Alysa Liu just won two gold medals in Milan, and her dad has also been open about the support he gave behind those victories (spending up to $1 million on her skating career over the years).
As someone who pursued acting and dancing in my 20s and paid for every class myself, I know how expensive chasing a dream gets.
Whether you’re funding a hobby or an Olympic dream, you still need to know how to budget it in.
Here’s what’s inside:
Did you know…?
(Actual answer at the end of the newsletter 👇)
How much should you really spend on your kid’s dreams?
By now you've probably seen Alysa Liu's incredible run in Milan: two gold medals, a comeback story for the ages. What didn't make the highlight reels was a detail from her dad Arthur's 60 Minutes interview: he spent between $500,000 and $1 million over the course of her skating career.
According to the Aspen Institute, the average U.S. sports family spent $1,016 on their child's primary sport in 2024. And that's just sports. Another survey found the average parent spends $731 per child annually across all extracurriculars, with 42% taking on debt to cover it and 62% saying it causes them financial stress.
Want to talk through how to think about big financial commitments for your children? Book a free 1:1 call if you need to talk it out.
What you need to know about your retirement funds
By the numbers
$204
What the average American wastes on subscriptions every year
The average US adult spends $1,080/year on subscriptions… and over $200 of that goes toward services they rarely or never use. That's the fitness app you opened twice in January, the news site you forgot you upgraded, and the free trial you meant to cancel.
Open your bank statement right now and flag every recurring charge. Set a timer for 20 minutes. Cancel anything you haven't used in the last 30 days. That $204 is basically a free month of groceries sitting in your autopay.
$46/hour
The living wage a family of four needs in California
A California family of four needs to earn at least $46.22/hour just to cover the basics. That’s housing, groceries, utilities, healthcare, and transportation. That's $79,367/year after taxes. Just to get by.
And California isn't even the worst. Massachusetts needs $54/hour. Hawaii needs $69.
Here’s a quick overview for the other states:
State | Minimum Hourly Living Wage | Required Annual Income (after tax) |
|---|---|---|
Hawaii | $69.43 | $110,782 |
Massachusetts | $54.25 | $89,725 |
California | $46.22 | $79,367 |
New York | $43.63 | $73,515 |
Alaska | $40.19 | $71,425 |
Oregon | $39.33 | $63,799 |
Maine | $38.21 | $65,926 |
Maryland | $41.00 | $66,912 |
New Jersey | $37.31 | $65,121 |
Connecticut | $37.24 | $63,506 |
$2,476
The average tax refund so far this season (up ~14% from last year)
Early IRS data shows average refunds are running higher than last year, and the season is still early. If you're expecting a refund, resist the urge to treat it like a bonus.
The move: before it lands, decide where it goes. Emergency fund if you don't have 3 months saved. High-interest debt next. Then, a targeted goal. Whatever you do, don't let it evaporate into "stuff".
Need to talk numbers? We can help you sort out your money.
Poll answer
✅ Answer: 1974
The Equal Credit Opportunity Act finally gave women the right to open a bank account independently.