Why do you think it's hyperbole? Or the figures are outrageous? Does your stuff not wear out? I spend 1000-2000 a year just on replacing worn and broken bike equipment.And I don't race nearly as much as others, but even doing just 30 or so races my race fees are still over 1k a year.

I kept very detailed records in 2017 and the beginning of 18 (didn't race much past May).

For 2017 I spent $3,240 dollars on gear (including one-offs of building a pair of carbon race wheels and a smart trainer), $1406 on registration fees for 32 races (including 12 races in which I only paid $12 dollars/ half price since I was the series champion, + the national championships and a stage race, which were both crazy pricey), and $1129 on race travel (gas, hotels, food). I made $1986 in prize money, for a net loss of $3780.

For 2018 I spent $1672 on equipment, $461 on 13 entry fees (had ~8 races comped), $541 on travel, and got $1200 in prize money, for a net loss of $1476.

My kit was free, and my nutrition stuff I get by with cheap protein and carbs from wherever it's cheapest, and close-out gels and the like, so none of that's included.