Money Rehab with Nicole Lapin - Change Maker - Kristi Yamaguchi, Figure Skater, on Olympic-Sized Endorsements and Dreaming Big

Episode Date: July 23, 2021

In honor of the Olympics kicking off this week, today Nicole calls up Kristi Yamaguchi: figure skater, Olympic gold medalist and Chair of the Foundation Always Dream. They talk about opportunities after the Olympics, how much (money and dedication) it takes to get there, and how to give back.

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Find a co-host at Airbnb.com slash host. Hey guys, are you ready for some money rehab? Wall Street has been completely upended by an unlikely player, GameStop. Are you ready for some money rehab? Wasting our time. I will take a check. Like an old school check. You recognize her from anchoring on CNN, CNBC, and Bloomberg. The only financial expert you don't need a dictionary to understand. Nicole Lappin. In honor of the Olympics in full swing, today I'm talking to the one, the only, to the one, the only, Christy Yamaguchi, figure skater, Olympic gold medalist, and chair of the foundation Always Dream. Fun fact, I had a poster of Christy on my wall growing up, and then in a

true dream come true, she taught me how to ice skate. True story, you can see the photo on Instagram at Money Rehab Show. So if you're like me and have a very promising career in ice skating, you may be wondering how much does all of this stuff cost and what lessons from the rink can we use in our everyday financial and business lives? So Christy, it is so great to see you again. I have been practicing that triple axel. Welcome to Money Rehab. Thanks, Nicole. It's so great to join you again and actually see you. So in the beginning of the show, we do a quick round of Money Rehab Never Have I Ever. So if you have done something, just say I have. And if you haven't, just say I

haven't. So never have I ever played the lottery. I have. I have. I have. Nicely done. No. Good. Oh, I have. Yes. I guess in Oh, I have.

Never have I ever negotiated a contract. I guess in some ways I have. Never have I ever taken out a student loan. I have not. Never have I ever pitched an investor. I have not. Never have I ever started a foundation or raised money for a foundation. I have done that.

Yes. Yay. And what a foundation that you have started. Happy birthday. Happy anniversary. Yes. I guess you could say probably both of those. 25 years. Hard to believe.

Was money discussed growing up in your family? Not to totally, you know, pigeonhole us, but, you know, coming from Asian American family, it probably wasn't discussed that much. And, you know, Asian Americans are now finally finding their voice and being able to speak up more and speak more about other things that, you know, usually it's like, okay, you just don't talk about that. But, you know, I mean, I guess it was a little bit in some ways. You know, my parents were very, had the value of, hey, if you are committing to something, if we are putting the effort into this, then we expect 100% effort coming from me, my brother and sister.

So, you know, it was an investment they were making for us. And it was, you know, expected them to really put the time and effort in. Figure skating is also expensive. Like how much does all of this stuff cost? It is. And I probably was more kept in the dark about that until I was a little older and then kind of started to realize, but it is, it's a very expensive sport. And, you know, I think that's one of the reasons why, you know, we didn't take family vacations and, you know, didn't do a whole lot other than, you know, they certainly supported and encouraged us in our individual activities. But we pay for ice time, which can run from, you know, $8 to $15 and a session, which is typically 45 minutes to an hour long. And you maybe skate, you know, two to five hours

a day. And then you add lesson time with a coach on top of that, you know, and that's, that's kind of a wide range when you're a lower level, it's maybe, you know, $75 an hour, but some of the top, you know, world Olympic level coaches are well over $200 an hour. And you don't necessarily have an hour long lesson every day. You know, world Olympic level coaches are well over $200 an hour. And you don't necessarily have an hour long lesson every day. You know, I had maybe, you know, between half an hour to 45 minutes a day of lessons. So, but you know, obviously that adds up when you're skating six days a week. And then there's traveling for competitions several times a year as well. So the expense of the travel, costumes, skates, equipment, all of that. So yeah, I mean, it's, you know, conservatively, of course, I skated

30 plus years ago. But I think even in the current day, you know, conservatively, you're looking at 30 to 35,000 a year, and then the top skaters are probably well over 100. So it's, it's a tough one, you know, like everywhere, our sport is working on diversity, inclusion, right, and wanting to make it accessible to everyone. It's just finding a way to be able to do that. I know I had my little calculator out as you were talking and I was like, I lost track. We've talked about this before. After the Olympics, you had all these endorsements and all these opportunities. You know, what was you were 20? And what was that like? Yeah, yeah, it was it was kind of a little like whirlwind and like, wow, what's going on? And, you know, I mean,

I wouldn't say it was a windfall of offers or whatever, but, you know, certainly ones I wasn't clearly expecting because, you know, obviously going into the Olympics, you have no idea what's going to happen if you'll have the luck to get on a podium, you know, and then after that, it's just, who knows? You don't know what to expect. You're asked to go to certain events and perhaps become a spokesperson or endorse a product. And as an athlete, when you're training, you're not really thinking of all that. And then suddenly it's upon you and kind of like, okay, I might need some help getting through all this and figuring things out. And I think I was lucky to have an uncle who was in the financial

world and who really stepped up to kind of be my advisor manager to, you know, make sure I wasn't, I, it was funny because their biggest fear after the Olympics. And, you know, as I started to make money as a professional skater on tour was like not being one of those professional athletes who like just spends everything up front and then retires with no money. So you were determined not to be that person? Well, I think more so my parents and my uncle were determined for it. You know, obviously, I was thankful for that. I'm like, Oh, yeah, okay. But it was good, because it really taught me, you live on a budget or to budget myself

and to just think about the future and be aware that, okay, who knows how long you'll be in a position to make money or to make a living and let's be conservative for a while. And, you know, let's be conservative for a while. Is that where you make money mostly? Or when you're a pro athlete, are you making money in other ways? Endorsements probably are the biggest chunk. Probably for other sports. Probably that would be true.

Like maybe professional basketball players or, you know, football players, figure skaters, you know, I would say your biggest chunk of money is you actually skating and performing in shows or, you know, back in the nineties, early two thousands, there were professional competitions, um, or, you know, made for TV competition type things. So, so yeah, I would say the actual performing is where skaters would make their money, you know, versus like other athletes tend to get more endorsements on that side of things. Were there any brands that you didn't want to work with or refused to work with? There, yeah, there were actually, I mean, immediately it was just like, okay, no alcohol brands. I mean, at the time I was 20. And even, you know, when I got into my 20s and 30s, you know, it was just something I

had to be comfortable with in a product that I would actually use myself. You know, you need some authenticity in there, right? And I think I was selective if it came down to like personal hygiene and things like that. My dad's a dentist. So of course I did like some toothpaste and tooth product things. Hold on to your wallets, boys and girls. Money Rehab will be right back. I love hosting on Airbnb. It's a great way to bring in some extra cash, but I totally get it that it might sound overwhelming to start or even too complicated if, say, you want to put your summer home in Maine on Airbnb, but you live full-time in San Francisco and you can't go to Maine every time you need to

change sheets for your guests or something like that. If thoughts like these have been holding you back, I have great news for you. Airbnb has launched a co-host network, which is a network of high-quality local co-hosts with Airbnb experience that can take care of your home and your guests. Co-hosts can do what you don't have time for, like managing your reservations, messaging your guests, giving support at the property, or even create your listing for you. I always want to line up a reservation for my house when I'm traveling for work, but sometimes I just don't get around to it

because getting ready to travel always feels like a scramble, so I don't end up making time to make my house look guest-friendly. I guess that's the best way to put it. But I'm matching with a co-host so I can still make that extra cash while also making it easy on myself. Find a co-host at Airbnb.com slash host. Now for some more money rehab. 1996, you started the foundation Always Dream. Why did you start that? And how has it so successfully continued for so, so many years? Just really being community-minded growing up. My parents were always volunteering here and there at the school, at church, at hospital, local community events, wherever. And, you know,

I think they were always just so conscious of, you know, me being lucky to go after my dreams and having that support. And after the Olympics, my mom just literally asked me one question, saying, well, okay, what are you going to do to give back now? And at 20 years old, I was like, what? Oh, okay, I guess so. Right after the Olympics, I joined a professional skating tour called Stars on Ice. And the beneficiary of the tour was the Make-A-Wish Foundation. So right after the Olympics, I joined a professional skating tour called Stars on Ice. And the beneficiary of the tour is the Make-A-Wish Foundation.

And it's such an amazing organization. And the experiences that skaters had with the families and the beneficiaries was just amazing and had a huge impact on me and inspired me, yeah, to maybe do something on my own. My goal is always to focus on underserved children and give them the opportunity and the support or whatever it is they need to go after their dreams and hopefully achieve them. So that was really the inspiration. And obviously, the last 25 years, it's evolved quite a bit. What a gift when you were 20, your mom gave you the secret, I think, of life that the secret to living is giving even if it didn't necessarily resonate with you at the time, I'm sure it has now and I'm sure it's something you pass on to your kids. Why were you focused on childhood literacy specifically?

Why was that issue important to you? Well, really, when we first started, it was a broad range of different causes that we supported. And, you know, we're pretty small and basically gave out grants to small organizations that really needed specific items or help with specific things in their program. And it probably was about 2011. Our kids were about four and six and at that learn to read age. And, you know, my husband and I from day one really did a lot of reading with them. And we saw the impact. They just, they love books. They love their story time. And, you know, they were going

into school, you know, kindergarten and preschool, you know, pretty ready to, for what was going to be thrown at them. And I think as an organization, we realized that, okay, let's focus our energies and figure out what we want to do. And, you know, realizing that if a child does not have that foundation of literacy and the tools and support, you know, they're going to be facing a very tough uphill battle in school, you know, and we figured that, you know, as a small organization, we could really change that, you know, having access to books and access to literacy support for the families would really make a difference. So what is your role as a chairman? I think it should be chairwoman, by the way, and founder. Well, we try to say chair. Oh, nice. I like that. Good. Chair and founder. So, you know, really kind of being the visionary

and, you know, directing kind of where we're going. You know, some of the board members call me the North Star. And it's like, okay, you know, what are you dreaming of? And what is the goal? And obviously, I have an incredible board and look to them for, you know, guidance, advice and everything, you know, but ultimately, you know, the literacy focus and the, you know, really kind of the foundation to the design of our reading program that we implement for the kindergarten students has come from, you know, inside here in my heart. And, and they've just been great to really try to make those things happen. You know, whatever our goals and mission are. Yeah. And the goals and mission is such a noble cause. I've been,

it's so hard to have a nonprofit continue. It was something that I had looked into and the 501c3 and all this stuff is like, I mean, I understand why folks can get deterred, but you stuck with it. And it sounds like that's just your jam. That is what Christy does. What advice would you give other athletes or, you know, other entertainers potentially when they're thinking about starting their own business? You know, I think athletes are good at dreaming big, right? I think they're good at taking risks too. And, you know, and really believing in their dreams. And, you know, in business, you totally need that, right? Because you're going to hit the wall or hit the ceiling, whatever, so many times and you are told no a lot or like, what? Many times, but I think it's something that you really believe in, then, you know, it gives you

kind of that strength to keep going. You know, of course, it's a lot different. You do need the revenue flow, right, in order to keep a business going. So, you know, it's finding a balance, I guess, in all of that. But go for it. You know, I think it's, you know, I've seen a lot of athletes have great success, you know, post-career, you know, going into business or joining a business. And a lot of those life lessons they've learned, you know, for training and competition serves them well in the business world too. What about advice for folks who want to start a nonprofit? You know, I mean, I can't imagine my life without, you know, having that to really fuel my passion and to really, you know, give me something to wake up for, you know, other than my kids and

my family love them. But, you know, it's really like feeling like you're making an impact. And, you know, I think that's exactly it is finding something that you're passionate about, or maybe you already have a passion and you're like, how do I do this? And, you know, I think my advice is to maybe look into local organizations where you live that kind of have the same focus and, you know, meet with them, you know, get to know them, volunteer possibly. And see how they go about doing things and possibly, you know, start to put your ideas together of what you're thinking. You know, maybe you can join them and make them even better. Or if you do want to break out and do something on your own, find a great mind in the nonprofit world to maybe mentor you. Well, you are making such a difference to people. So thank you for doing that.

Yeah, it is important for some folks to potentially even use their efforts to join somebody else. And maybe you don't have to start your own thing. And maybe it's just more helpful to bolster the ones that already exist. Definitely. I think it's, you know, even though we're on our own at Always Dream, we do partner and collaborate a lot with other literacy organizations or, you know, people in education because, you know, there's so many best practices, right? And, you know, we all have the same goal, but we're coming at it at different, in different ways. And, you know, when we're all working together, I think that's when you see, you know, the biggest push and, you know, advancement. So, and you learn more too, right? So especially

where a small organization really look to those collaborations. For today's tip, you can take straight to the bank. You can translate your passion into many different dreams. They can take many different forms. If you're passionate about a social issue like Christy, you could start your own foundation or work for an existing company or volunteer your time. It's not a one-size-fits-all track with only one path to success. In this case, sorry, Miley, but it's not all about the climb. It's about the destination. Money Rehab is a production of iHeartMedia. I'm your host, Nicole Lappin.

Our producers are Morgan Lavoie and Catherine Law. Money Rehab is edited and engineered by Brandon Dickert with help from Josh Fisher. Executive producers are Mangesh Hatikader and Will Pearson. Huge thanks to the OG Money Rehab supervising producer, Michelle Lanz, for her pre-production and development work. And as always, thanks to you for finally investing in yourself so that you can get it together and get it all.