Everyone knows that Olympic athletes put enormous strain on their bodies — but what about their bank accounts?
Marketplace Money host Tess Vigeland recently visited the Olympic Training Center in Chula Vista, California, where she met high jumper Jamie Nieto. Nieto has two high school coaching jobs in addition to occasional work as an actor.
Vigeland told Boston Public Radio that Nieto’s biggest expense is traveling to meets. The cost of flights, hotels, rental cars and meals can add up quickly.
“You’re just hoping that a) you make it to the Olympics after the trials and b) you do well there to get some sort of endorsement contract that can help back-fill all that money that you have spent up until then,” said Vigeland.
Vigeland pointed out that unlike other athletes, Olympians compete for free.
“Our Olympic athletes aren’t amateurs anymore. These are professionals, and you would never ask a famous baseball player to play in the World Series for free... and yet that is what we ask of our Olympic athletes,” said Vigeland.
Plus, Vigeland explained the myriad reasons not to daytrade on your 401(k).
“What we used to hear about the lockbox for social security — the 401 (k) should be in a lockbox, but there is no lockbox for it. And that means that as people retire, they’re not going to have any money because they already used it,” she said.
Guest:
Tess Vigeland, host of Marketplace Money
