When Lauryn Williams became a professional athlete at just 20 years old, she started earning big money. She went on to win four Olympic medals but found herself in several bad financial situations. Without a strong foundation in personal finance, she relied on financial advisors who didn’t have her best interests at heart. After experiencing the fallout of poor guidance, Lauryn realized she had to take control of her own financial future. Now, she’s helping others do the same.
This week, Lauryn tells Michelle about her journey from becoming the first American woman to medal in both the Summer and Winter Olympics, to building a second career as a Certified Financial Planner. Together, they discussed the costly mistakes athletes and young professionals often make and how to avoid a “dud” when looking for a financial advisor.
Want Michelle to answer your money question? Email dollarsandsense@washpost.com for a chance to be on the show.
00:00 Welcome to Dollars & Sense with Michelle Singletary
01:29 Meet Lauryn Williams: From College Athlete to Olympian
03:09 The Financial Reality of Becoming a Pro Athlete
04:56 Early Money Mistakes and Hiring the Wrong Advisor
06:08 The Two-Mortgage Mistake and the Real Estate Crash
09:37 Navigating Sponsorship Contracts and Financial Anxiety
12:27 The Lack of Financial Coaching in Professional Sports
16:46 What Is a Fiduciary and Why Do You Need One?
19:12 Pivoting From Athletics to Financial Planning
23:54 Relocating to Colombia for a Better Cost of Living
26:45 Overcoming Financial Shame and a $150,000 Mistake
29:39 Navigating the Finance Industry as a Black Woman
31:10 Budgeting and the Pressure of Keeping Up With the Joneses
34:50 The Ultimate Freedom of Paying Cash for a House
38:28 Tackling Student Loans and Defining Financial Security
39:59 Feeling Green: Balancing Cash Flow and Retirement Contributions
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