Winning an Olympic gold medal crowns athletes with glory but often does not guarantee long-term financial stability. This reality was faced by former US Olympic track and bobsled champion Lauryn Williams, who made history as the first American woman to medal in both the Summer and Winter Olympic Games.
Despite achieving remarkable feats, including a gold medal in the 4×100 meter relay at the London 2012 Olympics and a silver in the two-woman bobsleigh at Sochi 2014, Williams encountered financial challenges post-retirement. At the height of her athletic career, she earned significant sponsorships, including $200,000 from Nike and $80,000 in the year she became the first American woman to medal in both Olympics.
Upon transitioning into the workforce, however, Williams found herself starting from scratch, earning just $12 an hour as an intern at Briaud Financial Advisors. “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,” she shared in an interview. “I get things here or there, but I can’t make a living from it. The news coverage came, but the sponsors didn’t.”
With her career beginning at the age of 30, Williams reflected on her feeling of insecurity compared to friends who advanced into established careers in medicine and law while she dedicated her twenties to competition. Despite having experienced a successful athletic journey, she quickly realized that it did not provide lifelong financial comfort.
Williams emphasized that while a decade-long career in athletics offered her better financial standing than many, it fell short of providing a safety net for the future. “The money doesn’t go quite as far as people think it does. I also didn’t have the income to kick my feet up forever and never have to do anything again,” she noted.
Motivated to improve her financial knowledge, Williams turned to financial education after two unsuccessful attempts at passing the Certified Financial Planner (CFP) exams. Through a Google search, she discovered CFP coursework and enrolled to empower herself. After overcoming challenges, she successfully passed the exams in 2017 and became a CFP Board Ambassador.
Now a mother of four, Williams’ journey underscores the importance of financial literacy for athletes, especially after their competitive careers conclude. As she reflects on her journey, she hopes to inspire others to pursue knowledge in finance, ensuring a more secure future.