Even for an Olympic gold medalist, financial security is not guaranteed. Just ask Lauren Williams. The Olympic track and bobsled champion was making $200,000 a year at age 20, but by age 30, she was working as an intern making $12 an hour.
Despite being the first American woman to win medals in both summer and winter seasons Olympic Gamesher chances after the Olympics are slim.
“There’s a misconception that because I’m the first to do it – and no one else has done it – I get booked for speaking engagements throughout the year,” she told CNBC Success. “I have stuff everywhere, but I can’t make a living from it.”
“The press coverage came, but the sponsors didn’t. That year I became the first American woman to win a medal at the Summer and Winter Olympics, making $80,000.”
That’s why, despite making sporting history, she was forced to start from scratch. According to her, Williams entered the world of white-collar work in 2013 as an intern at Briaud Financial Advisors. LinkedIn.
“I was the one behind it because I was 30 years old and just starting out, while my friends were already doctors and lawyers and well into their careers,” she added. “I spent my 20s competing, so I felt a bit insecure because I didn’t have any real working knowledge.”
Although she was initially rejected by the company, she said the company owner decided to bring her on board after hearing about her impressive background.
Bad financial advice inspired her career change
Even though Williams received a $200,000 sponsorship Nikeshe emphasized that her agent took a 20% discount, and then there was tax.
“Although it’s a pretty good life for a 20-year-old, the money isn’t as great as people think,” she stresses.
“I had a 10-year career, so by the time I was 30, it gave me a better life than the average person. But it also didn’t give me the income to permanently pick myself up and never have to do anything again.”
If she had had good financial advice, maybe things might have been different – and that’s what inspired her second act.
“I made a Google “I found the CFP program after trying a second financial advisor without success,” she said. “I blindly signed up for the class just because I wanted to better understand my finances.”
After two unsuccessful attempts to pass the CFP exam during his internship, Williams finally passed it in 2017.
Now, she is a CFP Board Ambassador helping athletes make smart decisions with their money through her company, Worth Winning.
Many gold medalists earn less than $100,000 a year
Williams, who now advises several sports stars, knows her experience is normal.
Carlos Yulo, Philippines’ first ever men’s Olympic gold medalist, may compete with A fully furnished apartment valued at $555,000more than $200,000 in cash and a lifetime supply of ramen noodles to go with his medal.
However, for most athletes, a Plan B is essential.
“From a sponsorship perspective, I have multiple gold medal-winning athletes as clients who are not competing in ‘premiere’ sports and, at the end of the day, are not making $100,000 a year,” she said.
She added: “There are people who are known as headliners at the Olympics, who are in advertising and things like that, and if they organize their finances accordingly they will be able to retire and never work again.”
“But the vast majority of people need jobs.”
A version of this story was originally published on wealth network August 22, 2024.
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