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Ever wonder what it’s like to be a 4-time Olympian?
Lauryn Williams competed in Track & Field and Bobsled in 4 Olympic Games. Now she is a financial planning coach and helps athletes and young professionals manage their money and achieve their goals. Lauryn gives us the ‘behind the scenes’ of what it’s like to be an athlete pursuing the Olympic Games. Spoiler Alert: It’s not all rosy and fully-funded like you might think. In fact, most athletes don’t receive a dime and it’s really, really hard. For the athletes who do receive financial support, financial planning predators swoop in and try to take advantage of their youth and lack of financial knowledge. Lauryn worked her way through all of this and now gives her time to helping others with their own money journeys.
You’ll love Lauryn’s story and be crazy impressed and inspired by her.
We also chat with Lauryn about…
- What it was like to live the life of an Olympic athlete
- Building a brand you’re proud of
- Her very different approach to financial planning for athletes
Lauryn was an absolute delight to speak with! Enjoy this chat with Lauryn, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today’s episode
- Worth Winning – Lauryn’s blog!
- Worth Listening – Lauryn’s podcast!
- @worthwinning – instagram
- Inside the Performance Driven Funding of the US Olympic Team
Key takeaways from our chat with Lauryn Williams of Worth Winning
1 – It is VERY, VERY expensive to pursue an Olympic dream
Lauryn was the second fastest woman in the world in 2004. That achievement kickstarted her journey to 4 Olympic Games.
While Lauryn was provided with a comfortable amount of financial support from both the USOC and sponsors, it wasn’t a crazy amount either like many people watching the Olympics on T.V. would expect. And Lauryn’s experience was not the norm, given that Track & Field is one of the top-funded sports that gets interest from sponsors, along with other sports like Swimming. If you’re not in a top-performing or highly-watched sport, you will need to seek funding from other sources and finding those sources can be hard.
Most U.S. athletes are on their own when it comes to funding their Olympic dream. Athletes often have to work odd jobs with flexible hours so that they can travel internationally year-round to compete and qualify for the games. They also have to devote many hours per day to practice and strength training in the gym.
The frequent international travel and odd schedule leads to many athletes getting into five-figure debt, perhaps even more, to pursue the Olympic dream. Athletes also feel conflicted asking others for financial help to support their dreams when they know others are less fortunate and pursuing their dream is optional.
Athletes are hugely inspirational and the Olympic Games is the event that brings the entire world together. It would be a shame if talented athletes without financial means were barred from competing.
If you’d like to help an athlete (perhaps you can offer a flexible job where they can build skills, a place to stay, etc.) you can get in touch with Lauryn. She’s currently brainstorming a platform that will help athletes pursue their dreams by connecting them with others who want to help.
2 – Make giving back part of building your brand
Lauryn recommends that athletes prioritize giving back while they are competing, even if it’s just their time or a contribution as small as $5o if that is all they can afford.
Once an athlete is done competing, the connections they made with the organization might open doors for them. Maybe they will ask the athlete be on the Board of Directors or will hire them or will connect them with someone who will hire them.
This advice applies to anyone, not just athletes. Your donations and support will be remembered when you might need support yourself later.
3 – Build your social media presence before other people can build it for you
People recommend athletes stay off social media but it can be incredibly important for athletes to proactively build their brand on social media.
If they don’t have their stories visible, then other people can fill in the blanks for them and portray them in the media in negative ways. While this can still happen, it can only help to have years of positive social media proof narrated how you want your story to be told.
We think this advice applies to non-athletes too. If employers or others are searching for you on social media, you can give yourself a boost by curating your own social media presence.
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