No sooner did their children make international headlines as Olympic gold medalists than the parents of gymnast Gabby Douglas and swimming superstar Ryan Lochte’s parents garner worldwide attention themselves… but not the good kind.
Leave it to TMZ.com to break the news that Douglas’ mother, Natalie Hawkins, was forced to file for Chapter 13 bankruptcy just months before her 16-year-old daughter made the Olympic gymnastics team.
According to court records, Hawkins has been granted time by a federal court to reorganize her finances and pay down the nearly $80,000 of debt she has accumulated since going on long-term medical disability in 2009. Reports say there were months when the single mother of four had little to no income, but still had to pay for Gabby’s training.
Meanwhile, less than 48 hours after their son swam into the Olympic record books, Ryan Lochte’s parents’ photos were being splashed all over the Internet along with the story of their financial woes.
TMZ was the first to report that Lochte’s parents are currently facing foreclosure on their Florida home. CitiMortgage is allegedly suing the Lochtes, claiming that they stopped making mortgage payments in February 2011.
Both stories illustrate the sacrifice parents are willing to make in order to help their children’s dreams become reality. Still, after Douglas and Lochte’s parents’ money problems were revealed to the world, some critics made the argument that investing in a future Olympian may not always be a financially sound decision.
Clearly, these critics don’t have children… or truly understand the meaning of “sacrifice.”
Most parents I know would do everything in their power to move Heaven and Earth for their kids, including filing for bankruptcy or facing foreclosure.
The Lochtes and Hawkins are just two of the thousands of families who endured financial strain paying for years of their kids’ training. Fortunately, their investment paid off. Gabby and Ryan are leaving London with a slew of medals and are primed for a tidal wave of endorsement deals. In fact, Gabby Douglas is already gracing the cover of PEOPLE magazine and will soon appear on the front of a Corn Flakes box. The millions she stands to earn from endorsement, book and speaking ventures will no doubt help repay her mother.
But what if Gabby flopped during her Olympic debut?
I highly doubt her mom would love her less or think that the payments for Gabby’s gymnastics training were a waste of money.
Would you be willing to go broke supporting your kid’s dream?
Related Articles:
Stay-at-Home Moms are Priceless
Becoming the Mom You Never Thought You’d Be