Being a professional soccer player is a lucrative career, with the top-paid players in the Major League Soccer earning between $2.3 million - $5.6 million as a base salary. In the Premier League, meanwhile, the highest paid soccer players will earn over $10 million a year. These figures are mind-blowing to say the least and can give the impression that soccer players will be comfortable for life. With two in five footballers going bankrupt, however, being savvy when it comes to financial management is crucial. Putting careful consideration into your lifestyle choices and investments is key to ensuring a stable future during your playing career and beyond it.
No matter what stage of life you’re at - whether getting by as a recent graduate or living the high life as a successful soccer player, budgeting is key to effective money management. You may be able to afford luxuries when your playing days are going well, but remember that it only takes an injury or accident for it all to go wrong; professionals like Josip Vukovic experienced this first hand. Soccer careers are short and you need to have the right mindset when it comes to planning for your future. With this in mind, put serious thought into the essentials that you want to live with on a day-to-day basis and work out how much this will cost each month. Treat this as your budget for each month and save the remaining income
Seek advice from trustworthy financial advisors
Soccer players are easy targets when it comes to making money. After all, they made their money from sports and are unlikely to have a lot of experience in accounting. They will be focused on training, performing well and succeeding as a player. Advice from reputable financial advisors is therefore key. Spend the time to research reliable accountants and financial advisors who are experienced in the soccer industry. Seek recommendations from fellow players and make the time to meet a few different people before choosing someone. There is a lot at stake after all.
Something a good financial advisor will do is guide players on how best to invest their money. Professional soccer players want to be able to focus on playing without the stress of needing to worry about return on investments. Depending on a player’s earnings, it may well be that the financial goal is to maintain and protect a level of wealth; this can allow them to enjoy their career in the knowledge that they have enough money to live comfortably once their playing days are over. This might mean investing in property and renting it out, or investing in a low-risk pension. Whatever players opt for, it is important to make sensible investments that will enable them to concentrate on soccer and manage the day-to-day pressures that come with it.
It’s easy to think that professional footballers are set for life when it comes to money. However, in reality only a very small percentage earn enough to be truly worry-free. Whatever one’s earnings, we all need to move within our means, and with high income often comes high outgoings. Given the short career of a soccer player, putting the time into planning for your future and managing your money accordingly is vital.