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Here are 3 things that could have saved Wes Brown from going bankrupt.
The High Court reportedly issued a bankruptcy judge to former Manchester United defender Wes Brown.
Following revelations that Brown earned almost £50,000 per week while playing for the Red Devils in the Premier League, the High Court on April 12 officially recognized Brown's bankruptcy.
Brown was a gifted athlete who was capable of playing both right back and center back. He won two Champions Leagues, five Premier League titles, and numerous other honors under Sir Alex Ferguson.
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Brown, a Manchester native who grew up in Longsight, divorced his wife Leanne Wassel last year.
Brown's bankruptcy follows accusations that Moroccan and PSG defender Achraf Hakimi transferred his money to his mother's name while going through a divorce.
Here are 3 Financial mistakes that made Wes Brown bankrupt
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1 Failing to invest early
Being bankrupt is not unusual for those who lack financial literacy.
It is surprising, though, to see multimillionaire athletes who employ a team of financial consultants lose everything they own and become deeply indebted as a result of making bad financial and investing decisions.
Athletes who can invest in a crisis without giving way to unreasonable fear and anxiety may experience astronomical gains once the crisis has passed.
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2 Splashing funds on luxury properties
Some sportsmen find it difficult to adjust to a simpler way of life.
They find it difficult to escape the sudden wealth trap, and the expensive lifestyle that comes with a professional sports career.
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3 Divorce
Many athlete marriages are stressed to the breaking point due to the money, worry, and travel.
It may be brutal when a famous athlete gets divorced. Before getting married, professional athletes should seriously consider drafting a prenuptial agreement.
The prenuptial agreement can protect your property, endorsements, signing bonuses, and other financial gains.
Additionally, it may have clauses relating to secrecy to ensure the maximum level of privacy for your case.
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