The Indicator from Planet Money

Episode: What it costs to be an elite figure skater like the 'Quad God'

Date: February 12, 2026
Hosts: Waylon Wong (Indicator/NPR), Lillian Carbake (Oregon Public Broadcasting)
Featuring: Timothy Gable, Ashley Wagner, Danny O'Shea

Episode Overview

This episode explores the substantial financial costs required to become an elite figure skater in the United States, with a spotlight on Olympic-level athletes like "Quad God" Ilya Malinin. Through interviews with medal-winning skaters and economics reporter Lillian Carbake, listeners get a breakdown of skating expenses, why talent alone isn't enough, and how the economics of the sport shape who reaches the Olympic stage.

Key Discussion Points & Insights

1. Sky-High Costs: The $1 Million Indicator

• The central theme: Making it to the Olympics as a figure skater in the U.S. can easily cost about $1 million.
  • [01:07] Waylon Wong: "That leads us to today's indicator, which is $1 million. That's right. It can cost an average of $1 million to make the Olympics."
  • [01:26] Timothy Gable: "Pretty daunting. It is a million dollar bet on like a maybe of a maybe..."

2. When Costs Begin: The Family Investment in Skating

• Skaters often start with group lessons, but costs skyrocket when they move to private coaching and competitive jumps.

  • [03:02] Lillian Carbake: "...once you start jumping doubles and competing locally, I needed a private coach. And that's pretty standard for most skaters. It's also when the expenses start to explode."

• In the U.S., families pay for nearly everything until skaters hit international competitions:

  • [03:27] Lillian Carbake: "Here in the US it's your family that picks up the bill."
  • [03:35] Ashley Wagner: "In the US: Astronomically unaffordable. I was told by my parents that I could do literally any other sport other than equestrian because that's how exactly expensive figure skating was."

3. The Equipment Tally: Knives, Boots, and Beyond

• High-caliber skates and blades can cost upwards of $2,000.
  • [04:09] Ashley Wagner: "Blades can run up to $1,000. And then the skate boots... another $1,000, $1,500."
  • But, as noted, "boots don't get you to a million dollars."
  • Real costs hit with ice time and coaching, which can be over $90 a day, 5+ days a week.
    • [05:29] Timothy Gable: "...looking at $90 a day. For ice time a minimum of five days a week."
    • [05:42] Ashley Wagner: "Our lesson would be about 120 bucks. And then you have probably two or three hours of lessons a day..."

4. Elite Access: The Heritage & Geography of Opportunity

• There's a trend of Olympic skaters being the children of other elite skaters or coaches, giving them advantages like extensive, early ice time.

  • [04:24] Lillian Carbake: "...three Team USA skaters this year had parents who were Olympians."
  • [04:46] Lillian Carbake: "But not genetically, financially. That's because if your parents are Olympic level coaches, you're getting free top tier training from the time that you're very tiny."
  • Ilya Malinin landed quadruple jumps at 13 because he "grew up in the rink" while his parents coached.

• Families sometimes relocate for better training, a massive additional expense.

  • [06:06] Timothy Gable: "Your family or whomever has to spend a boatload of money just to get you kind of in the mix."

5. Delayed or Limited Financial Support

• U.S. Figure Skating only provides funding once skaters qualify for international junior competitions, typically in their teens.

  • [06:17] Lillian Carbake: "Its funding doesn't usually kick in until you're competing internationally at the junior level in your teens."
  • Even then, compensation is limited: top-ranked skaters receive about $20,000 per season, but one program’s choreography can cost up to $15,000.
    • [07:07] Ashley Wagner: "...a program to get choreographed can cost $10,000 to $15,000. So you can have your entire funding almost dried up from just one program."

• Families must cover travel costs for skaters and their coaches/chaperones (about $10,000+ a season) until the athlete reaches a level where governing bodies help.

6. The Hidden Costs: Choreography & Costuming

• Costume and choreography are competitive necessities, not frills.
  • [07:44] Waylon Wong: "Choreography and costuming is not extra. They are competitive tools."
  • Costumes can be $2,000–$5,000 each, with skaters needing at least two per season.
    • [07:57] Ashley Wagner: "Oh, anywhere from $2,000 to $5,000."
• Pair skating has even stranger economics:
  • [08:13] Lillian Carbake: "There's this massive gender imbalance in the sport. There's roughly One girl for every 200 boys."
  • Girls' families often end up subsidizing their male partners' training costs, living expenses, or even citizenship processes.

7. Prize Money & Sponsorship: Not the Solution

• Top international prize: Grand Prix Final champion gets $25,000.

  • [08:55] Lillian Carbake: "...the Grand Prix final champion wins $25,000."
  • Not enough given that a single routine’s choreography/costume can equal or surpass this sum.
  • Coaches often take a 15% cut of prize money.
    • [09:06] Lillian Carbake: "Many coaches actually take 15% of an athlete's prize money."

• Sponsorship opportunities spike during the Olympics, but they're rare and sometimes ethically fraught:

  • [09:41] Ashley Wagner: "The money that they offer you is obscene. And when you're in a sport that is obscenely expensive, it makes sense. It [is] very hard to turn away from that. Does it feel ethical? Not in the slightest. But it's very obvious why it exists in this sport. And why athletes take those sponsorships."

8. Why They Skate: Beyond the Money

• Most skaters, even Olympic medalists, do not break even; their drive is about love of the sport and sharing their art, not financial return.
  • [09:59] Lillian Carbake (about Danny O’Shea): "...he just helped the USA win gold in the team event... but he said most Olympic figure skaters are not doing this for the financial reward. The reward is internal. And in how we're able to share what we love. A sport that we love, an art that we love with so many people. And maybe inspire others to go after their dreams as well."

Notable Quotes & Memorable Moments

• On the staggering costs:
  • "It is a million dollar bet on a maybe of a maybe..." – Timothy Gable ([01:26])
• On family sacrifices:
  • "I was told by my parents that I could do literally any other sport other than equestrian because that's how exactly expensive figure skating was." – Ashley Wagner ([03:35])
• On sponsorship ethics:
  • "Does it feel ethical? Not in the slightest. But it's very obvious why it exists in this sport..." – Ashley Wagner ([09:41])
• On motivation:
  • "The reward is internal. And in how we're able to share... what we love..." – Paraphrased from Danny O’Shea ([10:00])

Timestamps for Key Segments

• The Million Dollar Bar: [01:07]
• Equipment & Early Costs: [04:09]–[05:42]
• Inherited Opportunity & Ice Time: [04:24]–[05:11]
• Governing Body Support/Limitations: [06:17]
• The Hidden Price of Choreography/Costumes: [07:07]–[07:57]
• Gender Imbalance & Pair Dynamics: [08:13]–[08:48]
• Prize Money & The Lure of Sponsorships: [08:55]–[09:41]
• Why They Truly Skate: [09:59]–[10:31]

Episode Tone & Language

The conversation is lighthearted, witty, and candid—balancing economic analysis with a genuine affection for the artistry and challenges of figure skating. Insights are peppered with humor ("knife shoes," "It's a supply side problem"), but there’s also a sobering realism about who gets a shot at Olympic glory.

For Listeners: Why This Matters

• Figure skating’s hefty price tag means Olympic dreams are heavily gated by family resources.
• The episode highlights systemic disparities in access to elite training—paralleling broader conversations about both the economics of youth sports and the American approach to funding Olympic hopefuls.
• Ultimately, it’s a story about passion, grit, and the unseen costs behind those dazzling routines.

Recommended if you’re curious about:

• The true price of Olympic sports in America
• Hidden inequalities in youth and amateur athletics
• The stories behind this year’s Olympic skaters