How much does it cost to compete in the Olympics?
BURLINGTON, Vt. (WCAX) - According to the USDA, it costs nearly $235,000 to raise a child from birth to 18 years old. Now, imagine having a child who wants to compete in the Olympics.
Mark Scribner, the managing director of oXYGen Financial Boston, says someone who wants to compete in table tennis, for example, spends about $20,000 a year and trains 8 to 12 years. A figure skater easily spends $35,000 to $50,000 a year, not even counting travel expenses.
So when do these competitive athletes make money back? Scribner says not many do and some families go broke. “Huge undertaking. I liken it to training a fighter pilot. The cost and the amount -- I mean you have to do it because you love it. It’s probably not the best financial decision you’ll ever make, but not everything is about money. And it is a huge commitment budget-wise, coaching, and all these different things. You have to really plan for it,” said Scribner.
USA Athletes get $37,500 for a gold medal, $22,500 for a silver medal, and $15,000 for a bronze medal.
Some countries with fewer athletes competing give $1 million gold medal prizes.
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