The ex-Manchester United star has opened up about a big financial mistake
Peter Schmeichel
Peter Schmeichel has one big financial regret(Image: Getty Images)
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Peter Schmeichel has admitted his regret at getting involved in a tax relief scheme that took him 15 years to put right. The goalkeeper legend won the lot with Manchester United, including the Treble in 1999, before spells with Sporting CP, Aston Villa and Manchester City.
Now 62, he is a regular on the punditry scene and follows the career of his son, Kasper, who plays for Celtic. Having been brought up by his musician dad and nurse mum in Denmark, Schmeichel has always respected money and has generally been prudent with his finances.
However, he regrets one particular investment that took him years to extract himself from, while other players who also took part in the scheme suffered financial ruin.
Asked if he had learnt any difficult lessons about money during his life, he told the Telegraph: "One year, I was convinced to enter a scheme where high-net-worth individuals invest in films to claim tax relief.
"But I realised quite quickly how dangerous that was, and I stopped it. It still took me 15 years to unravel all of it. I've seen other players go bankrupt because of it."
Schmeichel has made far more sensible financial decisions than bad ones. On his best investment, he said: "My best decisions have been property-related. When I retired and left England, I sold my home and I made a nice little profit.
"Likewise, a house in Portugal and a couple of apartments in Denmark I’ve made profits on. Since I’m not that interested in money, I’ve never ever put much effort into how I can make more of it."
When it comes to Kasper, Schmeichel regards himself more as a "sounding board" rather than an advisor. However, he did pass along some financial life lessons to his son.
Kasper Schmeichel of Denmark and Leicester City and Peter Schmeichel are pictured inside the photo booth prior to The Best FIFA Football Awards at Royal Festival Hall on September 24, 2018 in London, England.
Peter has passed on some financial lessons to son Kasper Schmeichel(Image: Getty Images)
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He said: "When Kasper started, my main advice was simple: live below your means and surround yourself with people you trust. There are always people who want access to young footballers.
"I told him to think long-term from day one. The first contract feels enormous, but it won’t last forever.
"If you make sensible decisions early, you give yourself options later. If there are any red flags I'll point them out to him, but more often than not he's very sensible."
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