Here Today Gone Tomorrow

Summary

Former football star John Barnes is facing financial difficulties despite his high earnings, prompting discussions on the importance of financial management for athletes.

Abstract

The article discusses the financial struggles of John Barnes, a former Liverpool and England footballer, who is currently facing a bankruptcy petition over unpaid taxes amounting to £238,000. Despite his successful career and substantial income, Barnes' situation underscores the critical nature of financial management, even for high earners. The article emphasizes that the short duration of athletes' careers necessitates prudent financial planning and investment to secure their future beyond their playing days. It also questions why high-profile athletes might not receive or act upon sound financial advice, considering the transient nature of their professional lives.

Opinions

The author expresses bewilderment at how high-earning footballers like John Barnes can end up living paycheck to paycheck, suggesting a lack of financial acumen or application.
There is a clear opinion that financial decisions made early in life are crucial and can significantly impact one's financial stability later on.
The article implies that athletes, regardless of their income, should invest wisely and seek clear financial advice to avoid future financial distress, especially given the brief span of their athletic careers.
The author suggests that having assets to liquidate could alleviate financial pressures, indicating that Barnes' predicament might have been avoidable with better financial planning.
The case of John Barnes is presented as a cautionary tale about the importance of financial management for everyone, not just those with high incomes.

Here Today Gone Tomorrow

Living for today

I remember growing up and looking up to John Barnes. He was an excellent football with skills and finesse. Now, he and many other footballers appear to be living from pay cheque to pay cheque even though they have high salaries. I cannot understand it.

Former Liverpool and England footballer John Barnes is facing a bankruptcy petition from HM Revenue & Customs officials over a debt of £238,000 in unpaid taxes. Barnes’ barrister stated in a hearing that his client needed time to pay the amount and asked for an adjournment. Barnes had been previously cleared of a bankruptcy petition in June.

John Barnes played at various clubs, including Liverpool FC, Watford, and Newcastle, and won 79 England caps between 1983 and 1995. After ending his playing career, he became the head coach at Celtic. Despite his successful career, Barnes has struggled with financial management.

If Barnes cannot pay the debt, it raises questions about the financial struggles of those with lower salaries. The fact that someone like him, who reportedly earned £200,000 while working for Liverpool FC, is also living paycheck to paycheck shows that it is not how much money you have but what you do with it.

Judge Catherine Burton oversaw the bankruptcy petition against Barnes in the Insolvency & Companies Court. Barnes’ barrister argued that his client needed time to pay the amount. However, if the former football star cannot pay the debt, it could negatively impact his financial future.

Regardless of how much someone earns, it is essential to manage finances wisely. The case of John Barnes serves as a reminder that financial management is crucial, no matter how much money one earns.

It shows that financial decisions when you are young are so important. If he had some assets, he could sell one and pay off his bills. If he loses his job, he cannot pay this. This surely puts more pressure on a person. Why would a footballer not have good, clear financial advice?

We have to remember that their careers are extremely short. Most stop playing before the age of 35 years old. So all the money they make needs to be invested and used wisely.

Sourced from here:

Here Today Gone Tomorrow

Ex-Liverpool star John Barnes owes £238k in tax, court hears

A bankruptcy petition against former footballer John Barnes has been lodged by tax officials.

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