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Olympic Athletes Face Financial Challenges and Seek Alternative Income Sources

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Winning an Olympic medal can bring financial rewards, but most athletes participating in the Games do not reach the podium and need to find additional sources of income to support their sporting dreams. According to a 2024 survey by Global Athlete, approximately 71% of Olympic, Paralympic, and aspiring athletes have a paid job outside of sports.

These competitors face the challenge of balancing intensive and costly training with the need to make a living. To reach the Olympics, athletes invest years in preparation and incur high costs for training, travel, and equipment. Although some receive scholarships or grants, many still rely on financial support from their parents, championship prizes, and flexible jobs.

The financial reality for athletes varies significantly worldwide. While Brazilian gold medalists receive $64,000, athletes from countries like Singapore can earn up to $737,000 for a gold medal.

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Some athletes turn to platforms like OnlyFans to boost their income. British diver Jack Laugher and New Zealand rower Robbie Manson use the subscription platform to support themselves. “I earn more than twice what I would as an athlete,” says Manson.

Other athletes maintain traditional jobs. American boxer Morelle McCane worked as a party clown, daycare supervisor, and delivery person to fund her participation in the Paris 2024 Games. US rower Olivia Coffey built a career in finance, while American Olympic athletes Nic Fink, Canyon Berry, and Jesse Grupper work as engineers.

Social media influence also serves as an income source for some athletes. Brazilian athletes like Rebeca Andrade and Rayssa Leal leverage their millions of Instagram followers to attract sponsorships from major brands. Influencer-athletes, such as Simone Biles and Sunisa Lee, use their platforms to increase engagement and sponsorship opportunities.

Despite the challenges, some athletes find financial success outside of the Olympics. For instance, Simone Biles earned $7.1 million in 2023. NBA players like LeBron James and Stephen Curry are among the highest-paid athletes at Paris 2024, with earnings reaching $128.8 million per year.

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For many athletes, the sports career begins early and ends before the age of 30. Consequently, many prepare for the future by studying in other fields. Rebeca Andrade is studying psychology, while Flavia Saraiva is pursuing advertising. Others, such as Jade Barbosa and Beatriz Haddad, have already graduated in marketing and administration, respectively.

The financial challenges and need to seek additional income sources are realities for many Olympic athletes, who must balance their sports passions with survival in the real world.

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