From Olympic Glory to Financial Reality
The glittering allure of Olympic gold often masks a far more complex reality for elite athletes: financial security is rarely a given. Lauryn Williams, a celebrated American track and bobsled champion, embodies this stark truth. At the tender age of 20, Williams commanded a substantial $200,000 annual sponsorship. Yet, by 30, she found herself navigating the corporate world as an intern, earning a modest $12 an hour.
Despite making history as the first American woman to medal in both the Summer and Winter Olympics, post-athletic career opportunities were surprisingly scarce. “There’s this misconception that because I’m the first to do this thing—and still no one else has done it—that I’m booked all year long for speaking engagements,” Williams revealed to CNBC Make It. “I get things here or there, but I can’t make a living from it.” The media spotlight shone brightly, but lucrative sponsorships remained elusive. “The news coverage came, but the sponsors didn’t. I made $80,000 the year I became the first American woman to medal in the Summer and Winter Olympics,” she added.
A Bold Pivot: From Track Star to Financial Intern
Facing this unexpected financial landscape, Williams was compelled to forge a new path. In 2013, she transitioned into the white-collar world, accepting an internship at Briaud Financial Advisors. This was a humbling experience for a decorated Olympian. “I was behind the ball because I was 30 years old and just starting, whereas I had friends who were already doctors and lawyers and well into their careers,” she reflected. “I spent all of my 20s competing, so I felt kind of insecure that I didn’t have any real work knowledge.” Initially, her application was turned down, but the firm’s owner, upon learning of her extraordinary background, decided to bring her onboard.
The Catalyst for Change: Lessons from Poor Financial Advice
Williams’ journey into finance was deeply personal, spurred by her own experiences with inadequate financial guidance. Even during her peak earning years with a $200,000 Nike sponsorship, she noted the significant deductions from agent fees (20%) and taxes. “The money doesn’t go quite as far as people think it does, even though it was a pretty good living for a 20-year-old,” she emphasized. While her 10-year career provided a better foundation than many, it wasn’t enough to secure a lifetime of leisure. “It also didn’t give me the income to kick my feet up forever and never have to do anything again.”
Empowering Herself and Others
This realization became the catalyst for her second act. After a second disappointing experience with a financial advisor, Williams took matters into her own hands. “I did a Google search… and found CFP coursework,” she explained. “I enrolled in it blindly, simply because I wanted to better understand finances for myself.” After two failed attempts while juggling her internship, Williams triumphantly passed the CFP exam in 2017. Today, she serves as a CFP Board Ambassador, dedicated to helping athletes make astute financial decisions through her firm, Worth Winning.
Worth Winning: Addressing a Widespread Challenge
Through her work advising numerous sports stars, Williams has confirmed that her financial struggles are far from unique. While some Olympic headliners, like the Philippines’ first male Olympic gold medalist Carlos Yulo, may secure substantial post-medal windfalls, a ‘plan B’ is crucial for the vast majority. “From a sponsorship standpoint, I’ve had multiple gold medal-winning athletes as clients who didn’t compete in ‘premiere’ sports and weren’t clearing $100,000 a year after all was said and done,” she stated.
“There are the people that you would call the headliners of the Olympic games that are in commercials and those sorts of things, who are going to be able to retire and never work again after if they organize their finances accordingly,” Williams acknowledged. “But the vast majority of people are going to need to work.” Her story is a powerful testament to the importance of financial literacy and proactive planning, not just for athletes, but for anyone navigating the unpredictable currents of career and life.
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