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Funding Your Future: Preparing for the Olympics

Posted at 7:03 PM, Feb 21, 2018
and last updated 2018-02-21 21:04:09-05

Ever wonder what it would take to become an Olympic athlete? Well, aside from hard work and dedication, Cyprus Credit Union has the financial breakdown of an Olympic athlete and what it takes to get there.

In an article in Time Magazine, it talked about the “Insane Amount of Money It Takes to Become an Olympic Figure Skater.”

Some figures:

  • At elite levels, the cost to train and compete can run $35,000 - $50,000 per year
  • Fees can include:
    • Coaching: $65 - $120/hour
    • Ice rink time: $20 - $40/day
    • Choreography: $1,500 - $5,000/program
    • Costumes: easily reach up to $10,000
    • Boots: $800 - $1000, a couple times a year
    • Blades: $1,000
    • Travel
    • Medical costs & physical therapy
  • Only about 5% of Olympic athletes are able to support themselves through prize money and sponsorships

But what if they win an Olympic Medal, what is that worth? According to Time Magazine, the meltdown value is:

  • Gold = $577
  • Silver = $320
  • Bronze = $3.50

Average auction values are:

  • Gold = $20,000 – $50,000
  • Silver = $10,000 - $30,000
  • Bronze = less than $10,000
  • (A hockey gold medal from the 1980 Lake Placid games sold for more than $310,000)

If your children want to participate in activities, how can you afford it on a budget?

  • Limit Activities
    • Not only can you strain your wallet, but your child’s well-being by trying to do too much at a time. Consider not doing more than two at any given time, for example, one sport and one art/music activity.
  • Check the Costs
    • Ask for full cost breakdown before signing up
  • Rent Equipment or Buy Used
    • Renting musical instruments until they know they are interested
    • Used sporting equipment, especially when they will grow out of them soon
  • Try School & Community Programs
    • Usually cheaper and less commitment in case your child ends up not loving it or being good at it.
  • Ask about Scholarships
    • Community Recreation Association provides scholarships to offset the cost of any extracurricular activity