One look at an Olympic professional athlete, and you may think they have all of it: fame, talent, and the chance of a life time. However, something most Olympians don’t have opting for them is a lot of money.
While Michael Phelps has a net worth $55 million, most Olympic professional athletes battle to pay for training and competing. The summer Olympics only happen every 4 years, and numerous athletes just get their moment in the spotlight for a few minutes. This does not properly catch the hours and years of expensive training, equipment, coach expenses, and health services, such as physiotherapy and chiropractic care.
Olympians must find funding to cover all of the costs, and previous Olympic medal winners make their financing through sponsors and recommendations. Others juggle part-time positions to harmonize their training schedule. Still others take an imaginative route: Nick Symmonds, a track professional athlete, earned over $11,000 after he auctioned his skin on eBay as temporary-tattoo canvas for sponsors. (For more, read 5 Top-Grossing Olympic Athletes.)
Help Through the Group USA Fund
The United States is one of the only countries with an Olympic Committee that is not supported through federal government assistance. Instead, the United States Olympic Committee depends on private financing. The Group USA Fund assists underwrite expenses for Olympic athletes, coaches, and more.
Dependence on Parents
Many Olympians are young, and a great deal of their costs are covered by their moms and dads. In 2012, US News amp; World Report reported that gymnast Gabby Douglas’ mother, Natalie Hawkins, submitteddeclared personal bankruptcy, noting $80,000 in financial obligation. Swimmer, Ryan Lochte’s moms and dads supposedly stopped paying their home mortgage in 2014 and owe over $200,000 on a Florida home. Both Olympic athletes won gold in the 2012 London Olympics, and have given that gotten recommendation offers. Nevertheless, prior to the popularity comes, numerous parents support their kid athletes with training and other related costs.
Funding Through Crowdfunding
American decathlete Jeremy Taiwo began a GoFundMe account to raise $15,000 to spend for devices, shoes, training, supplements, chiropractic care, and more. Individuals are still contributing to the fund, and Taiwo raised over $53,000. GoFundMe gave the professional athlete and additional $10,000 on top of that amount.
Kyle Snyder, member of the 2016 Olympic Freestyle Fumbling Group, also turned to GoFundMe to cover travel costs for his household. Snyder raised over $25,000.