He argues that individuals who believe that earning more money will automatically solve their financial problems are mistaken and often continue to struggle with overspending.

“Just a quick reminder that 100% of the couples I speak to who have a spending problem always believe that if they just earned more money, their problems would vanish. And of course, this is totally untrue.”

The primary cause of athletes going broke is lifestyle inflation rather than the tax system or professional fees.

“The real issue isn't the system. It's the lifestyle creep. Nobody told you to live like a king. Buy five cars or move with a 10erson entourage. Modest is allowed.”

Athletes often fall into financial trouble because they succumb to pressure to maintain a lavish image and keep up with high-spending peers.

“A lot of people, Uncle Joe, when you make it, a lot of people get caught up in the lifestyle, having to look a certain way, having to drive a certain car. Now, when it comes to driving a certain car, they start buying multiple of said cars.”

Maddie acknowledges that her spending has increased as her income has grown and admits she fears she will continue to feel financially stressed regardless of how much money she earns.

“when we first moved abroad we were making much less money and I believe I felt the exact same level of stress about money as I did today when we're making a lot more but I spend a lot more and the lifestyle creep part of that is what oh I shop more now and we live in a nicer flat and we do a bit mor”

She acknowledges that their spending habits have consistently expanded alongside their income, leading to an unsustainable lifestyle.

“I mean, we definitely increased our spending.”

Individuals should resist the tendency to increase their spending on luxury items as their income grows to avoid long-term financial pressure.

“As soon as you make money, you upgrade your lifestyle on nicer houses, cars, boats, planes, or gadgets. Even as all of your costs and bills keep going up, then you're stuck making massive payments because somebody told you to take a loan out on it because you're going to get a tax write off.”

If one decides to increase their lifestyle spending, it should be done slowly and intentionally to maximize satisfaction per dollar.

“If you're going to let your lifestyle cost increase, I encourage you to do it slowly and intentionally. Small, gradual changes tend to give you the most satisfaction per dollar because you're not numbing yourself with too much, too fast.”