Why Are Olympic Athletes So Broke?
There is a popular perception that top athletes are paid well. This has some basis to it. However, it isn't applicable to Olympic athletes. If anything, it is very common for them to have financial woes.
Being an Olympic Athlete Is Very Expensive
For starters, being an Olympic athlete is very expensive. Nowadays, it isn't something that people can train for on their own. Instead, they need to pay for coaches, nutritionists, and a wide range of other costs, all of which can add up with incredible speed.
Olympic Athlete Compensation Is Tied to Performance
The exact structure of Olympic athlete compensation can see a fair amount of variation from country to country. However, a good chunk of it is often tied to performance at the Olympics themselves. There aren't a lot of Olympic medalists relative to the number of Olympic athletes, so there are a lot of people who are being left out in this regard.
Olympic Athlete Compensation Is Inconsistent
As a result, Olympic athletes need sponsorships. Unfortunately, the process of getting sponsorships is very inconsistent. Performance is a part of it, but at the end of the day, performance is just a part of marketability, which is what businesses are really looking for. As such, even if an Olympic athlete does well in their chosen sport, that doesn't guarantee that they will get a lot of sponsorships.