Everyone knows the hard work, perseverance, and talent that it takes to be named an Olympic athlete. The potential Olympians work every day for numerous hours, honing their skills. This is all done for a shot at the ultimate title, to be the best in the world, in their event. These trials, sweat, blood, and tears are well known by the world over. What people are less aware about, however, is the fiscal cost involved with being an Olympian. For most Canadian athletes hoping to be included in the Olympics, the financial burden is almost too much to bear. Let’s take a look at the expenses and financial challenges endured by the average Olympic hopeful:

The Expenses

There is a variance in how much each athlete spends on their journey to becoming an Olympian. Depending on the event that they feature in, their expenses will differ. There are, however, more similarities than differences among these athletes. These costs gradually build up over the course of an athlete’s career.

In the beginning, most athletes – who are still quite young at this stage – can be enrolled in group classes. Once they begin to show promise, however, this begins to change. The higher the ambition of the individual athlete, the more that they have to pay for it. This means having to spend on individual classes, personal coaches, as well as the best gear and equipment. They also have to take into consideration fees for elite gyms or athletic centres. They are also expected to pay to enter competitions as well as pay for the travel and accommodation expenses. All of these expenditures do not even take into consideration the most basic aspects of living – housing, food, medical expenses, or schooling. It is estimated that all of this accounts to about an average of $50,000 dollars a year.Read more: https://www.creditandloans.ca/

The Funding

In Canada, a percentage of the athletes’ expenses are sorted with the help of the federal Athlete Assistance Program as well as the provincial one. Unfortunately, the athletes are still saddled with a lot of expenses. These, the athletes must take care of themselves. This is impacted by the fact that the average monthly stipend has not been increased for several years. This is despite the significant inflation that has taken place.

Of course, this poses several disadvantages. One of these is the fact that not many serious and committed athletes have the time for a full-time job or even, sometimes, a part-time one. This seriously restricts their earning capacity.

Some of these burdens are alleviated by the help of sponsorships and other third-party individuals. This typically depends on the popularity of the activity as well as the individual’s ability to perform. Despite these options, it has been discerned that most athletes spend over $1000 dollars a month more than they earn. This adds up to almost $14,000 dollars a year. Read about: https://www.creditandloans.ca/how-to-avoid-bankruptcy-in-canada/

Future Funding

At the moment, the government as well as authorities such as the Athlete Assistance Program have been quiet on the topic of increasing the monthly stipend. While everyone involved seems to agree that the athletes require more funding if they are to succeed, no actual steps have been taken in this regard.

There is, however, one problem being eased due to new laws that have been created for athletes. One of the greatest concerns for an athlete is retirement. This is because they have to make do with the money that they have accrued during their career – nothing more. This, is now slowly changing. This is because the government has deemed it legal for all types of income to be considered for the national RRSP. This means that even the stipend received by the government makes athletes qualified for the retirement fund. This will certainly help athletes overcome some of their concern regarding their future.

This is the current state of affairs regarding Olympic athletes and the real cost of becoming a legend. Despite all of the glory and fame, it appears that there is not much financial remuneration in the cards for them.