Beating Broke

Personal Finance from the Broke Perspective

Would You Encourage Your Child to Try to Be an Olympic Athlete?

By 4 Comments

The Olympics have been on for a week now, and across the world, young children are watching and finding themselves thinking of Olympic glory.  Every time the Olympics air, young children are inspired.  If they’re already in a sport, they may work harder, dreaming of Olympic gold.  If they haven’t yet started a sport, they may want to begin to see if they, too, can be like their Olympic idols.

Yet, as parents, should we encourage these dreams?

The Financial Toll of Pursuing an Olympic Dream

Being an Olympian extracts a heavy financial toll on a family, not to mention the time commitment.

Is this a worthwhile dream for our children, or are we setting them up for failure?

When I was young, my teacher was friends with a family whose college-aged son was training to be a speed skater.  His family had to hold fund raiser after fund raiser just to pay for his training.  Meanwhile, because of the time commitment for training, he was unable to hold a regular job, so he also needed money for living expenses.  In the end, he didn’t make it to the Olympics to compete, let alone try for a medal.

Was all that time pursuing his dream a waste of money and time?

The Financial Rewards of Being an Olympian

Olympic AthleteThe glory, the fame, and the money from endorsements are only for those who receive a medal, usually a gold medal.  Those who reach this pinnacle can expect a handsome return on their time and money investments.  Take Michael Phelps, Olympic swimmer, who is reportedly worth $30 million thanks to endorsement deals.  Shaun White, two-time Olympic gold medalist for snowboarding, brings in an estimated $7 million a year in endorsements (The Examiner).  Yet, the chance of reaching the pinnacle of your sport is very rare.

Is this a worthwhile dream to pursue?

If an Olympian doesn’t win gold and reap the endorsements, she can often find herself able to create a job as a sports commentator or as a coach.  These can be good jobs that keep the athletes in the field they love.  But is all the money they spent to train for the Olympics worth the career choice?  Can being a coach really help justify the money spent to pursue an Olympic dream?

Many people may argue that the point of the Olympics is not about the finances.  The Olympics are about pushing yourself and trying to reach your goals.  They’re about training to become the best athlete you can be.

This is a noble goal, but is it worth the expense and sacrifice to family, friends, and athletes?

A Better Way to Pursue an Olympic Dream?

If my child were to express an interest in being a world class athlete, I would encourage him to train as he could when he was young, but the goal for me personally would be for him to receive a full ride athletic scholarship to college.  If he could reach his Olympic goals from there, wonderful.  If he couldn’t, then at least he would have had the chance to compete at the collegiate level, and he would also have an education.

Would you encourage your child’s Olympic dreams?  If so, how?

So, Your Child Wants to Be an Olympic Athlete

By 9 Comments

Years ago, I worked with a woman I’ll call Janet who had sat down to watch the Olympics with her then 6 year old daughter.  Her daughter was glued to the television watching the women gymnasts, and when the Olympics were over, she declared she, too, wanted to be an Olympic gymnast.  Like any good mother, Janet enrolled her daughter in gymnastics, not expecting much but a way for her daughter to pass the time and learn a new skill.

When I knew Janet six years after that, her daughter was taking gymnastic classes several hours a day, in the early morning and after school, and Janet, who had been a homemaker, took on two part-time jobs to help support her child’s dream.

img credit: eviltomthai on Flickr

Every two years when the Olympics come around, children watch and decide that they, too, want to be Olympic athletes.  As you watch the Olympics, here are a few things to keep in mind if your child decides to start a new sport.

  1. Start slowly.  There is no need to run out and sign your child up with the best coach.  Start at the local level, which will be much cheaper.  Maybe your local community center offers classes.  Start your child there.   If she does end up loving her newfound sport, then consider moving her to more rigorous courses at a location specializing in her sport.
  2. Keep her well rounded.  Don’t let your child focus solely on one sport too early in her life.  Olympic medal winner Michael Phelps began swimming at age 7 as a way to deal with his attention-deficit hyperactivity disorder.  He was involved in many other sports until age 11 when his coach told him he had the potential to qualify for the next Olympic games.
  3. Don’t take on more than your family finances can handle.  While every parent wants to help their children pursue their dreams, don’t take on more than your family can handle.  If you focus on one child’s Olympic dreams, your time with your other children can suffer.  Also, keep in mind that very few athletes who train to be Olympians actually make it to the games, and even fewer win medals.  I often think of Janet and her family’s sacrifice and wonder about the pressure it must have put on her daughter to perform and excel.
  4. Make sure the dream is your child’s, not yours.  Television is permeated with parents who are pushing their children and trying to live vicariously through them.  Dance Moms and Toddlers & Tiaras come to mind.  Make sure that you are not one of those parents.  Your child should have the right to quit if she wants to as well as to pursue her dream, if it is her dream.

Many children love watching the Olympics, and often it sparks an interest in many young children to start a sport.  Encourage his need to explore extracurricular activities, but don’t feel the need to have him train several hours a day and begin to dream he is the next Michael Phelps.