Way round that.
Wes Brown declared bankrupt
- Thread starter UnofficialDevil
- Start date
"Bankruptcy" for people who used to be worth millions doesn't mean they'll struggle to put food on the table.
Just saying.
(It was probably clear anyway - but just in case.)
Just saying.
(It was probably clear anyway - but just in case.)
Yep.
He earnt more money in a week than most people earn in a year.
To end up broke from that point, is almost unthinkable, but somehow, he has managed to achieve that incredibly difficult feat.
For a better example, all footballers should look to see what Robbie Fowler did. He hired a guy who used to buy properties and Fowler gave this guy money to buy tonnes of properties. That set him, his family and his descendants up, for the rest of their lives.
Robbie Fowler (and other footballers') property acquisitions
This has been demonstrated by many sports athletes (including Wes Brown).
Robbie Fowler did well but got lucky in that he had a good advisor. Wes Brown will have had bad advice and been investing in "stuff" to give an income post football that all went bad - most of the time it is down to the good or bad advice you get - Fowler got a good advisor and Wes a terrible one, I would imagine.
It's very sad but as a lot have said, he'll almost certainly still have a big house and live a lifestyle that is alien to 99% of the population.
It's very sad but as a lot have said, he'll almost certainly still have a big house and live a lifestyle that is alien to 99% of the population.
Yes, it's an area I actually used to work in with some public figures and it's common to find they're getting pushed to invest in capital intensive business like pubs, restaurants,hotels.
They also tend to get weird 'tax - efficient structures' put their way which doesn't do what their sales team told them and it annoys hmrc.
They can also be impulsive, suddenly buying property because 'bricks and mortar' but they haven't thought about tenancy, management cost, how to deal with the income, how to manage their overall risk because they've now got a very focused portfolio.
Once you start getting any attention or outstanding tax bills I'd have to get their lawyer and accountant and they'd really have to pin them down, often with their tax consultant.
And that gets expensive. Yet another expense that comes with that life.
It's easy to say they aren't due any sympathy and I do understand but it's also quite a shock for that first generation of PL players, the top would be getting around £5,000 to £7,000 a week.
A decade or so later, £50,000 to £70,000 weekly wages are happening while ultimately we see the likes of Bale or CR7 making €500 to €700k a week.
Some of those first gen players really need to be prudent financially when they retire from playing.
Imagine you reflecting on your previous job when you won 'best tractor salesman in the west' about 30 years ago and you find out the current winner is earning 100 times more!
Unfortunately I think lip service is paid to the law regarding education and a lot of guys just have very little understanding and rely on skilled people who don't come cheap but are honest and they have no 'angle' or anything to sell.
If I was 15 and an Academy player, I wouldn't be any different.
Sounds like Wes hasn't paid his taxes as it's HMRC who have applied to put him in bankruptcy
possibly he had poor tax advice in the past and it has now caught up with him
Sad to hear anyway
possibly he had poor tax advice in the past and it has now caught up with him
Sad to hear anyway
Cant understand why footballers don't invest in property, as in property that is at their level, buy cheap and sit on it and getting low rent, only thing in life is it, everyone needs it, short term getting by, your life is secure, 30 years later, property paid after 20, ching ching,
Since theres commentary on the bigger picture -Lack of financial literacy. It's a major problem for athletes coming from anything other than an upper middle class background and especially predominant with black male athletes.
There was a bit this week where PSG's Achraf Hakimi ex-wife tried to claim half his £70m worth but got nothing as it turns out he officially hasn't a penny as absolutely everything is in his mum's name, even his PSG wages. Looks like a good way to protect yourself from the gold diggers but better keep up the mothers day cards.
How can your wages be in someone else's name? Clever though if that's how protected himself
That Hakimi story is probably fake.
But, back in the day in the UK, players used to be allowed to get paid their image rights fees to a company instead of themselves. Players like Rooney had a huge chunk of their “wages” classed as image rights and the payments were sent to an offshore company. Rooney used to have an effective tax rate of sub 20% cos of this. They ended up stopping this though, but it might still be a thing in France?
Surely you can't have your wages paid to someone else? Or constantly have to send money to her?
If he owes money and he's earning say 50k a week there's an easy way to tap into that.
Why?
I'm sure you can have your wages paid into whichever bank account you want. As long as there's written instruction to do it then I can't see why it'd be a problem.
I thought it was strange when I spotted him working in the Stockport branch of Superdrug last Monday. All makes sense now. Poor bugger
Give him a deal till the end of the season then.
What? I thought he was doing well. Also saw him on the telly as a pundit several years back.
I don't think any tax authority would allow someone to artificially reduce their tax. Everyone would do it then.