Gold Medals, Empty Wallets: Olympians’ Financial Struggles

Lauryn Williams, the first American woman to medal in both the Summer and Winter Olympics, has faced a stark financial transition from a $200,000-a-year sponsorship with Nike to a $12-an-hour internship at Briaud Financial Advisors in 2013Lauryn Williams: U.S. Olympic gold medalist went from ... - Fortune^[1]. Despite her historic achievements, Williams found that post-athletic opportunities were limited, with sponsors failing to capitalize on her unique status. “I made $80,000 the year I became the first American woman to medal in both games,” she noted, highlighting the gap between media attention and financial rewardsOlympic gold medalist went from $200,000/year sponsorship to …^[2]. Her experience underscores a broader challenge for Olympic athletes, many of whom struggle to secure stable income after their careers, despite public perceptions of guaranteed wealthYou'd be amazed how little being an Olympic hero …^[3].

Williams’ career shift was driven by poor financial advice and a desire to understand personal finance. After two failed attempts to pass the Certified Financial Planner (CFP) exam while interning, she succeeded in 2017 and now operates Worth Winning, a firm focused on financial education for athletesThis Olympic gold medalist went from $200,000/year sponsorship …^[4]. Her journey reflects a common issue: only 1% of Olympic athletes earn substantial post-career income, while the majority must work to sustain themselvesOlympic dreams are expensive, and U.S. athletes …^[5]. For example, Kristen Faulkner, a cycling champion, saved for four and a half years before leaving a venture capital job to train full-timeSurvey finds Olympic, elite athletes struggling financially^[6]. Similarly, 20% of Williams’ clients had taken on debt to compete, illustrating the precarious financial landscape for many OlympiansThe Olympic Wealth Gap: Stars Make Bank While Most U.S^[7].

The financial struggles of U.S. athletes are systemic. A 2024 congressional report found that 26.5% of American Olympians earned less than $15,000 annually, with many facing costs of $12,000 per year for training, travel, and equipmentMany U.S. Olympians struggle to get by. Now they'll get a $100,000 …^[8]. Unlike athletes from countries like Singapore or China Hong Kong, who receive six-figure payouts for medals, U.S. winners receive $37,500 for gold—a sum taxed by host nations, reducing take-home pay to roughly $30,000Survey finds Olympic, elite athletes struggling financially^[9]. The U.S. Olympic & Paralympic Committee (USOPC), which funds these payouts, relies on private donations rather than government support, creating disparities in financial securityOlympic dreams are expensive, and U.S. athletes …^[10].

Recent initiatives aim to address these gaps. In 2024, the USOPC introduced the Stevens Financial Security Awards, offering athletes a $100,000 retirement benefit per Olympic Games participated in, payable after 20 years or age 45Many U.S. Olympians struggle to get by. Now they'll get a $100,000 …^[11]. While this provides long-term stability, it does not alleviate immediate financial pressures. Paralympic athletes, in particular, face higher costs for adaptive equipment, often exceeding $10,000 per itemOlympic dreams are expensive, and U.S. athletes …^[12]. These challenges highlight the need for systemic reforms, as 58% of global athletes surveyed in 2023 reported financial instability, with many advocating for direct payment rights during the GamesSurvey finds Olympic, elite athletes struggling financially^[13].

Williams’ story serves as a cautionary tale and a call to action. Her advice—automating savings and opening retirement accounts—resonates with broader findings that 80% of athletes lack structured financial planningThe Olympic Wealth Gap: Stars Make Bank While Most U.S^[14]. The new USOPC program, while a step forward, underscores the ongoing need for athlete advocacy and policy changes to ensure fair compensation and support for those who represent the U.S. on the world stageMany U.S. Olympians struggle to get by. Now they'll get a $100,000 …^[15].