Iivo Väänänen owned a farm called Levälahti in Kehvo, where he had his own shooting range. In 1930 he went bankrupt and lost his land. The municipality gave him and his wife a small place called Hyrskynniemi in the same village. There, he had two cows and worked as a night watchman at the ammunition loading station in Kuopio. To cover the eight kilometres to his job, Väänänen rowed across Lake Kallavesi or, in winter, made the journey on skis.
At the 1912 Olympics, Väänänen competed in the running target, single shot events, winning bronze in the team event. In the early 1920s he won four golds at Finnish championships: free pistol (1920), free rifle (1922-23), and running deer shooting, single shots (1923).