Do you have a plan for what might come “after”? So often, we become hyper-focused on chasing a dream, with no real thought or plan for what might come next or how we need to pivot when circumstances change. My guest today was focused on her dream of being a gold medal Olympic athlete, but then she converted that ambition into other fields when her athlete days were done.
Lauryn Williams, CFP, is a four-time Olympic medalist AND the first American woman to medal in both the Summer and Winter Olympic Games. While pursuing professional sports, Lauryn interacted with two financial advisors who didn’t provide the services she needed. She asked friends what they were doing about their finances, and the answers were vague and unsettling. Constantly looking for ways to make a difference in the lives of others, she decided to put her finance degree and MBA to use to fill the gap for young professionals. Eager to learn everything she could, she then pursued the Certified Financial Planner certification.
Her company, Worth Winning, offers virtual services to help young professionals get the answers to the financial questions that matter most to them. Whether that is creating a budget, figuring out a plan for paying off student loans, setting goals for savings, or understanding your 401(k), Worth Winning is ready to help with all things personal finance.
An athletic career doesn’t last forever
What do you do when one phase of a career is over? Lauryn had no idea what would come next for her. The truth is, when we chase one dream for a long time, we need to be prepared for what happens next. There is no shame in having a Plan B and knowing when to pivot to something else. Having a plan in place is a life skill that Lauryn encourages people to cultivate. Sometimes the transformation is tough when you have to find a new identity and a different dream to chase.
TWEET: “Having a back-up plan is NOT a bad thing.” @worth_winning
Making financial plans
How do you pay for college when your family has limited resources? With no trust fund and no savings for college, Lauryn wasn’t sure how she would pay for college. Even though she had been taught financial responsibility from a young age, she needed an expert to help make plans. People usually do business with someone they know, like, or trust—-but Lauryn had none of those connections. The first financial planner she saw didn’t get to know her needs and wasn’t able to help her. What she really needed was someone to teach her financial literacy, which is what Lauryn seeks to do for her clients today.
TWEET: “Know how to pay yourself first.” @worth_winning
Choosing someone to help
Since anyone can proclaim themselves a “financial advisor,” many have a conflict of interest or seek to sell insurance or other services to people instead of helping them with what they really need. Lauryn’s advice is to look for a CFP (Certified Financial Planner) because no one can attach that title without going through the proper training and certification process. It’s important to know which questions to ask and whether the professional is commission-based or fee-only.
TWEET: “Time is on your side when you start while you’re young in planning your financial future.” @worth_winning
OUTLINE OF THE EPISODE:
- [:33] Lauryn’s interesting background
- [1:43] The intersection of academics and athletics
- [5:43] Becoming a bobsledder
- [10:08] The average “life span” of an athlete
- [11:23] What comes after the athletic career?
- [16:20] Using her financial degrees
- [20:00] When to hire a financial planner
- [25:26] How to find a true CFP
- [32:08] What we need to know about using Lauryn’s “Four Buckets” for budgeting
RESOURCES MENTIONED IN THE SHOW:
Lauryn on Facebook
Lauryn on Twitter
Lauryn on Instagram
Lauryn on LinkedIn
Fee-Only Financial Planners for young people (All of which are CFP's)
TWEETS YOU CAN USE:
TWEET: “Chase YOUR authentic dream, not someone else’s.” @worth_winning
TWEET: “Growing up, I knew that being smart would be the key to accomplishing my dreams.”@worth_winning
TWEET: “If you don’t tell your money where to go, then you’ll always wonder where it went.” @worth_winning