It’s hard to imagine spending all that but I could easily see how you could get carried away & think it’s only so & so, it’s only a tiny percentage of my wage etc. Been honest, I’d have a mansion, I’d want a swimming pool, I’d want a home gym, I’d want a home cinema. Why not? I’d want a nice car. Holidays? I’m going all over, Maldives, Hawaii, Thailand, Australia, New Zealand & anywhere else I’ve not been that takes my fancy. I think more importantly than that I’d want to treat my family & friends. If I’m earning over 200k a week there’s no way I’m watching my mates struggling to pay their mortgages & bills. Stag do’s? I’m paying. I’ll buy drinks. I wouldn’t want them supping champagne at thousands a bottle but they wouldn’t be buying beer. Parents, they can have what they want, clear their mortgage if they’ve got one. Treat them to nice holidays & cars & a better house if they want it. You can do all this & still save fortunes a week on that kind of money. Put it in investment bonds. Draw 5% of the value tax free. That could be what Lallana’s doing? Buy property & rent it out. But I’d be living the good life & my loved ones would be too. You get one shot at life & I want to enjoy it as best I can.
Really good point this about teaching personal finance in schools. They still don’t seem to do it and I can’t fathom out why. It’s really important to teach people how to manage their finances and I am sure is a big contributor to poor mental health.
Yep. Agreed. I grew up in a different era with no social media to deal with etc but I was taught nothing about personal finances, critical thinking, social awareness etc but I can reel off the names and dates of Marlborough's victories in the Spanish War of Succession amd tell you about Wallenstein's role in the Thirty Years war in the 17th Century. All of which has been of zero use in the ensuing fifty years.
A lot is about being open with your kids about money. From being little, mine have known that money is needed for a mortgage, for the electricity, to run a car etc etc. Best is when they got their Saturday jobs and realised how many hours work was needed to pay for a night out. Made them much more cautious with money!
They don’t have to pay tax on money they’ve given away but they also no longer have the money they’ve given away. If you give away £100 you don’t have to pay the £20 tax on it but you’re still £80 worse off and the charity is £100 better off.
Look forward to your next contract where you can demand even more money that you can't possibly spend' Messi is a prime example the guys worth half a billion quid and as had to quit Barcelona because they couldn't afford his wages' just think what an absolute god he would have been at the nou camp if he'd said "d'ya know what' Barcelona have been so good to me from being 9 years old i'm gonna play a season for nothing" save the crocodile tears son...