Michael Phelps rose from being an energetic child in Baltimore to become one of the greatest Olympians ever with remarkable speed, amassing 28 Olympic medals – 23 being gold – over the course of two decades of competition. Starting his journey in the waters at age 7, by 15 he was swimming at the Sydney Olympics. This early promise hinted at the legend he was soon to become.
How did Michael Phelps start his career?
Phelps’ initiation into the world of competitive swimming was influenced by his sisters and provided an outlet for his boundless energy. His prowess in the pool was evident early on. By the tender age of 10, Phelps already held a national record for the 100-meter butterfly in his age group. It was under the guidance of coach Bob Bowman at the North Baltimore Aquatic Club that Phelps began to hone his skill and focus his talent.
What are the major achievements of Michael Phelps?
Throughout his illustrious career, Phelps has consistently broken and set new records. Phelps made his mark at the 2000 Sydney Olympic, becoming the youngest male ever to set a world swimming record at age 19. At 2008 Beijing Olympics he outdid himself again, collecting 8 gold medals – surpassing longstanding record holder Mark Spitz. Phelps holds all-time Olympic medal records as well as 39 world records; more than any other swimmer.
How does Michael Phelps earn his money?
Endorsements, brand deals, and sponsorships form the backbone of Phelps’ earnings. Brands from various industries, including Under Armour, Subway, and Speedo, have associated with him, pushing his annual earnings from endorsements alone to a whopping $10 million. His association with brands isn’t limited to endorsements; Phelps has had lucrative brand deals with giants like Corn Flakes and Louis Vuitton. He has also enjoyed financial benefits from merchandise sales, media rights, and speaking appearances worldwide. More recently, Phelps has ventured into the realm of cryptocurrency, adding millions to his income through Bitcoin mining.
What is Michael Phelps’ net worth?
Michael Phelps’ net worth is a testament to his unparalleled success, both in the pool and out. Estimated at over $100 Million, Michael Phelps’ earnings can be broken down to four categories of income sources – swimming accolades, brand endorsements, sponsorships and entrepreneurial ventures. Each Olympic medal earned him prize money – the gold garnering $25,000; silver $15,000 and bronze $10,000 respectively. Throughout his career he has amassed more than $75 Million just from advertising and sponsorship alone!
Has Michael Phelps ventured into business?
Apart from his association with brands for endorsements, Phelps has tapped into the business world directly. In 2011, fans got a taste of the swimming sensation through the Xbox 360/Kinect game, “Michael Phelps: Push the Limit”. Additionally, his involvement in Bitcoin mining and investment in crypto assets signals his keen business acumen, ensuring his net worth continues to burgeon even post-retirement.
Conclusion
Michael Phelps is more than just an Olympic swimmer; he’s an iconic figure. His success in the Olympic Games combined with astute business decisions and brand affiliations have cemented his legacy not just as an athlete but as a successful businessperson as well. Even as his post-swimming career progresses, Phelps remains a shining example of talent, hard work, and the strength of personal branding.
