May 19, 2026
Professional athletes and people making millions aren't immune to financial mistakes. West Ham star Anton Ferdinand earned millions during his soccer career, but learned it's not how much you make — it's how much you keep and invest for the future.
Ferdinand, who retired at 34, told the Times (1) “Retirement made me wish I had never played football” and that he wished he had done something to see him through from 16 to 65. "The quicker that footballers start thinking about the longevity of their life and how they can prolong their earnings, I think the better. That starts with financial literacy."
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He said athletes squander millions at the height of their earning years without realizing the 25-year gap between giving up football and retiring completely. The average professional athlete retires before age 30 (2).
With careers compressed into a handful of years, athletes might age out before they reach financial maturity, or an injury could cut it short even sooner. Ferdinand believes early education is key, as the macho nature of sport often prevents players from discussing finances and sharing concerns.
Money can't buy financial literacy
Ferdinand's brother, Rio, who played for Manchester United, was among the victims of an alleged investment fraud (3) with reported losses exceeding £25 million (about $33 million). The advising firm, Kingsbridge Asset Management, was accused of targeting players and is no longer operational.
Anton Ferdinand advises professional players to learn about investing early and ask more questions. "The most important thing I've learnt is that if someone is offering you an investment make sure you educate yourself on that and know what the investment is. If you don't know the investment, ask questions. There are no silly questions."
Anton Ferdinand's agent did not immediately respond to Moneywise's request for comment.
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Retirement game plan
According to CNBC (4), an estimated 60% of former NBA players go broke within five years of leaving the league. The 30 for 30: Broke (5) documentary explores the economic reality shock after years of living large, with many athletes filing for bankruptcy after retiring.
But retirement unpreparedness isn't only a pro athlete problem. The Schwartz Center for Economic Policy Analysis reported (6) only about 35% of people approaching retirement say they feel "on track." Boston College's National Retirement Risk Index (7) showed that 39% of working-age households risk a lower standard of living in retirement.
As the old adage goes, it's time in the market, not timing the market, that matters. Compound interest is one of the great wonders of the world. Just like the highest-paying athletes aren't always the most financially successful, bigger salaries don't automatically equal bigger savings. It has everything to do with the amount you can save and invest, not what comes in.
Focus on how much you can preserve, just as much as how much you can earn. Invest in financial education, so you know where every dollar is going and why. Take ownership of your retirement, even when working with professionals. Plan ahead for all seasons of life.
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
The Times (1),(3); RBC Wealth Management (2); CNBC (4); Netflix (5); Schwartz Center for Economic Policy Analysis (6); Boston College Center for Retirement Research (7)
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Amanda Smith is an Australian freelance journalist and writer based in the New York City area who reports on culture/society, technology, and health.
