Michael Phelps admitted that a very small percent of Olympians can make a living off their sport. On the Tuesday, July 7, edition of the “Richer Lives” podcast, Phelps shared his thoughts on the financial struggles faced by athletes.
What did Michael Phelps say?
Phelps, 41, stated that he doesn't think athletes enter the Olympic space to become millionaires, but rather because they love the sport. He noted that he was fortunate to be one of the few who could make a living from swimming.
The competitive swimmer has won 28 Olympic medals, including 23 gold medals, across four Summer Games. Phelps parlayed his success into a media career, including major endorsement deals and his own video game.
How did Michael Phelps achieve financial success?
Phelps recalled that his mother, Debbie, reminded him of the financial realities of quitting swimming before his Olympic success. He decided to continue swimming, which ultimately led to his financial stability.
Phelps received an early education from a financial advisor at age 15 and now leans into endorsements where he is offered a financial stake in the companies he signs with. He structures contracts to think long-term, taking equity or cash, and wants the companies to succeed.
What challenges did Michael Phelps face?
Phelps touched on overcoming public controversies, including his two previous DUI arrests in 2004 and 2014. He also temporarily walked away from competitive swimming after the 2012 London Games, citing burnout and frustration.
Phelps confessed that he was so disillusioned with the sport at the time that he'd skip training on a whim. After his second DUI, he felt scared and asked for help, marking a turning point in his life.
Phelps' experiences serve as a reminder of the financial struggles faced by many Olympians. His story highlights the importance of financial planning and the need for athletes to think beyond their sporting careers.
What's next for Michael Phelps?
As Phelps continues to share his insights and experiences, he remains a prominent figure in the world of swimming. His legacy extends beyond his Olympic medals, inspiring future generations of athletes to navigate the complexities of their sport and financial realities.
On the “Richer Lives” podcast, Phelps spoke with host Vivian Tu, offering a glimpse into his life and career. The conversation covered his early days as a swimmer, his Olympic successes, and his journey to financial stability.
Phelps' story is a testament to his hard work and dedication to his craft. He continues to be involved in the swimming community, sharing his knowledge and experience with others.
The financial struggles faced by Olympians are a pressing issue, and Phelps' comments shed light on the realities of life as a professional athlete. As the conversation around athlete compensation continues to evolve, Phelps' insights remain invaluable.