The media calls them the wizards of tomorrow, the fix-it-kids, athletes of the mind, star players, and champs. These are the young people who compete and win academic, artistic, leadership, and service related competitions. Competitors spell words as difficult as autochthonous, make new scientific discoveries, compose poetry, publish their short stories and books, design inventions, and lead community enhancement projects. They amaze crowds and impress judges with their abilities. The winners walk away with many prizes, from scholarships to cash, ribbons, t-shirts, and trophies. Having fun is the ultimate prize reported by students who compete--and the fun is all in the learning. Many participants in local, state, national, and international competitions are gifted and talented students who have "more raw material with which to compete" (Udvari, 2000, p. 212). Because of their abilities and successes, these students may view competitions favorably and be encouraged by their teachers to participate more than their non-gifted peers. In this article, the authors discuss the importance of knowing the potential benefits and problems of participation in competitions. The authors stress that parents need to be aware of the wide variety of contests available, the possible awards, how to assist in the selection process, and ways to support their children's involvement.