Sonic the Hedgehog ain’t the only speedster chasing after these coins! We launch into a conversation with Olympic Athlete in Track & Field and Bobsled. Lauryn opens up about her struggles with money as a young athlete and how to find an identity outside of sports. Before this “life after sport” discussion is over, Lauryn shares what it’s like to go from making over $200,000 a year and living on the world stage and why she decided to pivot into certified financial planning after her own bad experiences with so-called “financial experts.”
- 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 towards being a full-time athlete. She made the USA Olympic Track team at age 20.
- When you reach a professional level in sport, 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.
- 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 different 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.
- 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.
- NAPFA – The National Association of Personal Financial Advisers can help you provide advisers that get paid a flat fee for their services with no hidden fees or commissions, which can help ensure they recommend the financial services you need not just the services that pad their commission.
Key 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 DzFee Onlydz Financial Planners.
Lauryn Williams on the Web:
References from the Show
- NAPFA – The National Association of Personal Financial Advisors: National Association of Personal Financial Advisors is an American financial planning trade organization created in 1983 to expand the use of fee-only financial advisors by individual consumers
- Marcus joined former PB guest, Brian Fontenot (episode PB 75), and Terri Limer of BBVA Compass to share with his local Austin Chapter of the BLF Foundation and AKELF Mentorship Programs promoting Financial Literacy, personal budgeting, credit principles, and how the foundation’s mentees can grow their financial IQ! Click here to learn more about the foundation and Brian’s work in the community.
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