Smart Cookies

This winter we’ve been glued to the TV, admiring Olympians for their incredible athleticism, but after learning about their ingenious money making and money saving abilities, we would now like to bestow Smart Cookie gold medals to all of them. Not all Olympic athletes are showered with millions in sponsorship dollars, in fact most struggle to make ends meet while trying to fulfill their dreams. These athletes are living examples of doing whatever it takes.

Consider the financial reality of being a Olympic Athlete:

The average Olympic athlete is estimated to incur more than $3,000 in training expenses a month with most spending 8 hrs a day training in their chosen sport with little compensation. Since 2008 corporate sponsorship has dwindled, and major funding from one time major sponsors like Home Depot and General Motors created a million dollar loss for training athletes. As a result, in 2009 the US Olympic Committee was forced to reduce their budget for athletes by 5%.

As result, athletes wanting to reach the top of the game were forced to get creative. Thankfully shying away from a challenge isn’t an option for an Olympian and given the struggle they were faced with, we but can’t help but be inspired by the financial creativity of those are now wowing us in Vancouver.

• Shaun White and his family used to stay in a motor home at posh ski resorts in order to save the estimated $5,000- $10,000 it cost each year in food and travel to compete.

• US men™s curlers, John Shuster, Jeff Isaacson and Jason Smith crowded into a two-bedroom  in Duluth, Minn and managed to shave their rent down to just $150 per month.  Saving an several thousand dollars in a six month time frame.

• US skeleton racer Noel Pikus-Pace saved $10,000 last season after her speedo sponsorship was cut.  Last season when she damaged her sled, Pinkus-Pace opted to have the sled repaired instead of purchasing new.

• US Freestyle skier Shannon Bahrke started her own coffee company as a way to subsidize the more than $30,000 in training costs she was incurring every year. Now her company, Silver Bean coffee also donates a portion of its proceeds to US Olympic athletes.

• Australia moguls silver medal winner Dale Begg Smith went as far as to switch nationalities to be able to pursed his own internet business estimated to make his enough money to drive a $300,000 car and pay for his own training expenses

It goes to show what you would do if you HAD to, if your dreams depended on it … what would you do to fund them?