Yes, there are some strings attached and it is not a $200,000 check as might be preferred, but it is still significant money that can really help an high-level athlete who sacrifices so much to reach the pinnacle of sport.
US Olympians mostly come from white upper class families with generational wealth. The Olympics are a celebration of rich people who can do hobbies instead of a hard job. They have a safety net.
Better to donate the money to those who actually need it..... What a joke.
Actually most come from Poverty, Including George Foreman.
why not just give them the money? why treat US Olympians like children?
This is a strategy to increase US medal count. It encourages spouses and children of athletes to pressure their Olympic athlete into extreme doping. If the athlete dies at an early age from doping, the survivors get another $100,000.
If they currnetly make more than $1 million, they are ineligible. And they won't get the money immediately. They get $100,000 20 years after they compete or when they turn 45 (whichever happens first) and $100,000 when they die.
The United States Olympic team received its biggest donation ever — $100 million — to fund $100,000 payments and matching life insurance benefits for anyone who earns a spot on Team USA starting next year.
Eddie Pells of the AP wrote:
The United States Olympic team received its biggest donation ever — $100 million — to fund $100,000 payments and matching life insurance benefits for anyone who earns a spot on Team USA starting next year. The donation to the U.S. Olympic and Paralympic Foundation is from Ross Stevens, the founder and CEO of Stone Ridge Holdings Group, a finance firm that focuses on “nontraditional” investment options such as cryptocurrency and fine art.... His donation provides the starting money for a program that: • Will pay a $100,000 grant, divided over four years, to every U.S. Olympian, starting with those on next year’s Winter team competing in Italy. That money can be used for any purpose and can be accessed 20 years after their qualifying Olympics or once they reach 45, whichever comes later. • Will pay a $100,000 benefit to a designated beneficiary upon their death. • Will duplicate these benefits for every Olympics an athlete makes; so, someone who goes three times would get a total of $600,000 in benefits. • Will be restricted to athletes who make less than $1 million per year, so as not to divert funds to, say, well-paid NBA players or top tennis stars who also compete for Team USA. • Is funded through at least 2032 with a goal of going beyond that.
This is awesome &, unfortunately, needed. Hate that we need to rely on charity to take care of our athletes. I like the structure. Most athletes aren't making great money but find a way to piece things together while they're competing. Getting $100k at 45 is good timing imo. I haven't seen much by way of what elite athletes do for their second careers. I imagine it's very difficult, as the jobs to remain in the sport are few and limited and go to the very top athletes. $100k will be a big boost for a lot of people. & then a $100k life insurance policy helps out their families but there are tons of people every year that go broke or close to it trying to make funeral arrangements. Just takes another money component away, which can help families keep/maintain wealth. My guess is that LRC represents something above the average American in terms of income. It's easy to just say oh give them the money or not think about the timing & why $100k at death would be significant for their families. The majority of Americans feel financially strapped when they lose a loved one. Everything about this seems good, other than needing it to have happened in the first place.
To people complaining about the timing. The concern that's trying to be corrected is many, if not most Olympians years later are struggling financially after devoting so much of their lives to their sport. Win a gold medal, now go live the rest of your life as a struggling high school coach. The life insurance policy is obviously to give something to their family. "Your mom or dad sacrificed so much to represent your country in the Olympics and this is a gift to you in honor of them." It's a lovely thought.
This post was edited 52 seconds after it was posted.
If they currnetly make more than $1 million, they are ineligible. And they won't get the money immediately. They get $100,000 20 years after they compete or when they turn 45 (whichever happens first) and $100,000 when they die.
The United States Olympic team received its biggest donation ever — $100 million — to fund $100,000 payments and matching life insurance benefits for anyone who earns a spot on Team USA starting next year.
why $100k after they die? Wtf?
why not just give them the money? why treat US Olympians like children?
Why ineligible if they currently make more than $1 million? That’s communism. Capitalism should reward the rich and everyone can benefit from trickle down economics. What about double their incomes, no matter how much they are making, instead of paying everyone an equal amount?
If they currnetly make more than $1 million, they are ineligible. And they won't get the money immediately. They get $100,000 20 years after they compete or when they turn 45 (whichever happens first) and $100,000 when they die.
The United States Olympic team received its biggest donation ever — $100 million — to fund $100,000 payments and matching life insurance benefits for anyone who earns a spot on Team USA starting next year.
Eddie Pells of the AP wrote:
The United States Olympic team received its biggest donation ever — $100 million — to fund $100,000 payments and matching life insurance benefits for anyone who earns a spot on Team USA starting next year. The donation to the U.S. Olympic and Paralympic Foundation is from Ross Stevens, the founder and CEO of Stone Ridge Holdings Group, a finance firm that focuses on “nontraditional” investment options such as cryptocurrency and fine art.... His donation provides the starting money for a program that: • Will pay a $100,000 grant, divided over four years, to every U.S. Olympian, starting with those on next year’s Winter team competing in Italy. That money can be used for any purpose and can be accessed 20 years after their qualifying Olympics or once they reach 45, whichever comes later. • Will pay a $100,000 benefit to a designated beneficiary upon their death. • Will duplicate these benefits for every Olympics an athlete makes; so, someone who goes three times would get a total of $600,000 in benefits. • Will be restricted to athletes who make less than $1 million per year, so as not to divert funds to, say, well-paid NBA players or top tennis stars who also compete for Team USA. • Is funded through at least 2032 with a goal of going beyond that.
Thanks for the detailed analysis! I ws wondering about the longevity and details of dispursement. A well-thought out plan. Nd I have no argument about the posthumous part--terms are set by the giver and not up for debate. Take the money...and run!
If they currnetly make more than $1 million, they are ineligible. And they won't get the money immediately. They get $100,000 20 years after they compete or when they turn 45 (whichever happens first) and $100,000 when they die.
The United States Olympic team received its biggest donation ever — $100 million — to fund $100,000 payments and matching life insurance benefits for anyone who earns a spot on Team USA starting next year.
Eddie Pells of the AP wrote:
The United States Olympic team received its biggest donation ever — $100 million — to fund $100,000 payments and matching life insurance benefits for anyone who earns a spot on Team USA starting next year. The donation to the U.S. Olympic and Paralympic Foundation is from Ross Stevens, the founder and CEO of Stone Ridge Holdings Group, a finance firm that focuses on “nontraditional” investment options such as cryptocurrency and fine art.... His donation provides the starting money for a program that: • Will pay a $100,000 grant, divided over four years, to every U.S. Olympian, starting with those on next year’s Winter team competing in Italy. That money can be used for any purpose and can be accessed 20 years after their qualifying Olympics or once they reach 45, whichever comes later. • Will pay a $100,000 benefit to a designated beneficiary upon their death. • Will duplicate these benefits for every Olympics an athlete makes; so, someone who goes three times would get a total of $600,000 in benefits. • Will be restricted to athletes who make less than $1 million per year, so as not to divert funds to, say, well-paid NBA players or top tennis stars who also compete for Team USA. • Is funded through at least 2032 with a goal of going beyond that.
If they currnetly make more than $1 million, they are ineligible. And they won't get the money immediately. They get $100,000 20 years after they compete or when they turn 45 (whichever happens first) and $100,000 when they die.
The United States Olympic team received its biggest donation ever — $100 million — to fund $100,000 payments and matching life insurance benefits for anyone who earns a spot on Team USA starting next year.
3 words in and already the first spelling mistake.
.AP article: That money can be used for any purpose and can be accessed 20 years after their qualifying Olympics or once they reach 45, whichever comes later.
Rojo: ...whichever happens first
🤪
Synchronized swimmers even?
I would interview a bunch of ex-olympians and ask when their most difficult financial times were. My guess also would be most don't have health insurance. Then one has to wonder, maybe the tough times are part of the drive and sticktoitiveness that makes the olympian.
Why ineligible if they currently make more than $1 million? That’s communism. Capitalism should reward the rich and everyone can benefit from trickle down economics. What about double their incomes, no matter how much they are making, instead of paying everyone an equal amount?
You post is so dumb it isn't even good at being dumb.
i thought it was "whichever comes later." per the first post. in other words, the carrot is by default place further away among the options, even under the donor's game.
if you think about the rules there is no way to get it earlier than 45. if you are < or = 25 then "later" of the two options is always 45. but if you compete >25 the 20+ option is always later, so you get the 20 year delay. bowie ran age 26. so for her, 46.
“I do not believe that financial insecurity should stop our nation’s elite athletes from breaking through to new frontiers of excellence”
some of you are like, but it's a retirement. first off, payment 2 when i die is never even mine. it doesn't solve my insecurity at any age. period.
second off, funding my retirement is not addressing current insecurity in any way. it wouldn't have helped tori bowie who is the epitome of what this claims to be designed for.
third, as someone who was a starving grad student age 25 and fine in my career by 30, 45 likely loses the "insecurity" race. there might be some exceptions but driven athletes usually err on the side of getting it together.
last, given the crypto source and sketchy funding details, it hardly sounds reliable enough to be a securing carrot. if the premise is stick with it because i can get the money later, (a) i have to make a competitive team first, (b) i have to live 20+ years, (c) i have to financially survive until then, and (d) i still can't be sure your carrot is actually sitting there at the end.
fwiw the most precarious olympians would be the people in sports less professionalized here, so stuff like canoe/kayak, sailing, some fencers, some track, shooting sports, archery, team sports we take less seriously like field hockey, handball, rugby. some of those sports are equipment expensive. and all of them there could be a nagging "should i get a real job" question when you're trying to make ends meet. you fix that by paying for equipment/travel or giving me a stipend now. you don't fix "i am starving but have a dream" by telling me i might get sprinkled with magic fairy dust in 20 years.
yeah, by then everyone but the sailers and shooters are done and got a real job.
the ones who literally retire age 30 or 40 are precisely the millionaires not allowed to collect.
friend of mine was national team in a smaller sport, good enough to make a pro podium, college educated, and her calculus was one cycle then get a real job. she made national team but not the olympics. done. real job. that's who this is supposed to entice and it's too far away to change that calculus.
Also, incentivizing performances at the Olympics is why we can't have consistent annual championships, seasons, where athletes can make money consistently. Prioritizing the Olympics is why track sucks. No one races each other, no one races at all... just training for a two-week period every four years.
This just makes a current problem worse. We need money to fund athlete's now, to compete against each other for entertainment now.