Lauryn Williams, an Olympic champion in track and bobsled, was earning $200,000 a year at age 20, but by 30, she found herself interning for just $12 an hour. Despite making history as the first American woman to win medals in both the Summer and Winter Olympics, Williams faced limited opportunities after her athletic career ended, according to Fortune.
“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 told CNBC Make It. “I get things here or there, but I can’t make a living from it.”
“The news coverage came, but the sponsors didn’t. I made $80,000 the year I became the first American woman to medal in the Summer and Winter Olympics.”
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Despite her historic achievements, she had to rebuild her career from the ground up. In 2013, she transitioned to 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 added. “I spent all of my 20s competing, so I felt kind of insecure that I didn’t have any real work knowledge.”
Though she was initially rejected by Briaud Financial Advisors, Williams revealed that she was later hired after the firm’s owner learned of her impressive athletic background.
Even at her peak, when she earned $200,000 in sponsorship from Nike, Williams noted that her agent took a 20% cut, 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 stressed.
“I had a 10-year career, so it set me up better than the average person by the time I was 30. But it also didn’t give me the income to kick my feet up forever and never have to do anything again.”
She believes her financial journey might have been different with better advice, a realization that inspired her next chapter.
“I did a Google search after having a second financial advisor that didn’t work out and found CFP coursework,” she said. “I enrolled in it blindly, simply because I wanted to better understand finances for myself.”
After two unsuccessful attempts, she passed the CFP exam in 2017 while interning.
Now 40, she is a CFP Board Ambassador and runs her own firm, Worth Winning, where she helps athletes make informed financial decisions.
Drawing from her own journey, Williams recognizes that her financial struggles are common among athletes.
Carlos Yulo, the Philippines’ first male Olympic gold medalist, appears well-rewarded with a $555,000 fully furnished condo, over $200,000 in cash, and a lifetime supply of ramen. But for most athletes, such rewards are rare, making a solid plan B essential for life after sports.
“There are the people that you would call the headliners of the Olympic games that are in commercials and those sorts of things, who are going to be able to retire and never work again after if they organize their finances accordingly,” she added.
“But the vast majority of people are going to need to work.”
