Paris 2024 Olympic headlines might counsel all medalists are set for all times, however Olympic fame might be fleeting—simply ask Lauryn Williams.
The Olympic observe and bobsled champion earned $200,000 a 12 months at age 20, but by 30, she was interning for $12 an hour.
Regardless of being the primary American girl to medal in each the Summer time and Winter Olympics, her post-Olympic alternatives have been scarce.
“There’s this false impression that as a result of I’m the primary to do that factor—and nonetheless nobody else has performed it—that I’m booked all 12 months lengthy for talking engagements,” she advised CNBC Make It. “I get issues right here or there, however I can’t make a dwelling from it.”
“The information protection got here, however the sponsors didn’t. I made $80,000 the 12 months I turned the primary American girl to medal within the Summer time and Winter Olympics.”
It’s why, regardless of making sporting historical past, she was pressured to start out from scratch. In 2013, Williams joined the world of white-collar work as an intern at Briaud Monetary Advisors, as per her LinkedIn.
“I used to be behind the ball as a result of I used to be 30 years previous and simply beginning, whereas I had associates who have been already docs and attorneys and properly into their careers,” she added. “I spent all of my 20s competing, so I felt form of insecure that I didn’t have any actual work data.”
Although she had initially been turned down for work on the agency, she mentioned that the proprietor determined to convey her onboard after listening to about her spectacular background.
Poor monetary recommendation impressed her second act
Even when Williams was incomes $200,000 in sponsorship from Nike, she highlighted that her agent took a 20% lower, after which there have been taxes.
“The cash doesn’t go fairly so far as folks assume it does, although it was a reasonably good dwelling for a 20-year-old,” she burdened.
“I had a 10-year profession, so it set me up higher than the common particular person by the point I used to be 30. But it surely additionally didn’t give me the earnings to kick my ft up endlessly and by no means should do something once more.”
Maybe that would have been a special story if she had good monetary recommendation—and that’s exactly what impressed her second act.
“I did a Google search after having a second monetary advisor that didn’t work out and located CFP coursework,” she mentioned. “I enrolled in it blindly, just because I needed to higher perceive funds for myself.”
After two unsuccessful makes an attempt at passing the CFP examination whereas interning, Williams lastly handed in 2017.
Now 40, she is a CFP Board Ambassador serving to athletes make sensible choices with their cash by way of her agency Price Successful.
“Gold medal-winning athletes not clearing $100,000 a 12 months”
Having now suggested varied sports activities stars, Williams is aware of her expertise could be very a lot the norm.
Philippines’ first male Olympic gold medalist in historical past, Carlos Yulo could also be set with a completely furnished $555,000 apartment, over $200,000 in money and a lifetime provide of ramen to go along with his medals.
Nevertheless, for many athletes, a plan B is crucial.
“From a sponsorship standpoint, I’ve had a number of gold medal-winning athletes as shoppers who didn’t compete in “premiere” sports activities and weren’t clearing $100,000 a 12 months in spite of everything was mentioned and performed,” she mentioned.
“There are the folks that you’d name the headliners of the Olympic video games which are in commercials and people types of issues, who’re going to have the ability to retire and by no means work once more after in the event that they set up their funds accordingly,” she added.
“However the overwhelming majority of individuals are going to want to work.”
