Finance for athletes is very important. Although athletes work hard to achieve their goals, money often vanishes within a few years. That’s why finances for athletes must be on the radar of any elite athlete.
Gustavo Mirabal as an amateur athlete and lawyer understands the legal and financial advice needs of athletes. Gustavo Mirabal is a financial advisor who spends good time raising awareness of finance for athletes.
Next we will know why athletes should be aware of their finance or look for good advisors in the field. Soon you’ll know why finance for athletes is important.
Celebrities ruined by disrecognisment of “finance for athletes”
It’s very common for elite athletes to end up ruined. A study by consulting firm Schips Finanz brought even less encouraging conclusions in:
- Europe: Footballers who leave the sport, 50% end up bankrupt.
- United States: American footballers who leave the sport, 78% end up bankrupt.
A 2009 study by Sports Illustrated magazine also exposed that 60% of NBA players end up ruined. But even more serious is that this happens in just five years after retiring.
Here lies the importance of financial knowledge or professional advice. It’s not just about controlling expenses, it’s about how to make income maintain or increase in value. It is also important to comply with the laws and the tax to avoid fines that evade the hard-earned income.
They are definitely figures to consider when talking about the stability and future of an elite athlete. But it’s not just football and basketball players that are ruined. This is an evil that affects sport in general as we will see below.
- Mike Tyson (American Boxing Fighter): One of the world’s most famous pugilists during his career grossed $300 million. All this vanished and by 2003 he turned to the means to support him to put his life and finances back on track. His reputation for jewellery and luxury led him to waste as well as his cocaine addiction. Thanks to his “repentance,” the entertainment industry supported him and involved him in reality shows and films that have helped him recover.
- Evander Holyfield : The famous Holyfield lost a fortune worth $250 million. His 119-room mansion was auctioned because he was unable to pay the mortgage. The four-time world champion has trouble paying for the support of his 11 children. He is currently still with his new house sewn up for non-payment of mortgages.
- Poli Díaz (Spanish Boxer): Better known as the ‘Potro de Vallecas’ has had problems with drugs, violence and authority. He lost all his money because of it.
Basketball players ruined
- Allen Iverson (NBA Basketball Player): Lost his fortune due to his addiction to marijuana, gambling and a reputation for weapons.
- Antoine Walker (NBA Basketball Player): In 12 years he earned more than $100 million he lost to gambling and casino problems. A life full of luxuries and the real estate crisis were key in the loss of more than $100 million. In retrospect he felt like some friends and family around him took advantage of his fortune. In an interview he said, “During my career I went like an ATM.”
- Scottie Pippen (NBA Basketball Player): He was Michael Jordan’s partner in the fabulous Chichago Bulls. Unfortunately Scottie lost a fortune worth $120 million. This was due to bad investments and business. A lot of business ideas and investments went wrong. He ultimately lent more than 15 million to his personal adviser who never paid him back a penny of that.
- Ronaldinho (Brazilian world football player and European leagues): This famous player remains an idol of all time. However, debts do not forgive. His debts to the Brazilian prosecutor’s office took away his entire fortune. A fine imposed for building in a protected area took away their stability and future.
- Garrincha (Brazilian World Cup football player): The famous player was part of the Brazilian national team that won the 1958 and 1962 World Cups. While she was prepared for victory, she was not prepared for the money that came with her. His money went on in women and alcohol and at 49 he died in loneliness and addiction.
- Christian Vieri (Italian football player): Despite entering almost 100 million euros thanks to his career, Christian Vieri is ruined. Between overspending and failed investments, this man lost everything. Player of Juve, Inter, Fiorentina and Atletico Madrid. Also player of the Italian national team for the FIFA World Cup. His last $15 million was vanished by failed investments.
- Andreas Brehme (German Footballer): It was ruined by mismanagement and accumulated debts.
- Iván Zamorano (Chilean footballer): Bad financial advisers and terrible investments caused the Chilean footballer to lose his fortune. He currently faces lawsuits of 3 million euros and the courts have already seized several of his properties.
Ruined European league footballers:
- Paul Gascoigne: The English player from the beginning had problems of indiscipline. He started at the age of 18 and made a career throughout the English league. After I left football, he fell into alcohol and drugs. In recent years he’s been seen a little recovered.
- George Best: He is considered the greatest Irish footballer of all time. In 1968 he led his team to victory in the English league. That same year he received a best player award from France Football magazine. Women and alcohol were their vice and their undoing. Such was his addiction that he was credited with the following phrases:
- “In 1969 I left women and alcohol. were the worst minutes of my life.”
- “I’ve spent a lot of money on women, alcohol and cars. The rest I’ve wasted.”
Other athletes ruined
- Michael Vick (NFL Football Player): After being convicted of organizing illegal dogfights he lost everything. His football team contract for $130 million and sponsorships for $8 million vanished. His financial mismanagement ended up ruining it for good.
- Marion Jones (Athletics): Five medals at the Sydney Olympics in Australia, 3 gold and 2 silver, did not save her. A doping scandal took her to court with fines and imprisonment for half a year. Two years of probation and no money was the balance for Marion Jones.
How long does an elite athlete’s working life last? How you can learn “finance for athletes”
The working life of an elite athlete is between 10 and 15 years without injuries… do you need to think about the future? Gustavo Mirabal is here to give you advice on this and advise you.
Definitely a short period of time to accumulate the income and manage it to last the rest of your life.
Often the athlete starts his professional life very young and without the maturity necessary to manage so much money. That’s why counseling can be key to securing your future.
Finance for elite athletes.
The focus of Gustavo Mirabal and his company is Spanish-American athletes in European leagues. Still, its services really encompass any athlete who requires this type of advice.
Its services range from support for the signing of contracts with clubs and sponsors as well as legal and investment advice.
The important thing is that it is with Gustavo Mirabal or studying to acquire it, an athlete requires knowledge in finance. In future enlargements we will delve into the options and reasons to take the finance for athletes seriously.