How To Loose Millions

[Khandro]

Poor guy! Was it all bad advice & naivety ?     https://www.telegraph.co.uk/cycling/2024/12/03/bradley-wiggins-bankruptcy-tour-olympics-armstrong/?WT.mc_id=e_DM468369&WT.tsrc=email&;etype=Edi_Edi_New_Reg&utmsource=email&utm_medium=Edi_Edi_New_Reg20241205&utm_campaign=DM468369

[maggiebee]

Sorry Khandro but there's a difference between loose and lose. Looks like poor Bradley had some bad advice but if something looks too good to be true it usually is.  Maybe a bit naive too?

[Khandro]

Thank you maggie, how could I do that? I guess his money was a bit too loose though. 🙂

So many athletes from humble backrounds seem to be prey to sharks. Once he had millions and now it's all in somone else's pockets.

 

[Cloverjo]

Poor guy. Very bad luck, and relying on people to just do their job.
I think he said, a few years ago, that he wanted to train as a social worker. Applications for that job rose. He doesn't seem to have done that.

I think I would say to someone who suddenly came into fame and wealth "Buy a house and do what you like with the rest." Just get the house. 

[ToraToraTora]

To quote Clint Eastwood, "A man's gotto know his limiations" - Ride a bike don't mix it with business sharks you'll get eaten.

[THECORBYLOON]

If you can't read the full article, use this link

https://archive.ph/vn3Ol

[sandyRoe]

The fact that someone has a talent in sport, or entertaining, or whatever, doesn't mean they'd prosper in financial circles.

Better to look for investments in widows and orphans funds, which I'd hope were safe, rather than chase high returns which could be little more than mirages.

[douglas9401]

Maybe pay more attention to the economic cycle.

[dave50]

I can never understand why people with millions in the bank can end up skint. Why do they have to take unnecessary risks with their money? They could live a comfortable life if they just settled for a secure modest return. 

[Khandro]

There must be harder ways to earn your crust than bike racing up the Alpe d'Huez but I can't think of anything at the moment.

And then to lose it all to shysters sitting in offices is a bit galling.

Like dave says, I think having got a decent sum of a few million I'd tend to settle for an easy retirement. 

[Cloverjo]

Just buy a bloomin' house. You'll be all right if you've got that security. And remember to insure it. 

[tomus42]

//I can never understand why people with millions in the bank can end up skint //

They get greedy and make stupid decisions.

It's why you see multi millionaires going to jail for tax evasion or insider dealing just to make a few thousand.

[jourdain2]

Cloverjo is absolutely correct.  a friend's 19yr-old son and some friends, who formed a band and got noticed by a stroke of luck, have just signed a recording contract in L.A..  She, as well as everyone who knows him, has hammered home that if he comes out of this with any money at all he must buy a house.