This is the Financial Advice I’d Give to an Olympic Athlete

Olympic athletes train for years, pushing their bodies to the limits in pursuit of greatness. Every day, they put in the reps—whether it's on the track, in the pool, or in the gym—because they know that consistent effort leads to success. But while physical and mental preparation are critical, financial health is often overlooked. Yet, it's just as essential to their success, both during their athletic career and long after.

The reality is that many Olympic athletes face significant financial challenges. According to a 2021 survey by the Global Athlete organization, 58% of elite athletes earn less than $25,000 a year, and 80% struggle to make ends meet. Many find themselves in debt due to the high costs of training, travel, and competition. With this in mind, here’s the advice I’d give to any Olympic athlete looking to build a solid financial foundation:

1. Build an Emergency Fund: Just as you build strength with daily reps, build your financial resilience by setting aside at least 3-6 months’ worth of living expenses. This fund is your safety net for unexpected events, such as injuries or changes in sponsorship. Building an EF might require some short-term sacrifices, just like training for the Olympics does but it will yield it a lot more stability when the opportunity for gold presents itself. 
2. Get a Fantastic Credit Card: Use a credit card that offers great rewards, like travel points or cash back, and pay it off in full each month. A great credit card might be able to offset some of the travel costs, like flights and hotels. When used correctly, it’s essentially free money. 
3. Find Jobs That Enable You to Work and Train: Seek flexible or remote jobs that allow you to maintain your training schedule while earning an income. According to a study by the Athlete365 Career+ program, 65% of athletes work while training for the Olympics, but finding the right balance is crucial.
4. Get Social Media Training and Build Your Brand: In today’s digital age, your personal brand is invaluable. Invest in social media training to effectively market yourself, attract sponsors, and build a loyal following. Only 20% of Olympic athletes report having sufficient sponsorship, so building a strong online presence can be a game-changer.
5. Create Fundraisers with Your Training School/Gym: Involve your community by organizing fundraisers. This not only helps financially but also strengthens your support system.
6. Put Money Away for Retirement—Now: Don’t wait until your Olympic career is over to think about retirement. Start contributing to a retirement account early to benefit from compound interest and ensure long-term financial security. Studies show that 60% of retired athletes face financial difficulties post-career, highlighting the need for early planning.
7. Put All Your Eggs in One Basket and go for gold—But don’t forget your Financial Health: While it’s important to focus on your sport, diversifying your income streams is crucial. Prioritize building strong financial systems that reduce pressure during training seasons and ensure your future stability.

Just as you commit to daily training reps, commit to these financial habits. By taking these steps, you can protect yourself from the financial struggles that many athletes face and set yourself up for a successful and secure future, both on and off the field.

Interested in support on your financial journey? Apply for 1:1 coaching today!