Soccer star Paul on highly-paid career #2

Most people would be lucky to have one very well-paid career in their lives. Former Northern Irish soccer international Paul McVeigh has done it twice. He now manages to earn more from speaking to groups for an hour than he did as a Premiership footballer. Paul overcame inferiority feelings as “just a kid from West Belfast” to ‘make it’ in soccer’s top league. Then, inspired by his journey, he studied sports psychology and broke into lucrative the motivational speaking circuit on retiring from football. He has some sound advice on investment, career development – and how to keep wealth in the family.  What inspired your interest in motivational psychology? When I first went to Spurs as an Irish kid from West Belfast I trained with Jurgen Klinnsman and thought “there’s no way I can be like him. He’s a World Cup winner.” Later I saw my mate Rory Allen get into the first team and score on his debut and I thought:”If he can do it, I can do it.” That was a pivotal moment for me. Months later I scored on my own debut. I realized later that my ingrained belief system was destructive. That psychology can play a huge role if you want to be successful. After retiring from football in 2010 you studied in the US and later did a Masters in psychology. Now, to quote your website, can you tell us exactly “what business can learn from a stupid footballer?”! A hell of a lot! How to reach the pinnacle of one of the most ruthless industries in the world, for example.  I had  16 years at the top of game as a Premier League footballer for Tottenham Hotspur and Norwich City and can translate these experiences into strategies for success for organisations from all different walks of business life.  How much does keynote speaking pay? It depends on your level of expertise but it could be anything from €4,000 to hundreds of thousands – for a 45 minute speech. How did your first gig as a speaker go? I had just came back from a course in America having paid quite a lot of money to learn how to do this but I was daunted and nervous, stuttering and stammering. It’s like the first time doing anything. Looking back now, it was terrible. How much did you earn? €4000 -  and I was undercharging. What did your parents teach you about money? That it’s incredibly hard to come by and very easy to waste. What was the first paid work you ever did? A paper round for the Anderstown News. I had to not only deliver but also sell the papers.  Have you ever struggled to make ends meet? Yes absolutely. I was very fortunate when I went into football But when I came out at 32 I went for 6-8 months not earning penny. It was difficult  going from earning a regular wage to nothing at all ….like falling off a cliff. I also needed to totally retrain, upskill and redefine myself as a person to create value. What’s the most you have been paid for a gig? $20,000 in the USA. What was the best year of your financial life? Probably a toss up between 2004 (as a footballer) and 2019 (as a keynote speaker).  What is the most expensive thing you bought for fun? An Aston Martin. I was 25, single and didn’t have kids. I thought if I don’t buy one now I never will. I had it for a year and it just sat in the driveway. I drove it three times. But it was good to get it out of my system.  Now at least I know cars aren’t my thing. What is your biggest money mistake – see last question I presume? No, actually. I sold it (the Aston Martin) for the same price I bought it for. My biggest money mistake was a timeshare in the US. I paid $15,000, never used it and sold it for just $80. It was a complete waste of time. The best money decision you have made? Buying my first house at 19 in Belfast. I was living in London at the time and had just made my Premier League debut and been offered a really good three-year contract. I bought it with my sister. We went 50-50  and doubled our money. It was win-win because it was all within the family. Do you invest in the stock market? I am fascinated by the stock market – the nuances, cycles, psychology.  And how diversity can spread your risk. We know there’s a crash every five to seven years but in 250 years it has only ever gone up in the long term by an average of 8%. That’s a pretty good return. What’s your strategy as an investor? To buy and hold long term. To day trade you have to be an expert with those superfast connections and I don’t have the capacity or desire to do that. I go for ETFs (Exchange Traded Funds). They have low costs and balance everything out to give you the market’s  average return. What luxury would you like to treat yourself to? I do love holidays. I would love to travel the world first class some time.  Not quite there yet but that’s the dream.  What do you do to unwind? Loads of things. I love running in a group. It’s a really great de-stresser. Also mindfulness breathing and ice baths, which strip back the ego and makes you focused and present. And being Irish, of course, I do like socializing! What’s your number one financial priority? Generational wealth.  Passing it on to my family.  I grew up near the Falls Road with never more than 2p to rub together. My long term goal  is to change that narrative for my family who never had private educations or an old boys network to fall back on.