Olympic silver medalist Anita Alvarez begins her grueling training days at 6 a.m., executing intricate twists and lifts underwater, holding her breath for minutes at a time. This dedication to artistic swimming (formerly synchronized swimming) demands intense physical and mental stamina
Olympic silver medalist Anita Alvarez's artistic swimming success brought home a medal, but not enough to cover living expenses. Her journey highlights the financial struggles faced by many elite athletes outside major professional leagues, even after achieving Olympic glory
Olympic silver medalist Anita Alvarez reveals the financial struggles faced by many athletes outside major leagues. During her 12-year swimming career, she supplemented her initial $250 monthly Team USA stipend by working at a sporting goods store. This highlights the financial realities for even elite athletes, showcasing the challenges of balancing rigorous training with the need to earn a living
Olympic silver medalist Anita Alvarez secures her future by joining the US Air Force's World Class Athlete Program. This program provides funding for her training in exchange for three years of military service post-Olympics, a welcome alternative to supplementing her $1,900 monthly stipend with coaching or private lessons as she did previously. This highlights the financial realities faced by many Olympic athletes outside major professional leagues
The glamorous image of professional athletes—multi-million dollar contracts, red carpets, and luxury lifestyles—often overshadows the financial realities faced by most athletes. This perception, heavily skewed towards top male athletes in leagues like the MLB, NBA, NFL, and NHL, ignores the struggles of many full-time athletes across various sports, who often face career uncertainty and financial insecurity
Even elite athletes, including Olympians, often face significant financial challenges. Short athletic careers and limited financial literacy can create hardship, even for those in major leagues. Many struggle with budgeting and managing income, highlighting the need for better financial planning and support for athletes
Balancing rigorous Olympic artistic swimming training—eight hours a day of intense physical and mental exertion—with a demanding job was incredibly stressful. The pressure of maintaining peak performance while rushing to work after exhausting pool sessions highlighted the financial challenges faced by many elite athletes outside major professional leagues
Olympic athletes and professional sports stars often face financial uncertainty. Learn how four current and former athletes overcame these challenges by prioritizing financial literacy, smart investing strategies, and entrepreneurial ventures
Research reveals the short lifespan of peak athletic performance: a 2020 International Journal of Environmental Research and Public Health study shows individual athletes compete at their highest level for an average of 4.9 years, while team athletes maintain peak performance for seven years. This highlights the financial challenges faced by many athletes, even Olympians, whose careers are often surprisingly brief
NFL players face a harsh reality: short careers and fleeting fortunes. Washington Commanders defensive tackle Sheldon Day, entering his ninth season, explains the challenge: "Our time in the NFL is so short, and once that money's spent, it's incredibly difficult to recover. Most people don't grasp how brief our careers are, and they assume the money will always be there." This financial struggle highlights the precarious financial situation many athletes face, even at the professional level
Short NFL Careers: A 2022 Sports Daily analysis revealed the average NFL player's career lasts only 3.3 years, highlighting the financial challenges faced by many athletes
Olympic medalist Anita Alvarez reveals the financial struggles faced by many elite athletes outside major leagues. Despite a longer career window, sponsorship opportunities for athletes like Alvarez, who has partnered with brands such as Skims and Tresemmé, often surge before the Olympics and then decline afterward. This highlights the precarious financial reality for many dedicated athletes, even those achieving Olympic success
Olympic athletes' dedication extends far beyond the quadrennial games. Training is a year-round commitment, a daily grind demanding unwavering focus and sacrifice. This reality underscores the financial struggles faced by many athletes, even Olympic medalists, highlighting the need for programs like the US Air Force's World Class Athlete Program which supports training in exchange for military service
Olympic medalist Anita Alvarez reveals the financial struggles faced by many female athletes. A Parity survey of 500 female athletes shows 74% held outside jobs last year, highlighting the common reality of balancing professional sports careers with the need for additional income. This underscores the significant financial challenges faced by athletes outside major leagues like the MLB, NBA, NFL, and NHL, even at the Olympic level
Olympic hockey medalist Angela Ruggiero's four-time Olympic success, including a gold medal in 1998, couldn't guarantee financial security, highlighting the financial struggles faced by many athletes even at the highest levels of competition
“It was tricky, but I think I always knew I was going to have to get a job being a female athlete and not making a ton of money as a pro,” Ruggiero, 45, told BI.
Ruggiero said that during her last Olympic cycle, from 2008 to 2011, she earned a base pay before bonuses of $2,000 a month from Team USA, in addition to endorsements from brands such as Coca-Cola and Nike.
“I was 31 and wasn’t saving money, whereas my peers who had had regular jobs were ahead of me financially, which is kind of crazy — I had a gold medal and four Olympics under my belt,” she said. “But that’s never why I did it. I never did it for the money. I did it because I loved the sport.”
It’s a common experience among professional female athletes. Seventy percent of respondents in the Parity survey — which had representation from 55 sports — said it was “very likely” they’d need a new source of income when they retire from competition.
For Ruggiero, part of the solution was investing. Later in her career, she asked Coca-Cola, one of her sponsors, to give her equity in the company, she said. When they gave her a check instead, she took a piece of it and bought stock in the company.
The former NBA player Baron Davis, who is reported to have earned more than $140 million throughout his career, playing for 13 seasons across six teams, also had the forethought to invest his earnings. His first investment was with the then startup Vitaminwater, but it came with a condition.
“The only ask was, ‘I want to be on your marketing team or an advisor on your marketing team as a creative, so I can learn how to replicate a brand and its success,'” Davis, 46, said.
“And that shaped my career to say, ‘I can be my own agent. I can do my own deals. I can pitch to brands. I know what I’m capable of both on and off camera,'” he added.
After those experiences, Davis said he felt better equipped to become an entrepreneur after he last played in the NBA in 2012. He created Baron Davis Enterprises, a holding company of his investments including content studios and a membership platform for people who work in sports, business, and entertainment.
Similarly, Ruggiero used her sports background as a launchpad for her second career. After spending eight years with the International Olympic Committee, she cofounded Sports Innovation Lab, a data and analytics company focused on improving advertising, sponsorships, and fan experiences.
“Sports Innovation Lab came from my experiences as a board member, a practitioner, someone that had gone to business school and studied disruptive innovation under Clay Christensen, and I’m looking at my industry going, ‘We could be doing better if we had the insights,'” she said.
Still, these career changes don’t come without challenges. Davis said athletes could experience pushback in their second careers because they’re athletes.
“You have the ability to get into meetings or get into places based on your fame, your history, or your recognition,” he said, adding that athletes are often asked to still prove themselves as entrepreneurs, investors, and C-suite executives.
Athletes are uniquely positioned to help others within their professions.
Day, 30, watched as an NFL teammate spent money on cars, jewelry, and nights out at clubs, seemingly not considering that one day the paychecks would stop. After witnessing that teammate struggle financially while still in the NFL, he decided to do something about it.
Alongside former NFL player Richard Sherman and a health and sports scientist named Tom Zheng, Day founded The Players Company, which seeks to help athletes with personal finance through education, networking, and community events.
In 2024, the company partnered with Mogul Club, a real estate platform, to help players invest in real estate — something Day himself tapped into early in his pro career. “I jumped right in on the single-family real estate side, trying to give back to the city of Indianapolis where I’m from,” he said.
Day, who’s earned $7 million so far during his NFL career, per the sports financial system Spotrac, has since incorporated commercial real estate into his portfolio, in addition to building homes in lower-income neighborhoods.
Whether an athlete is handling millions of dollars or working second jobs, earning money is only half the battle. Knowing what to do with it is a separate challenge, and athletes ultimately need to figure out what they’re saving for, Andrea Brimmer, a former varsity soccer player at Michigan State University, told BI.
“You think about money in terms of how it can empower the things that you love or the people that you love the most in life, and it gives you a very different purpose in earning money,” said Brimmer, who’s now the chief marketing officer at the online bank Ally Financial.
Ruggiero said money management should be emphasized more while athletes are still playing, not after they retire.
“What we’re told as athletes is: Eye on the prize. Win the gold medal. Win the championship,” she said. “You’re given all these amazing tools for the prize, the sports prize, which is great, but it doesn’t always serve you.”
“Even in the NCAA, if you’re a collegiate athlete and you’re going to go pro the next year,” she continued, “could you at least take a class over balancing your checkbook?”
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