Like many people, I have become addicted to listening to the Podcast 'The Diary of a CEO' by Steven Bartlett. Alongside so many other topics on the show, one sticks with me consistently; his relationship with money. As he plots his way through the episodes interviewing highly successful entrepreneurs and reflecting on his own 'rags to riches' journey, Bartlett often returns to the same story. He was from a poor background and having dropped out of University at the age of 18, he was 'broke'. He founded a company called Social Chain and, at the time of doing that, wrote down a set of dreams. One of those dreams was to be a millionaire and another was to own a Range Rover before he was 25.
Here is the thing though. Bartlett made his money and owned a Range Rover before he was 25, but it did not transform his life in the way he thought it would. He linked the two because he had little money when he was younger and was unsatisfied and unhappy. That is to say, he assumed that the lack of money he had was the root cause of his unhappiness. But, having become a millionaire, he realised this was not the case. Yes, money helped with problems and gave him choices he didn't previously have, but he wasn't 'complete'. He still had issues to contend with like struggles in romantic relationships.
Why is this important?
There are two reasons why this story from Steven Bartlett has stuck with me. First, from speaking with young players, I hear similar romanticised views about the transformative impact of having money and potentially lots of it. It is also often reflected by those around them who have the same views. Parents, close friends and partners, for example, can also buy into the view that becoming wealthy means happiness. Second, people I speak with often believe, a bit like in the world of a CEO, that wages in the professional football industry are extraordinarily high and, therefore, are a path to wealth and happiness. But that can be something of a myth. So, how about a quiz question?
馃憠 The Answer
Research carried out in 2023 by the Professional Footballers Association showed the following. Average yearly earnings (after tax) are roughly:
