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need to know
Dollar Tree swings to net loss
Penn West to cut staff 35%, suspend payout
European markets fall | FTSE 100 down
Berkeley to join FTSE 100 index; Weir to drop out
Dollar slides against yen | Oil prices pull back
Chinese factory data pull Asian shares lower
Man Group's China chief in custody: report
Valeant, AstraZeneca strike psoriasis deal
Morgan Stanley cuts S&P 500 price target

OPEC: ‘No quick fix’ for low oil prices

Avi Gilburt: There is a lot of bull left in this stock market
There’s a lot of bull left in this stock market

Gold screams summer stock correction not over
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Unlucky lottery winner gets IOU from Illinois

Chinese factory activity hits 3-year low

China sets new yuan rules

Yahoo CEO Marissa Mayer
Yahoo CEO Marissa Mayer pregnant with twins

Obama calls for U.S. leadership on climate

Mount McKinley in Alaska is renamed Denali
Which U.S. president has the tallest mountain?

What to expect at September Apple event
What to expect at Apple event


Apple talks to Hollywood for exclusive content
Apple, Cisco team to put business users on iOS
Apple will let iPhone and iPad users block ads
Lost Apple deal leads to 40% job cut at GT

Taleb’s ‘Black Swan’ fund made $1 bln in a week

Personal beliefs don’t belong in retirement accounts

Take your company pension, or buy an annuity?
Take your company pension, or buy an annuity?

Cheeseburgers and happiness always on the menu for Warren Buffett — and Jimmy Buffett, too
Farrell: Recipes for happiness, from Buffett and others
Happy 85th birthday to the $67 billion man

Ode to that legendary New York steakhouse the Palm

U.S. ready to punish China firms over cyber theft

When you absolutely, positively need a cocktail

Teacher with 111 tardies puts blame on breakfast
The automat is back — with a lot more quinoa

If Donald Trump can do it, why not Kanye West?
Dissatisfied voters are fueling Sanders, Trump

Disney to unveil ‘Star Wars’ toys in unboxing event
Walt Disney leads Dow's losers for August


/conga/frontpage.html 353789

Markets »

141.44MDow Volume:
Avg Vol: 109.98M
Unchanged
217
Decliners
3378
Advancers
3004
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,528 -115 0.69%
Nasdaq
/quotes/zigman/12633936/realtime 4,777 -52 1.07%
S&P 500
/quotes/zigman/3870025/realtime 1,972 -17 0.84%
GlobalDow
/quotes/zigman/629063/realtime 2,334 -21 0.88%
Gold
/quotes/zigman/662444/delayed 1,141 +9 0.78%
Oil
/quotes/zigman/2331095/delayed 47.92 -1.28 2.60%
FTSE 100
/quotes/zigman/3173262/delayed 6,104 -144 2.30%
DAX
/quotes/zigman/2380246/delayed 9,992 -268 2.61%
CAC 40
/quotes/zigman/3173214/delayed 4,552 -100 2.16%
FTSE MIB
/quotes/zigman/1482176/delayed 21,559 -383 1.75%
IBEX 35
/quotes/zigman/2759620/delayed 10,037 -222 2.16%
Stoxx 600
/quotes/zigman/2380150/delayed 354 -8 2.33%
Asia Dow
/quotes/zigman/6959860/realtime 2,717 -68 2.43%
Nikkei 225
/quotes/zigman/5986735/delayed 18,166 -725 3.84%
Hang Seng
/quotes/zigman/2622475/delayed 21,185 -485 2.24%
Shanghai
/quotes/zigman/1859015/delayed 3,167 -39 1.23%
Sensex
/quotes/zigman/1652085/delayed 25,696 -587 2.23%
Singapore
/quotes/zigman/1709939/delayed 2,883 -39 1.32%
Euro
/quotes/zigman/16008136/realtime/sampled 1.13 +0.00 0.43%
Yen
/quotes/zigman/16008150/realtime/sampled 120.05 -1.18 0.98%
Pound
/quotes/zigman/16008140/realtime/sampled 1.53 0.00 0.03%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.71 -0.01 0.80%
DXY Index
/quotes/zigman/1652083/delayed 95.55 -0.38 0.40%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.24 -0.19 0.22%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.17 -0.05 2.12%
German 10y
/quotes/zigman/15866409/realtime 0.79 +0.06 7.64%
Italy 10yr
/quotes/zigman/15866497/realtime 1.96 +0.04 1.85%
Spain 10yr
/quotes/zigman/15866444/realtime 2.10 +0.04 2.11%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.83 -0.02 1.19%
Japan 10yr
/quotes/zigman/15866525/realtime 0.36 -0.02 4.88%
Crude Oil
/quotes/zigman/2331095/delayed 48 -1 2.60%
Gold
/quotes/zigman/662444/delayed 1,141 +9 0.78%
Corn
/quotes/zigman/7599553/delayed 373 -2 0.53%
DJIA F
/quotes/zigman/38649152/delayed 16,184 -324 1.96%
S&P F
/quotes/zigman/30356461/delayed 1,929 -40 2.04%
Silver
/quotes/zigman/3134148/delayed 15 0 0.25%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 89.43 -1.58 -1.74%
AAPL /quotes/zigman/68270/composite 112.76 -0.53 -0.47%
GOOG /quotes/zigman/30194416/composite 618.25 -12.13 -1.92%
BAC /quotes/zigman/190927/composite 16.34 -0.02 -0.12%
C /quotes/zigman/5065548/composite 53.48 0.20 0.38%
F /quotes/zigman/264304/composite 13.87 0.13 0.95%
T /quotes/zigman/398198/composite 33.20 -0.09 -0.27%
BP /quotes/zigman/247026/composite 33.54 0.28 0.84%
GE /quotes/zigman/227468/composite 24.82 -0.34 -1.35%
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Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

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The True Cost of Making the Olympics

———

Mama, don’t let your babies grow up to be Olympians.

It may not have the ring of the original Willie Nelson/Waylon Jennings song title, but it certainly applies – considering some of the financial back-stories at the London Olympics. Think about U.S. swimmer Ryan Lochte, whose divorced parents are facing the foreclosure of their Florida home. Or U.S. gymnast Gabby Douglas, whose mother filed for bankruptcy earlier this year. One of four children, Douglas all but acknowledged earlier this week how her budding Olympic career took an economic toll. “It was definitely hard on my mom, taking care of me and my siblings,” she told the New York Post.

Indeed, experts say raising an Olympian — or seeking Olympic glory on one’s own — is an extremely pricey proposition, especially when measured over the period of years it takes to get to and then compete at the games. At best, say athletes and others connected to the Olympics, it’s easily a six-figure “investment” – with no guarantee of a “return” (meaning a medal or an endorsement deal) – when factoring in the costs of equipment, coaching and travel.

Making the situation all the more difficult for U.S. athletes: there’s no direct federal support, as is the case in most other nations. Instead, top-tier competitors can only hope to receive small stipends – often as little as $400 a month — to cover expenses, with the money generally coming from the privately funded governing boards of their sports or through sponsorships. And those who are just starting their Olympic careers can’t even be guaranteed that level of assistance, so they often take on whatever low-wage jobs they can find or rely upon the Bank of Mom and Dad.

FABRICE COFFRINI/AFP/GettyImages)
US swimmer Michael Phelps at the finish of the men’s 200m individual medley final swimming event at the London 2012 Olympic Games on August 2, 2012 in London.

“Thank God my parents really liked me,” says former U.S. speed skater Eric Flaim, a two-time Olympic silver medalist who’s now a financial adviser with Ameriprise in Portsmouth, N.H. Flaim’s estimate of what his Olympic run cost over a decade-plus of training and active competing? At least $250,000.

Like many Olympians, Flaim describes plenty of tough times, when he and his parents faced having to pay for big-ticket items (say, a pair of custom-molded boots for $1,500) or ongoing expenses (private coaching could run up to five grand annually). To make ends meet, Flaim often worked in gyms, cleaning lockers after patrons departed. Even with a medal around his neck – he won his first at the 1988 winter games in Calgary — life didn’t become particularly easy. Flaim says in his best years as an athlete, he might have earned $75,000 from prizes, honorarium and sponsorships. “It was not million-dollar money,” he adds.

But at least he made money. Athletes who aren’t seen as strong medal contenders are less likely to receive significant support from their sponsors, let alone their sport’s governing board. And if they’re competing in a less-heralded sport, the problems are compounded. For Rick Hawn, a U.S. judo competitor at the 2004 Olympics in Athens who also tried out for the 2008 games, it all added up to a significant tab during his Olympic career. “My parents nearly went bankrupt. They put whatever they could into me and I’m the oldest of six kids,” says Hawn, who now competes on the Bellator mixed martial arts tournament circuit.

Given those horror stories, it’s perhaps no surprise that lawmakers have recently started to talk about tax relief for Olympic athletes – or at least for those athletes who are fortunate enough to win medals. (The honors come with cash prizes awarded by the United States Olympic Committee: $25,000 for gold, $15,000 for silver and $10,000 for bronze.)

But this is hardly enough to make a real difference when it comes to the personal finances of Olympic athletes, most competitors and Olympic observers say. And it certainly doesn’t compensate for what some see as the biggest hidden cost of all faced by members of Team USA: the years spent not earning a true wage. Typically, Olympians don’t get a start on a real professional career until their late 20s or early 30s, says Scott Minto, director of the sports business MBA program at San Diego State University. “It’s a lost opportunity for a talented person,” he says.

Comments

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Comments (5 of 11)

View all Comments »
    • Am up coming in music and I well love to know
      And to b a star and to eve money so mesh and am from africa nigeria in delta state sapele and I well love to b a super stay

    • If you want to do anything in life its going to cost. The bigger the dream the higher the price. Risk and reward. I’m Tigers wood.

    • Don’t forget the USA men’s Olympic curling team who all live in the same tiny one bedroom apartment gettin by eating McDonald’s and raising funds by throwing keg parties charging $4 per cup.

    • If you want to see hardworkers truly struggle, come to st. Louis!
      AND we don’t love what we do for a living! You do what you have to do!

    • How about the TV networks, which are making millions of dollars off these athletes, contribute some of their profits? Same goes for college football and other “amateur” sports. Rich people get richer while the kids who are providing the entertainment are getting screwed.

About Pay Dirt

  • Pay Dirt examines the millions of consumer decisions Americans make every day: What to buy, how much to pay, whether to rave or complain. Lead written by Quentin Fottrell, the blog examines these interactions, providing readers with news, insight and tips on shopping, spending, customer service, and companies that do right – and wrong – by their customers. Send items, questions and comments to quentin.fottrell@dowjones.com or tweet @SMPayDirt.

MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

New York Markets Open in:

Futures: /quotes/zigman/30356461/delayed S&P 500 -2.0% /quotes/zigman/38649152/delayed DOW -2.0% /quotes/zigman/30356458/delayed NASDAQ -2.2%

need to know
Dollar Tree swings to net loss
Penn West to cut staff 35%, suspend payout
European markets fall | FTSE 100 down
Berkeley to join FTSE 100 index; Weir to drop out
Dollar slides against yen | Oil prices pull back
Chinese factory data pull Asian shares lower
Man Group's China chief in custody: report
Valeant, AstraZeneca strike psoriasis deal
Morgan Stanley cuts S&P 500 price target

OPEC: ‘No quick fix’ for low oil prices

Avi Gilburt: There is a lot of bull left in this stock market
There’s a lot of bull left in this stock market

Gold screams summer stock correction not over
Gold screams stock correction not over

Unlucky lottery winner gets IOU from Illinois

Chinese factory activity hits 3-year low

China sets new yuan rules

Yahoo CEO Marissa Mayer
Yahoo CEO Marissa Mayer pregnant with twins

Obama calls for U.S. leadership on climate

Mount McKinley in Alaska is renamed Denali
Which U.S. president has the tallest mountain?

What to expect at September Apple event
What to expect at Apple event


Apple talks to Hollywood for exclusive content
Apple, Cisco team to put business users on iOS
Apple will let iPhone and iPad users block ads
Lost Apple deal leads to 40% job cut at GT

Taleb’s ‘Black Swan’ fund made $1 bln in a week

Personal beliefs don’t belong in retirement accounts

Take your company pension, or buy an annuity?
Take your company pension, or buy an annuity?

Cheeseburgers and happiness always on the menu for Warren Buffett — and Jimmy Buffett, too
Farrell: Recipes for happiness, from Buffett and others
Happy 85th birthday to the $67 billion man

Ode to that legendary New York steakhouse the Palm

U.S. ready to punish China firms over cyber theft

When you absolutely, positively need a cocktail

Teacher with 111 tardies puts blame on breakfast
The automat is back — with a lot more quinoa

If Donald Trump can do it, why not Kanye West?
Dissatisfied voters are fueling Sanders, Trump

Disney to unveil ‘Star Wars’ toys in unboxing event
Walt Disney leads Dow's losers for August


/conga/frontpage.html 353789

Markets »

141.44MDow Volume:
Avg Vol: 109.98M
Unchanged
217
Decliners
3378
Advancers
3004
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,528 -115 0.69%
Nasdaq
/quotes/zigman/12633936/realtime 4,777 -52 1.07%
S&P 500
/quotes/zigman/3870025/realtime 1,972 -17 0.84%
GlobalDow
/quotes/zigman/629063/realtime 2,334 -21 0.88%
Gold
/quotes/zigman/662444/delayed 1,141 +9 0.78%
Oil
/quotes/zigman/2331095/delayed 47.93 -1.27 2.58%
FTSE 100
/quotes/zigman/3173262/delayed 6,104 -144 2.30%
DAX
/quotes/zigman/2380246/delayed 9,992 -268 2.61%
CAC 40
/quotes/zigman/3173214/delayed 4,552 -100 2.16%
FTSE MIB
/quotes/zigman/1482176/delayed 21,560 -382 1.74%
IBEX 35
/quotes/zigman/2759620/delayed 10,037 -222 2.16%
Stoxx 600
/quotes/zigman/2380150/delayed 354 -8 2.33%
Asia Dow
/quotes/zigman/6959860/realtime 2,717 -68 2.43%
Nikkei 225
/quotes/zigman/5986735/delayed 18,166 -725 3.84%
Hang Seng
/quotes/zigman/2622475/delayed 21,185 -485 2.24%
Shanghai
/quotes/zigman/1859015/delayed 3,167 -39 1.23%
Sensex
/quotes/zigman/1652085/delayed 25,696 -587 2.23%
Singapore
/quotes/zigman/1709939/delayed 2,883 -39 1.32%
Euro
/quotes/zigman/16008136/realtime/sampled 1.13 +0.00 0.41%
Yen
/quotes/zigman/16008150/realtime/sampled 120.05 -1.18 0.97%
Pound
/quotes/zigman/16008140/realtime/sampled 1.53 0.00 0.02%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.71 -0.01 0.83%
DXY Index
/quotes/zigman/1652083/delayed 95.55 -0.38 0.40%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.24 -0.19 0.22%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.17 -0.05 2.04%
German 10y
/quotes/zigman/15866409/realtime 0.79 +0.06 7.64%
Italy 10yr
/quotes/zigman/15866497/realtime 1.96 +0.04 1.85%
Spain 10yr
/quotes/zigman/15866444/realtime 2.10 +0.04 2.11%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.83 -0.02 1.19%
Japan 10yr
/quotes/zigman/15866525/realtime 0.36 -0.02 4.88%
Crude Oil
/quotes/zigman/2331095/delayed 48 -1 2.58%
Gold
/quotes/zigman/662444/delayed 1,141 +9 0.78%
Corn
/quotes/zigman/7599553/delayed 373 -2 0.53%
DJIA F
/quotes/zigman/38649152/delayed 16,186 -322 1.95%
S&P F
/quotes/zigman/30356461/delayed 1,930 -40 2.02%
Silver
/quotes/zigman/3134148/delayed 15 0 0.25%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 89.43 -1.58 -1.74%
AAPL /quotes/zigman/68270/composite 112.76 -0.53 -0.47%
GOOG /quotes/zigman/30194416/composite 618.25 -12.13 -1.92%
BAC /quotes/zigman/190927/composite 16.34 -0.02 -0.12%
C /quotes/zigman/5065548/composite 53.48 0.20 0.38%
F /quotes/zigman/264304/composite 13.87 0.13 0.95%
T /quotes/zigman/398198/composite 33.20 -0.09 -0.27%
BP /quotes/zigman/247026/composite 33.54 0.28 0.84%
GE /quotes/zigman/227468/composite 24.82 -0.34 -1.35%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
Please log in to view your watchlist
MarketWatch Portfolio

World News from MarketWatch

Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/87598/composite NFLX-2.21%
  • /quotes/zigman/24849617/composite AAL+0.93%
  • /quotes/zigman/12221594/composite AMBA-0.71%
  • /quotes/zigman/109619/composite DLTR-0.61%
  • /quotes/zigman/3000986/composite DANG-2.93%
X
Powered by StockTwits
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As of July 2, 2013, the SmartMoney content you loved now lives on MarketWatch.

MarketWatch will continue to provide the same important news and information you rely on every day. And, as a MarketWatch user, you will be able to enjoy:

  • Personalized news and quote email alerts
  • Editorial e-newsletters about personal finance, mutual funds and market-specific coverage
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  • Games, such as Virtual Stock Exchange and Beat the Darts
  • Free WSJ.com registration

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