Libby Trickett’s money woes after retirement and how she came back

Olympic swimming champion Libby Trickett was on a “top tier” contract with sponsorship deals to boot. But after she retired, money woes hit hard.

Libby Trickett wowed the nation with her skill in the pool as a young Olympian, but when it came to her finances, she admits she was clueless.

Trickett, 36, who made her Olympic debut at the Athens Games when she was just 19-years-old, said she was “pissing” money away early in her career – until her financially minded partner pulled her up on her frivolousness.

“I was 19 and earning a fair amount of money for that age, and I had never had a job at that point, had never had to budget or be mindful of the money that I was spending … it was just kind of a novelty,” she said.

“I was spending too much money on material things that were fun and shiny, and I wasn’t really thinking too much about what we were planning towards, whether that was buying a place together or putting it towards superannuation, that was just not front of mind for me.”

Libby Trickett never thought much about how she spent her money until she struggled to pay her bills. Picture: Tara Croser

Her husband, Luke, who is the founder of investment fund Blue Stamp Group, “initially went along” with her carefree spending.

But about two years into her swimming career, he gave her a wake-up call after she started falling behind on her mobile phone bills.

“That was what prompted Luke to say we need to start managing our money better, and we have to actually start making a budget and not just pissing our money away,” she said.

“He’s pretty brutal. But it was a conversation that needed to be had.

“If I hadn’t had someone like Luke in my life … I wouldn’t have been able to buy a house or a car if I hadn’t put those sorts of things into place back then.”

That’s not to say it was then all smooth sailing for the four-time Olympic gold medallist.

She was on a “top tier” Swimming Australia contract of $30,000 a year with sponsorship deals to boot. But after she retired in 2013, money woes hit hard.

“I wasn’t prepared for how quickly that income evaporates, and that was really quite confronting,” she said.

“I just assumed that either those contracts would continue, or I would just get given a job opportunity, and the reality was neither of those things happened.”

Libby with her silver medal for the women’s 100m Freestyle Final at the 2008 Beijing Olympic Games.

Without a stable income and her husband pouring all of his money into his newly founded business, the couple were forced to sell their home in Seven Hills, Queensland, at auction in 2013.

However, the purchaser backed out of the unconditional sale and was required to pay them a sum which allowed them to hold onto it.

They managed to make ends meet “by the skin of (their) teeth” over the following six years, “grinding and hustling” in every way that they could. They borrowed money from family, and Trickett did a lot of public speaking, which she said does not come naturally to her.

Now the couple, who have two children, are in a more comfortable position. Luke has a regular paycheck, while Trickett is studying a Bachelor of Counselling and has also recently launched a podcast.

She is grateful she can now be more picky when sponsorship deals arise and added she regretted a partnership with KFC in 2009 for their Cayan Grill range, which no longer exists.

“I received a lot of criticism about promoting a fast food chain,” she said.

Luke Trickett’s investment business has grown exponentially in the past decade. Picture: Mark Cranitch

“I see that now. At the time, I probably thought ‘it’s fine, it’s the healthy side of chicken’. If that same opportunity present itself to me now, I wouldn’t take it.”

She’s also an Aware Super ambassador, with new research by the superannuation fund finding almost 80 per cent of younger Australians believe future generations will pay for the economic fallout from the pandemic, but only 5 per cent are seeking financial advice.

Trickett said it was important for Australians to seek expert financial advice to set themselves up for the future.

“I think that’s really important for everyone, but particularly women to have a look at what they want out of their life long-term,” she said.

“It’s important to think about what sort of lifestyle you want to live when you retire … you really need to understand and make a plan for that.”