What has 'earning way more than the average person' got to do with anything?
I earn a fair bit more than the average yearly wage. If you told me I had to take a 50%-75% pay cut my family would be sunk.
Why would you assume that Colback will be much different?
If he is earning way more than the average person then he will also be spending way more than the average person, particularly in financial commitments.
40k a week is £2.08m per year.
But 40% of that goes straight to HMRC remember. With national insurance, pension and other income contingent liabilities he probably comes out with fractionally more than £1m per season.
Now, to me in my Carlton semi detached with a teaching career (and teaching career money) paying my bills that sounds fine and dandy. Of that million I can easily imagine 900,000 going straight in the savings and still living the good life.
But if you've been earning that money you don't have a Carlton semi. You have a massive house with massive mortgage and massive running costs. You have a pool, a flash car that is expensive to run and the kids go to expensive private schools. The money you need to put aside is massibe as well because you have a 25 year mortgage on at best a 10 year career and will be returned for 30 years more than most people.
I'm sure he isn't caning it to payday but it's not fair to just assume he can take a massive cut in income either.
Reality is he will do whatever it takes to maintain his families lifestyle for as long as he can because that will be his first priority, not his career. He has reached as high a level as he is ever going to reach now so family comes first and someone will come in and pay most of what he is earning- no doubt that is what his agent is advising anyway