How much do American families spend on their children's sports career?

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Judy Carter Davis and her husband, Dwight, recently returned from Scotland - the birthplace of golf. But the couple did not cross the 7255 km in order to see the sights. They crossed the Atlantic and spent $ 4800 for 10 days to see how their 14-year-old son Ian participated in the US Kids Golf European Championship 2017 at the Royal Musselburgh Golf Club. He took the 32-place.

Since Yang played his first golf tournament at the age of 7, his parents' financial expenses for his sports development were significant.

“Well, six figures,” Dwight Davis, 53, estimates spending. To ease the strain on their budget, the family "had to make some sacrifices," such as "traveling less" and saving in their 401(k) retirement savings, says Davis, who is a vice president at a global information and communications technology company.

The couple recently sold their home in Dallas and moved to Orlando, Florida, so Jan was able to hone his skills at the Bishops Gate Golf Academy, where annual tuition costs $ 60 000.

Their goal: a sports scholarship and a good education for Jan.

Welcome to the dear world of elite youth sports. The annual costs of training in clubs, personal trainers, top-of-the-line equipment, showcase tournaments and the cost of gasoline, air tickets, hotels and food on the road cost thousands of dollars.

About 20% of American parents between the ages of 30 and 60 spend over $ 12 000 per year per child or $ 1000 per month for youth sports, according to TD Ameritrade.

The majority of American families (63%) spend between $100 and $499 per child each month on youth sports. Another 18% - from $500 to $999 per month. Roughly 11% spend between $1000 and $1. 999% of parents said they spend $8 or more per month.

The study found that everyone who spends money on sports also cuts back on other aspects of life. 55% of respondents say they are saving on entertainment, 40% on travel, and 23% say they have reduced their retirement savings.

There is nothing wrong with helping your son or daughter realize their sports dreams, get useful life lessons, take care and stay away from trouble, personal financial experts say.

"But it shouldn't come at the expense of your own retirement savings or other family financial obligations," says Mike Trombley, a former Duke University player who now runs Trombley Associates, a retirement investment firm in Wilbraham, Massachusetts.

“We all love our children,” Thrombey says. “But first you have to provide for yourself and your retirement.”

According to a TD Ameritrade study, a third of parents (33%) say that they “do not regularly make contributions to their retirement account” because of the cost of sports. 40% say they have no savings for a rainy day. And 60% say they are worried that paying for a sport "may affect their ability to save in retirement."

Trombley Board: First transfer money to your 401 (k) account. Next, set aside for college. Some more money for an emergency. Payment for youth sports should be the last.

At that point, Thrombey says, the family must demonstrate financial discipline and say, "This is what we can afford." Or answer the question honestly: “My annual income for sports is $10. Is that enough? »

To minimize costs and avoid disrupting the family budget, experts recommend playing at tournaments over the weekend, playing for local teams. Most importantly, take a realistic look at the abilities and sports future of your child.

The increase in spending on elite youth sports, often called the “arms race,” is partly due to the fact that 67% of parents hope that their investment will pay off in an athletic scholarship, and 34% are confident that their child athlete will go to the Olympics or turn in a professional, according to a TD Ameritrade survey.

Parents' expectations that their children can go far in sports are too high, given the statistics that few athletes compete in college and even less at the Olympics, NFL, NBA or NHL, says Trombley.

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