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WSJ Your Money Briefing

Going for Gold: The Financial Hurdles Facing Olympic Athletes

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.81.6K Ratings

🗓️ 11 August 2024

⏱️ 13 minutes

🧾️ Download transcript

Summary

Winning an Olympic medal doesn’t necessarily translate to financial success for many athletes. Host J.R. Whalen speaks with WSJ personal finance reporter Joe Pinsker as well as Olympians Dan Walsh and Lauryn Williams, who discuss the financial challenges they faced and overcame in the years following competition. Sign up for the WSJ's free Markets A.M. newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:15.0

Wall Street. For the past two weeks, teams across the globe have been breaking records, all with the hopes of grabbing a spot on that podium and winning a medal for their country.

0:33.7

But for most athletes, the road to the Olympics isn't cheap.

0:37.3

A recent report on elite American athletes found that they were, on average, horror for

0:42.4

having competed.

0:44.0

Paying a net cost of about $12,000 per year

0:47.5

after all the expenses in fees involved with their sport.

0:51.2

So how do they make ends meet? Here's a special episode of your money briefing for Sunday August 11th.

1:01.0

I'm J.R. Whelan for the Wall Street Journal. Today we're taking a

1:04.6

look at the cost of training and competing at the Olympics. It's not all fame and

1:09.2

glory. We'll hear from two metal holders about their financial journeys.

1:13.2

Ahead of that, let's check in with my colleague Joe Pinsker.

1:16.4

He recently wrote a piece about the hefty price that comes with an athlete's Olympic journey.

1:23.0

So Joe, you and your colleague Kalim Borcher spoke to a handful of athletes for this story.

1:28.0

Between training, traveling, and competing, what are some of the big expenses for Olympic athletes?

1:33.6

They need to get to a competition, they need to have lodging when they're there,

1:36.9

they need to buy food. Sometimes these are covered by their teams, but sometimes they're

1:41.8

putting up the expenses themselves.

1:44.0

A little bit less intuitive or obvious is the cluster of other expenses that fall somewhere between

1:51.0

athletic and every day.

...

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