Cybereagles

Ex-England star Carlton Cole declared bankrupt despite earning millions throughout his career

https://www.thesun.co.uk/sport/football ... -west-ham/

Very, very sad.

What a shame?

Which is why you cant blame those who go to China and the middle east to try and secure their future. More importantly, the need for financial education of professional athletes cant be stressed enough. Sometimes, they forget that they have such a small window to make their living and the huge checks eventually stop coming.

So, you believe he wouldn't be bankrupt, if he made 10 times more money?
Wealth is not about how much money you make. it is about how much money you keep.
If you can't keep $5millions, would you be able to keep $500millions ?
Bepanda

metalalloy wrote:Which is why you cant blame those who go to China and the middle east to try and secure their future. More importantly, the need for financial education of professional athletes cant be stressed enough. Sometimes, they forget that they have such a small window to make their living and the huge checks eventually stop coming.

bepanda wrote:So, you believe he wouldn't be bankrupt, if he made 10 times more money?
Wealth is not about how much money you make. it is about how much money you keep.
If you can't keep $5millions, would you be able to keep $500millions ?
Bepanda

metalalloy wrote:Which is why you cant blame those who go to China and the middle east to try and secure their future. More importantly, the need for financial education of professional athletes cant be stressed enough. Sometimes, they forget that they have such a small window to make their living and the huge checks eventually stop coming.

What part of "more importantly..." did your brain not process?

metalalloy wrote:Which is why you cant blame those who go to China and the middle east to try and secure their future. More importantly, the need for financial education of professional athletes cant be stressed enough. Sometimes, they forget that they have such a small window to make their living and the huge checks eventually stop coming.

My brother even if he went to Saudi Arabia. ..there is a way of living that would bankrupt a man or woman no matter how much they earn.

The most important thing is the financial educationpart my brother.

oloye wrote:

metalalloy wrote:Which is why you cant blame those who go to China and the middle east to try and secure their future. More importantly, the need for financial education of professional athletes cant be stressed enough. Sometimes, they forget that they have such a small window to make their living and the huge checks eventually stop coming.

My brother even if he went to Saudi Arabia. ..there is a way of living that would bankrupt a man or woman no matter how much they earn.

The most important thing is the financial educationpart my brother.

I agree. However, he made the following comment:

"Unfortunately, I didn’t realise what was going on until my career was in the latter years and too late for me to turn things around."

If he found out earlier, he could have gone to places like China and the middle east for a final payday earlier than the norm, and that could have mitigated the situation he currently finds himself in where his job is not a counselor. This could be a situation that some of the players who are flocking to these leagues are currently facing.

metalalloy wrote:

oloye wrote:

metalalloy wrote:Which is why you cant blame those who go to China and the middle east to try and secure their future. More importantly, the need for financial education of professional athletes cant be stressed enough. Sometimes, they forget that they have such a small window to make their living and the huge checks eventually stop coming.

My brother even if he went to Saudi Arabia. ..there is a way of living that would bankrupt a man or woman no matter how much they earn.

The most important thing is the financial educationpart my brother.

I agree. However, he made the following comment:

"Unfortunately, I didn’t realise what was going on until my career was in the latter years and too late for me to turn things around."

If he found out earlier, he could have gone to places like China and the middle east for a final payday earlier than the norm, and that could have mitigated the situation he currently finds himself in where his job is not a counselor. This could be a situation that some of the players who are flocking to these leagues are currently facing.

Metalloy....the Bobo played late into his career and at the highest level. He even had this arrangement with Westham where he plays for them on contract basis. I feel sorry for the guy because he was a likeable guy.

the question should be how did he get bankrupt?

He was playing up till last year

Hopefully he is doing what athletes, musicians and Oga on top ( trump ) dey do for America.

Declare bankruptcy before losing everything to divorce, child support, bad business decisions, etc

Bigpokey24 wrote:the question should be how did he get bankrupt?

To be revealed in the coming weeks.

He should go get another job.

I hear Dwight York is also Bankrupt.
These are guys who would buy a trouser belt for £1000 and flashy cars for girl friends.

Sir V wrote:I hear Dwight York is also Bankrupt.
These are guys who would buy a trouser belt for £1000 and flashy cars for girl friends.

My bro, it is a lifestyle choice. Footballers are forever having to deal with all sorts of temptations and we see it all the time.

The hangers on who are there to feed any craving of a footballer with a flaw in his character. You are drug dealers, gambling sales people who will send the limo to pick you up for the casino trip with a plethora of girls in tow, footballers end up with gambling accounts, with disastrous consequences. You have all sorts of financial advisers, most fake, only on the take. You the guys and the good time girls and guys, you have all sorts but it always comes down to your choices.

Staying close to initiate family, being humble with feet firmly on the ground, being focused and having the right professional people at times delivering results that benefit you and not them. It is hard but you have to be selfish or else they bleed you dry.

I don't know what happened to Cole but it is sad to read.

Sad to hear but I hear British Rail are hiring. Not too late to build the bank balance back up.

metalalloy wrote:Which is why you cant blame those who go to China and the middle east to try and secure their future. More importantly, the need for financial education of professional athletes cant be stressed enough. Sometimes, they forget that they have such a small window to make their living and the huge checks eventually stop coming.

I don't know about being bankrupt, but when I make 10s of millions of dollars I will blow a lot sha

Flossers must floss

The good thing about Flossers is they don't go completely broke because they want to bubble till infinity like that song says.

It's self proclaimed money savers that "Huzzle" till infinity.

metalalloy wrote:Which is why you cant blame those who go to China and the middle east to try and secure their future. More importantly, the need for financial education of professional athletes cant be stressed enough. Sometimes, they forget that they have such a small window to make their living and the huge checks eventually stop coming.

AG3, AN1, Mikel, Oscar, Tevez etc have all been insulted for going out East
Let them make their money

5 games sweet o
DNA no good o

These sorts of athletes have spending problems, not earning ones. This story is common in North America amongst NBAers, NFLers, etc. Even if their careers are cut short they tend to earn enough to sustain them for several decades but they blow it all due to lifestyle choices.

One of the big issues is they try to keep up with their colleagues. If a bigger player is making millions they can afford to spend money on cars, jewellery, booze, women, etc...but then you have younger players coming in who are also paid well, but spend as if they earn a bigger check and will be earning that type of money for a couple of decades (most of them don't).

I was recently at a party by chance with some MLS players. These guys kept on buying bottles and racking up a mean tab. The booze they were buying far exceeded their need for it, but it was a great way to build status and attract women. At the end of the night most of the bottles were half full. Because they were MLSers I didn't know who they were so I looked them up the next day. The highest paid made about $350K while a bunch of them made $60-80K US. They do this sort of thing once a week (my friend introduced me to them) and so I couldn't help but think what their financial situation will be like once they are out of the pros. That's at least $10K a week on booze + a leased car + condo rental + new clothes + jewellery, etc etc. Even on $350K (30-40% which goes to the tax man), you could be living dangerous.

The best thing for these guys is getting them professional financial advice early and often. The player associations in the North American leagues offer mandatory financial literacy to rookies which is important, but again, the lifestyle pressures causes too many guys to make bad choices.

tfco wrote:

metalalloy wrote:Which is why you cant blame those who go to China and the middle east to try and secure their future. More importantly, the need for financial education of professional athletes cant be stressed enough. Sometimes, they forget that they have such a small window to make their living and the huge checks eventually stop coming.

AG3, AN1, Mikel, Oscar, Tevez etc have all been insulted for going out East
Let them make their money

5 games sweet o
DNA no good o

I don't know about others but Tevez is a little b*tch. He whined about missing his family while at Man City and forced a move back to Argentina and then as soon as Chinese money came calling, he bailed. Funny thing is Tevez wasn't even good enough for the Chinese league due to his laziness

tfco wrote:

metalalloy wrote:Which is why you cant blame those who go to China and the middle east to try and secure their future. More importantly, the need for financial education of professional athletes cant be stressed enough. Sometimes, they forget that they have such a small window to make their living and the huge checks eventually stop coming.

AG3, AN1, Mikel, Oscar, Tevez etc have all been insulted for going out East
Let them make their money

5 games sweet o
DNA no good o

Cole's problem wasn't likely an inflow issue more so a spending and lack of account monitoring.

Cole is not the only one.. Dwight Yorke is also bankrupt..

Kanu and Babayaro were also declared bankrupt to a lesser extent because they could no longer pay for the grandiose lifestyle.. The truth is finally, move your wealth out of England closer to retirement and live to enjoy your earning out of England, especially those that have foreign roots..


https://www.thesun.co.uk/tvandshowbiz/7 ... m%20%251$s

Sir V wrote:I hear Dwight York is also Bankrupt.
These are guys who would buy a trouser belt for £1000 and flashy cars for girl friends.

...just like dem CEs' $3000 watch

How many times do we have to tell you folks that filing for bankruptcy doesn't always mean you are penniless. It is sometimes a means to get out of paying debts while protecting your assets. It's conceivable that Cole is totally broke but I'll take the claim with a pinch of salt.