insight? That's a bit patronising. I think, sorry I know it's common sense. As Baracus says, if you spend beyond your means then that pretty much means you are an idiot and deserve zero sympathy. That simple equation does not need much mathematics or financial planning FFS or any form of education. How good do you think my parents were at financial planning? They can barely speak English and have have had no education.

Here is a real life example that occured: an individual has £20 remaining and has to feed himself for a week using that money. That individual instead chooses to puchase some sort of DVD for £16 leaving him with enough money to feed himself for a day and having no money for the remainder of the week. Who does he have to blame for that? The answer is himself. Forgive me for not understanding why that individual felt it necessary to purchase a DVD over a neccesity such as food? Maybe you can offer a better insight on that and illustrate why my point of view is wrong given the example above.

The example above is a scaled down example of what happened to Hendrie and other people in this world. I have zero sympathy for those who spend beyond their means.

[saj]

Anyhow, my point is that everyone is different, from inate ability in whatever sphere, to life experiences. Saj is clearly fortunate in that he has had a solid grounded upbringing and he is blessed with common sense and an ability to learn quickly. Life is a lot easier when you have those tools.

Many people aren't quite as fortunate, so when things go a little bit wrong, maybe we could be more sympathetic towards them rather than sneer from an ivory tower.

I agree with that 100%. There are people enter into financial hardship due to things beyond their control. But see my quote above and this one earlier:

It's those who lose control who only have themselves to blame and there is plenty of people. I will give you an example: I purchased a repossesed property. The person who lived in the property I purchased had money troubles for what apppeared to be over a year. He had plenty of opportunities to sell his property and I know this as I found various letters. I also found a reciept for a Louis Vutton item that had been purchased in his name for well over a £1000 just a month before the flat was repossesed. So even though he was in financial difficulties he was still spending £1000's of pounds. Does that make him an idiot?

Do you still have sympathy for this person who despite his money troubles went out and spent £1000 plus on some designer item? I think it was a wallet too!

[Scaramanga]

Do you work for a company in Leeds beginning with L?

No, the big 4 accountancy firm beginning with k and ending in pmg.

I deal with personal insolvency on a daily basis and whilst I agree that firms like mine and solicitors take advantage to earn their fees out of the problems the bankrupts have made, in most cases it is the banks who lose out.

I would also add that 99% of my bankrupts are either crooked, stupid or both. I got the occasional poor old dear who hasn't been able to pay her council tax and racked up debts just to survive but they are very, very rare.

[little dave hedgehog]

maybe they just can't afford you.

[Kenneth]

You can't spell analyst without...

help?

[Scaramanga]

maybe they just can't afford you.

In a strange way, although bankrupts don't 'pay' for their trustees, your logic is sound. There has to be money in the job for us to seek to be appointed by the creditors as we usually get paid out of the realisation of assets we sell (we get first dibs before creditors). So, there are certainly a lot of unfortunate individuals, particularly in this recession who are bankrupt out of an inability to pay their daily living costs, but if they don't have a house with equity or any other assets there will be nothing to pay fees. We just wouldn't see these and the official receiver would deal with it.

[little dave hedgehog]

i actually wasn't joking, so it makes me happy that i was not hell of wrong.

[EwarWoo]

All the talk of spending beyond means is irrelevant. He didn't. He did the right thing. He invested first and blew what was left.

If he invested wisely or not is a separate discussion, however it is a risk everyone is open to.

The difference with footballers to the rest of the population is their career ends suddenly at 35.

Most people at that age are at a stage in their career where they're still moving up and receiving gradual increases to income. So if investments go wrong it's awful, but recoverable.

A professional sports star's career is over. If they don't have what it takes to get into management or tv punditry their only option is to go Q up at a Job Centre with the teenagers and get something minimum wage which won't support even close to a lifestyle they're used to.

If we feel they deserve that lifestyle or not is irrelevant, they still face a massive change which will have huge emotional impact. They go from luxury to a lower lifestyle than an average person of their age with financial challenges outside of their skillset.

[Fernandinho]

All the talk of spending beyond means is irrelevant. He didn't. He did the right thing. He invested first and blew what was left.

If he invested wisely or not is a separate discussion, however it is a risk everyone is open to.

The difference with footballers to the rest of the population is their career ends suddenly at 35.

Most people at that age are at a stage in their career where they're still moving up and receiving gradual increases to income. So if investments go wrong it's awful, but recoverable.

A professional sports star's career is over. If they don't have what it takes to get into management or tv punditry their only option is to go Q up at a Job Centre with the teenagers and get something minimum wage which won't support even close to a lifestyle they're used to.

If we feel they deserve that lifestyle or not is irrelevant, they still face a massive change which will have huge emotional impact. They go from luxury to a lower lifestyle than an average person of their age with financial challenges outside of their skillset.

Not sure about in the UK but as you know in Australia that is no way the case. A youth player from Sydney FC used to work at the cafe I work at on the weekends to get a little extra cash. Its not hard for them to find simple work like that here. Especially with so many contacts and their famousness, surely finding a simple job is not anywhere near as hard as basically going to the welfare office and going on the dole/a bottom of the barrel job. Its a simple matter of trying.

[Scaramanga]

Also, why does being a pro footballer prevent them from getting a decent education? Even if they turn pro at 16, they should have enough spare time between training to get at least A level standard and let's face it, they ought to have capacity to do open learning courses outside of their training too. Instead the majority will gamble on making a hugely successful career as a footballer and, if it goes tits up, they have nothin to fall back on.

[dom9]

I agree with that 100%. There are people enter into financial hardship due to things beyond their control. But see my quote above and this one earlier:

Do you still have sympathy for this person who despite his money troubles went out and spent £1000 plus on some designer item? I think it was a wallet too!

Yes you're right. I was being somewhat patronising. I was basically patronising you in the way that you are patronising some of these people.

Some people need help. Some people don't. Pretty simple really.

You were able to afford a property without over extending yourself? In fact, with finance to spare? Well done. Congratulations. You're very lucky to do that in the current climate. You're in the minority there I'd say.

Anyway, I've said all I want to on this subject. I'll leave it there.

[Norbs]

I agree with that 100%. There are people enter into financial hardship due to things beyond their control. But see my quote above and this one earlier:



Do you still have sympathy for this person who despite his money troubles went out and spent £1000 plus on some designer item? I think it was a wallet too!

Slightly different issue but, there was an item on the news last week where they talked about rent arrears having risen 30% (Southwark I think) after the government/council brought in a new legislation where the rent money was given to the tenant and not to the landlord as previously. No ****.

The LV guy knew what was going to occur and possibly bought the item with a credit card that they were also going to default on. Thing here is that we're talking about people who may have lost their job and who were almost certainly not on £1m a year. I have plenty of sympathy for people who are genuinely in need but there are scales of sympathy.