From the rising cost of education to the cost of supplies and extracurricular classes, raising a child can be expensive. Especially if you want to be an elite athlete someday.
Arthur Liu, the father of Olympian and 2025 world champion figure skater Alisa Liu, told CBS’ “60 Minutes” earlier this month that he estimates he spent between $500,000 and $1 million total on her training alone.
“We spared no money or time,” Arthur Liu said of training the now 20-year-old skater.
Sure, not everyone spends as much as Mr. Liu does — the average U.S. family spent $1,016 on their child’s primary sport in 2024, according to a report by the Aspen Institute — but extracurriculars for kids can add up, says Joe Piszczor, a certified financial planner and founder of Washington Family Wealth in Washington, Pennsylvania.
When you factor in the costs of international travel, coaching, equipment, admission fees, etc. at the elite level, six or seven figures isn’t an outrageous amount to spend on a child’s activity, Piszczor says, and as long as you’re aware of your goals and financial situation first, you should be fine with covering the bill.
“What I want to stress is that if they want to do it right, they should first make sure their house is in order and figure out what their actual discretionary budget is,” Piszczor says. “Know your limits.”
Paying for extracurricular classes will give you better results.
Tom Balcomb, CFP and founder of 1650 Wealth Management in Lighthouse Point, Fla., says there’s nothing wrong with spending money on your kids’ activities. In fact, “people who spend money on dance, sports, and band will tell you it’s worth every penny because of what their kids learn in the process,” Balcomb says.
Because Balcomb pays for lessons, practices and tournaments, he says his daughter, a sophomore in high school who dreams of one day playing Division I golf, is not only improving as a golfer, but also learning the importance of teamwork, discipline and time management.
What’s more, even if she chooses not to play golf at the collegiate level, Balcomb said the benefits will extend to her future. Enthusiasm for an activity can be a positive differentiator in the college application process itself, he says, especially in a competitive environment where many students earn good grades and test scores.
There is no guarantee that you will get your money back
However, if you’re investing thousands of dollars in your child’s extracurricular activities, make sure you’re not expecting any financial gain, such as a college sports scholarship or your child turning pro, Piszczor says.
According to the NCAA, the main governing body for college sports in the United States, just under 7% of students who participate in high school athletics go on to compete in NCAA sports in college, and only about 2% of high school athletes are awarded track and field scholarships.
Additionally, a career-ending injury could occur, or a child could decide to quit their job or focus on another passion, Balcomb said. For example, Alisa Liu retired from figure skating at age 16 due to burnout, but ultimately returned to competitively in 2024, he said.
“For families hoping that elite extracurriculars will help them pay for college, the odds are high,” Piszczor says. “The most reliable return on investment for your college funds is your academics and overall financial preparation, and don’t assume that passion will always pay off.”
protect your financial future
When spending money on their children’s activities, Piszczor and Balkom try to keep it to discretionary money that they can afford to lose.
Piszczor says it’s a good idea to have enough money to cover monthly essential expenses like food and shelter, as well as three to six months’ worth of cash in case of emergencies.
Trade-offs can be made, such as eating out less or skipping annual leave to cut spending, but don’t tap into your own retirement savings or take on debt to fund your children’s dreams, says Balcomb.
“People want to see their children happy, and there’s nothing wrong with that,” Piszczor says. “That balance is important.”
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