Frank Rondel
Even Olympic gold medalists are not immune to financial uncertainty. Lauryn Williams, the first American woman to medal in both the Summer and Winter Olympics, went from earning $200,000 a year at age 20 to taking a $12-per-hour internship at 30, reports customreceipt.com, citing Yahoo. Despite her historic achievements, opportunities in speaking engagements and sponsorships were limited, leaving her to rebuild her career from scratch.
Williams explained to CNBC Make It that public perception often overestimates the financial security of Olympic athletes. “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. I get things here or there, but I can’t make a living from it,” she said. In the year she made history, she earned only $80,000 from endorsements.
By 2013, Williams transitioned into the corporate world, starting as an intern at Briaud Financial Advisors, according to her LinkedIn profile. “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 recalled. Her decade-long focus on competitive sports left her feeling inexperienced in traditional work environments, but the firm eventually hired her after recognizing her accomplishments.
Financial mismanagement also played a role in her career pivot. While earning $200,000 in Nike sponsorships, Williams said her agent took a 20% commission, and taxes further reduced her income. “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 noted. She described her experience as better than average but insufficient for lifelong financial independence without further career planning.
This experience motivated her to pursue financial expertise. After struggling with two prior financial advisors, Williams discovered Certified Financial Planner (CFP) coursework online and enrolled to gain a deeper understanding of money management. Following two failed attempts during her internship, she finally passed the CFP exam in 2017. She now works as a CFP Board Ambassador and helps athletes manage their finances through her firm, Worth Winning.
Williams noted that her financial challenges reflect a broader trend among athletes. Even gold medalists often earn less than widely assumed. “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 said. While some high-profile athletes may secure enough endorsements to retire comfortably, most still require alternative careers.
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