Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k
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Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k
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Re: Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k
#2> Starting with the upcoming Milan Cortina Olympics, [Billionaire financier Ross Stevens] will give $200,000 to every U.S. Olympic and Paralympic athlete—even if they don’t win a medal. Per the Wall Street Journal, “Half will come 20 years after their first qualifying Olympic appearance or at age 45, whichever comes later. Another $100,000 will be in the form of a guaranteed benefit for their families after they pass away.”
I wonder if this will adjust for inflation / earn interest at all. If a 20 year old olympian dies 70 years later, then when their family gets $100,000 USD nominal, it will be the equivalent of getting $8,400 in today's money. Assuming the same average inflation from the last 70 years (1956->2026).
Re: Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k
#3I’ve been close to some people who tried to make a living as a professional athlete. This is a really special way to help passionate, hard-working people live out their dreams and potential.
Re: Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k
#4> Starting with the upcoming Milan Cortina Olympics, [Billionaire financier Ross Stevens] will give $200,000 to every U.S. Olympic and Paralympic athlete—even if they don’t win a medal. Per the Wall Street Journal, “Half will come 20 years after their first qualifying Olympic appearance or at age 45, whichever comes later. Another $100,000 will be in the form of a guaranteed benefit for their families after they pass…
> If a 20 year old olympian dies 70 years later, then when their family gets $100,000 USD nominal, it will be the equivalent of getting $8,400 in today's money
Did you inflate over 70 or 50 years?
My read of the original article [1] is it’s a defined benefit. That said, “athletes will receive $200,000 for each Olympics they compete in,” so an athlete who competes for four seasons could stand to get $400,000 when they turn 45 and potentially borrow against their death benefit.
[1] https://www.wsj.com/sports/olympics/team-usa-milan-cortina-e...
Re: Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k
#5> Starting with the upcoming Milan Cortina Olympics, [Billionaire financier Ross Stevens] will give $200,000 to every U.S. Olympic and Paralympic athlete—even if they don’t win a medal. Per the Wall Street Journal, “Half will come 20 years after their first qualifying Olympic appearance or at age 45, whichever comes later. Another $100,000 will be in the form of a guaranteed benefit for their families after they pass…
My guess is the figure is after interest, that way because of compounding interest, 100k ~20 years after debut and another 100k which occurs let’s assume 50 years later on average would be substantially less than it sounds on paper. And for me at least, a smaller amount in my 20’s that I could use for a house deposit or similar would be worth farm more than 100k in my 40s and another 100k on my death
This seems like some billionaire trying to inflate their donation amount by talking in terms of decades not now. I’m sure there’s conditions attached too (some reasonable but I’m sure some are just intentional land mines)
Re: Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k
#6> Starting with the upcoming Milan Cortina Olympics, [Billionaire financier Ross Stevens] will give $200,000 to every U.S. Olympic and Paralympic athlete—even if they don’t win a medal. Per the Wall Street Journal, “Half will come 20 years after their first qualifying Olympic appearance or at age 45, whichever comes later. Another $100,000 will be in the form of a guaranteed benefit for their families after they pass…
I wonder what the "breakage" will be in 2096. How would your surviving family members know to cash in this benefit? You keep a certificate in your safe deposit box, next to the expired term life insurance papers, that says, be sure to contact so and so to collect some money after I die?
Re: Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k
#7> Starting with the upcoming Milan Cortina Olympics, [Billionaire financier Ross Stevens] will give $200,000 to every U.S. Olympic and Paralympic athlete—even if they don’t win a medal. Per the Wall Street Journal, “Half will come 20 years after their first qualifying Olympic appearance or at age 45, whichever comes later. Another $100,000 will be in the form of a guaranteed benefit for their families after they pass…
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Re: Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k
#8> Starting with the upcoming Milan Cortina Olympics, [Billionaire financier Ross Stevens] will give $200,000 to every U.S. Olympic and Paralympic athlete—even if they don’t win a medal. Per the Wall Street Journal, “Half will come 20 years after their first qualifying Olympic appearance or at age 45, whichever comes later. Another $100,000 will be in the form of a guaranteed benefit for their families after they pass…
My guess is the figure is after interest, that way because of compounding interest, 100k ~20 years after debut and another 100k which occurs let’s assume 50 years later on average would be substantially less than it sounds on paper. And for me at least, a smaller amount in my 20’s that I could use for a house deposit or similar would be worth farm more than 100k in my 40s and another 100k on my death This seems like…
> seems like some billionaire trying to inflate their donation amount
My reading is Ross made a $100mm donation to the USOPC.
> I’m sure some are just intentional land mines
You’re sure based on zero evidence.
Re: Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k
#9> Starting with the upcoming Milan Cortina Olympics, [Billionaire financier Ross Stevens] will give $200,000 to every U.S. Olympic and Paralympic athlete—even if they don’t win a medal. Per the Wall Street Journal, “Half will come 20 years after their first qualifying Olympic appearance or at age 45, whichever comes later. Another $100,000 will be in the form of a guaranteed benefit for their families after they pass…
I wonder what the "breakage" will be in 2096. How would your surviving family members know to cash in this benefit? You keep a certificate in your safe deposit box, next to the expired term life insurance papers, that says, be sure to contact so and so to collect some money after I die?
> How would your surviving family members know to cash in this benefit?
Same way all benefits and assets are passed down. One part trustee’s work. Four parts the beneficiaries’.
Re: Ross Stevens Donates $100M to Pay Every US Olympian and Paralympian $200k
#10> “I do not believe that financial insecurity should stop our nation’s elite athletes from breaking through to new frontiers of excellence,” Stevens said upon the announcement of his gift.
So his goal is to prevent money issues from being a thing getting in the way of athletes achieving. But he has structured it in a way that prevents the money from helping this goal.
> Per the Wall Street Journal, “Half will come 20 years after their first qualifying Olympic appearance or at age 45, whichever comes later. Another $100,000 will be in the form of a guaranteed benefit for their families after they pass away.”
So half of it will never be seen by the athlete. Ever. And the other half will not be seen for at least two decades.
What Olympic athlete is not able to achieve as much because they don't have money decades down the road? Or because their heirs don't have enough money? I might be missing something, but how do these two incredibly-delayed payments help them train now? They can't use money they won't see for 20 or 30 years to hire coaches, buy equipment or pay for track time. They can't buy food or pay rent with money they will never see.