By Niovie Constantinou, Contributor
Olympic athletes inspire millions around the world. But behind the glory lies a much tougher reality. Many of them struggle financially, emotionally, and physically before, during, and even after their Olympic journey.
Most Olympic sports only get attention once every four years. Out of thousands of competitors, only a few win medals—and even fewer gain real financial rewards. Many athletes turn to crowdfunding just to cover costs for coaching, equipment, or travel. Some have even relied on food stamps to get by.
Winning a medal may bring pride, but it doesn’t always bring money. The U.S. Olympic Committee pays $25,000 for gold, $15,000 for silver, and $10,000 for bronze. However, up to 39% of those earnings can be taxed. After the 2008 Olympics, judo bronze medalist Ronda Rousey couldn’t afford rent and had to live in her car.
Athletes in well-known sports might earn sponsorship deals, but these come with strings. IOC rules limit what non-official sponsors can say in ads. Words like “Olympics” and even “gold” are off-limits, reducing visibility and value for many sponsorships. Performance and injury risks also affect these earnings.
Due to these financial challenges, it’s critical that athletes learn how to manage money wisely. In the Rio Olympics, Visa partnered with the IOC to launch a global financial education program. It taught athletes how to budget, save, and handle banking. But learning isn’t enough—applying that knowledge matters even more. Snowboarder Jonathan Cheever, for instance, supports his career by working as a licensed plumber.
Olympic athletes also face mental and physical pressures. The intense push to perform often leads to anxiety, frustration, or burnout. Many experience physical overload or injury. On top of that, focusing only on sport can shrink their social lives, leading to feelings of loneliness and isolation.
To prepare for life before and after competition, athletes should:
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Create a financial plan that covers Olympic costs and potential setbacks.
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Develop a trade or career path outside of sport.
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Build a life beyond athletics—invest in hobbies, education, and relationships.
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Ensure access to ongoing psychological support.
Understanding these risks is vital. Competing at the Olympics is a remarkable achievement, but managing life beyond the arena is just as important.
The chase of the Olympic glory definitely comes with a price to pay and may end up with a prize. While keeping their eyes on the prize, Olympic athletes should consider what we have discussed above and have a plan in place to make the Olympic journey worthwhile and the transition to life after the Olympics, a smooth one. The Money Smart Athlete team is here to help those of you who are in pursuit of the Olympic dream. We will be happy to hear from you at [email protected], listen to your concerns and issues relating to your Olympic career, and offer appropriate guidance and support.