Paychecks & Balances – PB104

Olympic Medalist and Financial Planner Lauryn Williams is on the podcast this week. The guys launch into a conversation with her about her success as an Olympic Athlete in Track and Field and Bobsled. Lauryn also opens up about her struggles with money as a young athlete and how to find an identity outside of sports. In this episode you’ll learn why perseverance on the field can help you as an entrepreneur, why universities and professional teams need more resources to help athletes after their sports career and how to find a “Fee Only” Financial Planner.

Highlights:

• Lauryn started her sports career running track and field at The University of Miami. At the National Championships she ran the second fastest time in the world in the 100 Meter Dash. She immediately had to turn her focus into being a full time athlete. She made the USA Olympic Track team at age 20.
• When you reach a professional level in spot, it’s an all day everyday 110% effort. You live to train, eat right and practice. It’s a full time job, similar to someone competing in corporate America.
• Lauryn credits her discipline on the field to helping her as an entrepreneur. The perseverance you learn in sport helps you when your business is struggling.
• Nearing the end of her track and field career, Lauryn was invited to try Bobsled. She found out quickly her track skills transferred over to Bobsled and won a Silver Medal in the two-women Bobsled during the 2014 Olympics.
• As a young Athlete making over 200k, Lauryn often didn’t know where to put her money, who to invest it with and struggled to get financial advice from other athletes and coaches. Her frustration with this, eventually led her to starting her own online financial coaching business after sports.
• Because of a lack of advice and resources Lauryn lost money with two financial planners early on in her career.
• You need someone objective to create a strategy around your money.
• A lot of times the difference between people that are wealthy vs. people living paycheck to paycheck is information.
• Universities and Professional Sports teams need to do a better job of helping athletes find their identities outside of sport, while working in sport.
• AGI – Adjusted Gross Income, the final amount of money you’ve made after taxes and write offs.
• NAPFA – The National Association of Personal Financial Advisers. These advisers get paid a flat fee for their services. No hidden fees or commissions.
• Credit is just a means to get debt. Most debt is bad, except for maybe a mortgage and a couple other things. Don’t put so much emphasis on your credit score.­

The Takeaway: You need someone objective to create a strategy around your money. You can do research and learn on your own but to really take things to the next level you need professional help. Also, always look for “Fee Only” Financial Planners.

 

Paychecks & Balances

Website:

https://paychecksandbalances.com/

https://www.patreon.com/paybalances

Instagram: @paybalances

Facebook: https://www.facebook.com/paychecksandbalances

Twitter: @paybalances

 

Lauryn Williams

Website:

http://lauryn-williams.com/

Facebook: https://www.facebook.com/LaurynWilliamsOfficial

Twitter: @LaurynC