Lauryn Williams: US Olympic gold medalist went from $200,000 a year to $12 an hour internship

The Olympic track and bobsled champion was making $200,000 a year in her 20s, but in her 30s, she was interning for $12 an hour.

Despite being the first American woman to medal at both the Summer and Winter Olympics, her post-Olympic opportunities were limited.

“There’s this misconception that because I’m the first to do it — and no one else has done it yet — that I’m booked all year for speaking engagements,” she said. CNBC Make It. “I get things here or there, but I can’t live off of it.”

“The news came, but the sponsors didn’t. I won $80,000 the year I became the first American woman to medal in both the Summer and Winter Olympics.”

That’s why, despite the fact that she made sports history, she had to start from scratch. In 2013, Williams joined the world of white-collar work as an intern at Briaud Financial Advisors, according to LinkedIn.

“I was behind the ball because I was 30 and just starting out, while I had friends who were already doctors and lawyers and already in their careers,” she added. “I spent my entire 20s competing, so I felt a little insecure that I had no real working knowledge.”

Although she was initially turned down to work at the firm, she said the owner decided to bring her on board after hearing about her impressive background.

Poor financial advice inspired his second act

Even when Williams was making $200,000 from the Nike endorsement, she pointed out that her agent took a 20 percent cut, and then there were fees.

“Money doesn’t go as far as people think, although it was a pretty good living for a 20-year-old,” she pointed out.

“I had a 10-year career, so it prepared me better than the average person until I was 30. But it also didn’t provide me with the income to put my feet up forever and not have to do anything anymore. “

Perhaps this could have been a different story if he had had good financial advice – and that is what inspired the second act.

“I did a Google search after having a second financial advisor that didn’t work out and found CFP courses,” she said. “I signed up blindly, simply because I wanted to better understand my finances.”

After two failed attempts to pass the CFP exam during her internship, Williams finally passed in 2017.

Now 40, she is an ambassador for the CFP Council, helping athletes make smart decisions with their money through her firm Worth Winning.

“Gold medal athletes don’t make $100,000 a year”

Having now advised various sports stars, Williams knows her experience is very normal.

The Philippines’ first-ever male Olympic gold medalist, Carlos Yulo can have a $555,000 fully furnished apartment, more than $200,000 in cash and a lifetime supply of ramen to go with his medals.

However, for most athletes, a plan B is essential.

“On the sponsorship side, we’ve had several gold medal winning athletes as clients who didn’t compete in ‘premium’ sports and didn’t make $100,000 a year when all was said and done,” he she said.

“There are people who you would call the headliners of the Olympics, who are in commercials and things like that, who will be able to retire and never work again if they organize their finances accordingly,” she added.

“But the vast majority of people will have to work.”

Recommended newsletter: CEO Daily provides the key context news leaders need to know from around the business world. Every weekday morning, more than 125,000 readers trust CEO Daily for information about—and from inside—the C-suite. Subscribe now.