What it costs to be an elite figure skater like the 'Quad God' - The Indicator from Planet Money Recap

Podcast: The Indicator from Planet Money

Published: 2026-02-12

Duration: 10 minutes

Guests: Lillian Karabaic

Summary

Reaching Olympic levels in figure skating can cost up to $1 million, driven by expenses like coaching, ice time, and equipment.

What Happened

The episode dives into the staggering costs of becoming an Olympic figure skater, which can average around $1 million. This estimate is provided by Timothy Gable, a 2002 Olympic bronze medalist, who highlights that skaters have to invest heavily in coaching, equipment, and ice time, often without breaking even financially.

Figure skaters in the U.S. face unique challenges as they rely heavily on family funding, unlike in other countries where the government might subsidize these costs. Ashley Wagner, a 2014 Olympic bronze medalist, describes the sport as 'astronomically unaffordable,' noting her parents' warning about its expense.

The financial burden begins early with private coaching and ice time, where costs can soar to $90 daily just for ice time, not including coaching fees. Skaters like Ilia Malinin benefit from having Olympian parents who provide top-tier training from a young age.

Most families of aspiring skaters must cover the costs long before any financial support from U.S. Figure Skating kicks in, which typically happens when skaters compete internationally at the junior level. Travel expenses for competitions, including coaches' and chaperones' costs, add to the financial strain.

Choreography and costumes are significant expenses, with a single program's choreography costing $10,000 to $15,000. Costumes alone can run between $2,000 and $5,000 each, and skaters need multiple outfits per season.

The gender imbalance in the sport further complicates matters, often leading to the families of female skaters subsidizing their male partners' training costs. Despite these challenges, prize money and sponsorship deals, especially during the Olympics, become crucial for financial sustainability.

Olympic exposure provides skaters with sponsorship opportunities, though many, like Ashley Wagner, see it as a necessary compromise due to the sport's high costs. Ultimately, most skaters pursue their passion for the love of the sport rather than financial gain.

Key Insights

• Becoming an elite figure skater can cost around $1 million, and most of it comes from family pockets. Unlike other countries with government support, U.S. skaters rely heavily on personal funds, making the sport a financial mountain to climb.
• Paying $90 a day just for ice time and not even counting coaching fees. That's the reality for aspiring Olympic skaters, where expenses start piling up early, especially if you don't have Olympian parents like Ilia Malinin.
• A single figure skating program's choreography can set you back $10,000 to $15,000, and costumes cost another $2,000 to $5,000 each. With multiple outfits needed per season, it's like a couture runway show on ice, but with the skaters footing the bill.
• Female skaters often end up subsidizing their male partners' training costs due to gender imbalances. Despite these financial hurdles, many skaters chase Olympic dreams for the passion, with sponsorships during the games being their lifeline.