TMZ also reported that the parents of Olympic swimming gold medalist Ryan Lochte are having financial trouble. CitiMortgage claims Steven and Ileane Lochte are behind on their mortgage, according to a lawsuit also reported by TMZ.
About her bankruptcy filing, Hawkins told reporters: “It’s my story, it’s part of me. I’m not even embarrassed about it.”
We might assume that if either Lochte or Douglas gets a big payoff from their Olympic triumphs, they will help out their struggling parents.
Lochte has nine big endorsement deals among them Speedo, Gatorade, Ralph Lauren and Gillette, which presented him with a blinged-out razor to match his diamond American-flag grill at a press event Aug. 5, according to a report by Daniel Miller of the Hollywood Reporter. Fortune has estimated his 2012 endorsement earnings at $2.3 million, Miller wrote.
Sports marketing experts believe Douglas, who won the all-around gold in gymnastics, could get endorsement deals worth between $2 million to $3 million dollars, USA Today reported. That’s far less than the stories circulating on the Internet that claim she had already signed a huge endorsement deal.
“I just Googled my name and I read, ‘Gabby just signed a $90 million contract!’ What? They were saying she’s worth, two to three to four million dollars,” USA Today reported Douglas saying in response to the fodder about her financials. “I need to stop, when money gets involved, I have to go on Twitter and don’t read anything about myself. I do want an Acura NSX.”
Whatever happens, hopefully Douglas and Lochte become good stewards over their golden paydays. There are enough stories of professional athletes who win in sports and lose in money management. As I continue to point out, their financial failures are proof it’s not how much you make but how you make do with what you have.
Olympic Watch Warning
Be careful or your Olympic watching could cost you your job. So, for that matter, could using the company computer for online entertainment.
Los Angeles city employees were warned to stop watching the Olympics at work. Randi Levin, the Los Angeles city chief technology officer, begged thousands of workers to stop watching the Olympics online because it was affecting city operations and could cause a massive computer crash, reported Richard Winton of the Los Angeles Times. Watching streaming material takes up a tremendous amount of bandwidth.
“City employees aren’t paid to watch the Olympics on their computers or TV. That is not what the taxpayers are paying them to do,” Los Angeles councilman Dennis Zine told the Times. “The question is where are the supervisors when this is going on?”