Achieving Olympic glory is a monumental feat that few athletes will ever experience. However, behind the medals, there lies a harsh financial reality that often goes unnoticed. Olympic champions, despite their fame, frequently find themselves struggling to secure long-term financial stability once their careers end.
A prime example of this reality is Lauryn Williams, an American sprinter and bobsledder who once earned $200,000 annually during her prime. However, by the time she reached 30, she found herself restarting her career as an intern, earning just $12 an hour. Williams, who became the first American woman to win medals in both the Summer and Winter Olympics, faced a stark contrast between her athletic fame and her financial security after her career in sports ended.
While Olympic champions are celebrated for their accomplishments, lucrative opportunities often don’t follow. Williams herself acknowledged the misconception that sponsorships and speaking engagements would pour in after her success. Despite making $80,000 in her first year of earning Olympic medals, she found that sponsors didn’t materialize as expected.
The financial struggle became evident when Williams shifted to a corporate career. At 30, she was starting from scratch, while her peers had already established careers as doctors and lawyers. However, her athletic background eventually helped her secure an internship at a financial advisory firm, despite initial rejections. This marked the beginning of her second career in finance.
Williams’ story highlights a broader issue within the athletic world—most athletes, even those with Olympic gold medals, don’t earn six figures from their sports careers. While elite athletes in high-profile events may receive major sponsorships, most Olympians are left without financial security. As Williams puts it, “Most gold medalists don’t clear $100,000 a year after taxes and agent fees.”
Through her own financial missteps, Williams was inspired to help other athletes avoid the same pitfalls. She earned her Certified Financial Planner (CFP) certification in 2017 and now runs her own firm, helping athletes make better financial decisions.
Her journey serves as a wake-up call to the reality that Olympic success doesn’t guarantee financial prosperity. It underscores the importance of sound financial planning, especially for athletes who must navigate a future beyond the podium.
