Financing the Olympic Dream

Is anyone else out there a super-fan of the Olympics? Ordinarily, I don’t spend a lot of time watching sports. When the Olympics start, however, I’m glued to the tv for two weeks. I’ll watch anything and everything. I’ve been like this since I was a kid and my friends and I would make our own flags and medals to create our own Olympic Games.

Training to be an elite athlete is a full-time job. There are multiple training sessions a day, strength training sessions, physical therapy sessions, and time spent focusing on rest and nutrition. Yet, none of those activities make the athlete any money. Actually, every single one of those people helping the athlete needs to get paid. So, how do they pay them along with all of the real-world expenses like rent, gas, and phone?

Countries like Russia and China are known for providing strong government support for Olympic athletes. The United States, however, is one of only three countries in which the government provides no financial support at all for the development of Olympic athletes. Olympic hopefuls in the United States have to depend on corporate sponsorships and appearances. While corporate sponsorships for equipment are not difficult for elite athletes, they compete against professional sports leagues and athletes for corporate sponsorship dollars. As a result, most Olympic athletes in the United States can’t depend on paying their bills with sponsorship funds. Adam Rippon’s story about stealing apples from the gym has gone viral.

Sure, we can come up with names like Lindsey Vonn (net worth around $6 million), Shaun White (net worth around $40 million), and Michael Phelps (net worth around $55 million). They, however, are the outliers even among Olympic athletes. Many depend upon support from their parents and university athletic programs. Other Olympians have a side hustle. Speed Skater Derek Parra worked at Home Depot, and Pete Fenson (curling) runs a pizzeria. Olympians have been known to have side hustles as teachers, janitors, coaches, freelancers, waiters and waitresses, and even attorneys and accountants.

Training expenses alone can easily total $100,000 per year. So, that’s tough on athletes being supported by their families and those trying to make it on their own. It’s no surprise that some Olympic athletes even resort to crowdsourcing to fund their Olympic dream. Keep all of that in mind while you enjoy the athleticism and artistry of the Olympics. Appreciate not only the physical and emotional struggles it took for them to get to this one moment but also the financial struggles they have overcome as well.

saving money using Amazon Prime

How I Save Money Using Amazon Prime

save money using amazon prime

 

In honor of Amazon Prime Day, I thought I would share some of the ways I use  Amazon Prime to save money. You can sign up below to get a free month of Amazon Prime and see if it is something that works for you. The regular membership rate is $99/year, which equates to $8.25 per month. If you have a .edu email address, you can sign up for a reduced student rate (which I did with my faculty email address). Even at $99, however, it would be a value for me.

 

Here’s what you get:

  • Free two-day shipping
  • Free Prime Instant Video (Amazon’s version of Netflix)
  • Free Prime Music (Amazon’s version of Pandora or Spotify)
  • Unlimited photo storage
  • Access to one free Kindle book per month through the Amazon lending library

 

I save money with Amazon Prime because I got to cancel Netflix and all of my music app subscriptions (other than Sirius for my car). I also save about $10 a month using that Kindle lending library. That alone exceeds the monthly cost of Prime.

 

More importantly, using Prime I am able to avoid a lot of extra money spent on gas and impulse buys when I have to leave the house and go to a store. Realistically, what would happen if I drove to Target to buy printer ink (which I need all the time during the school year)? I’d end up with the Target $100 PLUS my $20 ink and a Starbucks on the way out the door. With Amazon Prime, I get what I need shipped to my door in two days and get a great price. Plus, I don’t have to find time in my schedule to go to a store and don’t buy anything other than what I actually need. I also keep a lot of wish lists of items that I might like to purchase in the future for school or gifts. Because prices change pretty frequently on Amazon, I can go check my wish list (or set up an alert) to look for deals on those specific items. When the price goes down, I can go ahead and place my order (kind of like electronic stock trading haha).

 

Plus, Amazon loves its Prime Members so much that we get a special holiday once a year. Today you can grab deals like this:

 

Amazon Fire starting at $33.33! I got one a few weeks ago, and it’s great. You seriously can’t beat what you get for the price.

 

 

Click below to sign up (Amazon affiliate link):

Six Ways College Students Break Their Budgets

way college students break budget manage money

 

School supplies are hitting the shelves, and that means a new school year is just about one month away. College students head back to start their fall classes in August, so it’s time to focus on money management in college. Parents, if you are sending your children off to college, make sure they have the financial skills to get started on their own. College students, you need to read this! How many of these mistakes have you already made?

 

  1. The first way to break your budget is by not having a budget at all! So, take the time to make yourself a monthly budget. Consider the income you will get from financial aid, employment, and family. Estimate your monthly expenses for rent, food, and other bills. Make sure you have enough income to pay for all of these expenses. Don’t forget to leave a little padding in your monthly budget for the unexpected trip or opportunity. Try one of these budgeting apps to help.
  2. Grabbing a quick bite to eat or jolt of caffeine in between classes adds up over time. Grabbing a drink and snack at Starbucks can easily cost $10. Get in that habit three times a week, and you’ve spent $30. At the end of the month, you’ve spent $120. Pack some healthy snacks from home in your bag. Carry a refillable water bottle and try bringing coffee from home in a travel cup when possible.
  3. Consider the cost per meal of a meal plan. If you live on campus, you are stuck with the meal plan. You should have a choice, however, about how that meal plan is structured. Typically, you can choose a combination of meals and points or dining dollars. Look at the cost per meal of the plan and how many times you really eat in the dining hall. If you don’t use all of those meals each week, you’ll probably be better off with the dining dollars or points. If you do this, however, make sure to budget and keep track of this money so you are not left starving with a month left in the semester.
  4. Even social events need a budget. One of the great parts of the college experience is going out and having fun with new people. Going out, however, is expensive. Buying a new pair of shoes or jeans to go out adds to that expense. Unless your parents are giving you their credit card and an unlimited budget, you need to think about the cost of going out. Limit the number of days you go out (also a great plan since you need to study!), find things to do that don’t require spending money (Netflix and chill slumber party), and try shopping in a friend’s closet.
  5. While on the subject of social activities, be careful not to get involved with too many campus activities. There are so many new activities and groups to explore on campus, but they usually involve paying a fee for membership dues or group activities. Over the course of a year, these activity fees and expenses can add up to several hundred extra dollars that were not in your budget. All of these activities can really take away from your study time too. Limit yourself to one or two groups for at least the first year of college.
  6. Think about whether you really need to bring your car with you. Parking spots on campus can be very expensive, and many universities make you park your car a mile away from campus anyway. So, having a car can be both expensive and inconvenient. If your campus is part of a town or urban area, a car might not be necessary. Explore and consider the other transportation options before you decide to pack up your car. I went to college in Newark, Delaware and did not have my car with me until my final semester. The campus and town were very walkable, and trains and buses were available when we needed to get out of town. Plus, Uber is available in more locations all the time and makes it much easier to get around without your own car as needed.