How do olympic athletes make money while training

how do olympic athletes make money while training

The Olympics drive athletes to get ever faster, higher, and stronger, to quote its Latin motto: «Citius, whole, fortius. Every Olympiad, it seems, sees a new crop of athletes become celebrities, their names and faces recognized whioe millions. Reaching that point requires staggering amounts of time, focus, and discipline with money. Yet it brings little wealth. In fact, the Olympics can hurt an athlete’s earning power. Yes, Ping Pong. The biggest impact is lost earning potential.

Scraping by to chase a dream

Some people dream of competing in the Olympics, but only a select few actually get to see that dream realized. Millions of people from all over the world this month will watch as select athletes get to compete in the Winter Olympics and watching the Olympics might inspire some of those people to become an olympic athlete. But if money was ever motivation for their dreams, then finding out if the Olympic athletes get a salary might just put those dreams to a halt. Money should never stop people from chasing their dreams, but if you thought the life of an Olympian was as glamorous as the cameras make it seem, then you thought wrong. While Olympic athletes do make money, they’re not just working 40 hours a week or more like someone who has an office job and who knows what they’ll be making at the end of each month or each year. Because that is what a «salary» technically is — a fixed amount of money that a person gets paid per paid period, regardless of how much time and effort they put into their job or the projects they take on the side. But Olympic athletes make their money a little differently than most, according to CBS Sports, including athletes who play for a national sports team. Olympic athletes do not sign a contract guaranteeing them money, and according to USA Today , the United States government does not pay athletes for competing in the Olympics , even if they are there to represent the country say what. That includes endorsements, money won from competition, corporate sponsors, and grants given to them so they could go and compete in the Olympics. Compared to your average worker, this doesn’t seem like a lot. This is why you see so many athletes on Wheaties boxes in the cereal aisle at the grocery store every two years. Taking endorsements, even with Wheaties, helps the athletes make money during the the off season. News, largely due to the sponsorships he takes. The reality is, some Olympic athletes from the United States have to work multiple jobs in between training so they can afford to go to the Olympics every four years. Some people work hourly jobs, according to The Penny Hoarder, working in retail or the food service industry — while other athletes have their own businesses, work in the entertainment industry, or coach sports themselves. But if they do have a salary, it is because of their side jobs, not because of the Olympics. But once Olympic athletes win gold medals, they do start seeing money come through just through a bonus and not through a salary. All Olympic athletes competing for the United States earn a «medal bonus» according to Money Under 30, where they make money for each medal earned for their country. Although this is far less than what other countries award their athletes, according to Business Insider, this bonus is the most money that Olympians have ever taken home for winning a medal. But most Olympic athletes find value in the experience and getting their name out there than making money, according to USA Today. And at the end of the day, that kind of passion is what people preach to young children when it comes to finding a career. As the old saying goes, » do what you love and you’ll never have to work a day in your life.

how do olympic athletes make money while training

I recall preparing over two Olympic quadrennials to get ready for the 1980 and 1984 Olympic Games.

The 2, athletes competing at the Winter Games in Pyeongchang aren’t getting paid to be there. But, if they perform well, they can bring home some cash. Many countries reward medalists with bonus money. In team sports, each team member splits the pot evenly. That’s 50 percent more than what American medalists earned at the Summer Games. Other countries, but not all, offer a » medal bonus. In the Games, there’s just one athlete from Singapore who could capitalize on the big bonus. While headliners like Shaun White and Lindsey Vonn make big money from endorsement deals, a handful of Olympians are stretched thin financially. Some U. Olympic Committee to cover necessities like rent and food. As speed skater Mitch Whitmore told NerdWallet , a fourth place finish at a key competition granted him a nine-month stipend to fund his training and living expenses. A third-place finish would have resulted in a much bigger stipend, he noted. Many athletes rely on part-time jobs or crowdfunding to cover costs. That said, the prestige that comes with competing for your country on the Olympic stage is priceless. Like this story? Don’t miss: US Olympians open up about money struggles. Get Make It newsletters delivered to your inbox. All Rights Reserved. Skip Navigation. Success 5 mental traps that successful people never fall for, according to psychologists Anna Borges, Contributor. Work These are the 20 best jobs in America in , new ranking says Courtney Connley. VIDEO


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The endorsements however only come to the cream of the Olympic crop, with athletes like phenom Michael Phelps scoring the most mpney ever and the most endorsement deal riches. The tables below show the breakdown. That Olympic medal money only goes to U. The table below shows how much money an American champion makes per medal. Aside from the U. Olympic medal money bonuses in the table above, most other countries pay their own prizes. The table below shows some of the top pay rates for gold medals from different countries.

Despite being on the low-end of the per-medal Olympics money scale, U. The five top-earning Olympians since are shown in the table. Michael Phelps tops the list. Phelps has taken 28 medals in all. Viktor Ahn has earned the second-most Olympics money sincedespite only being in the Ooympic and oympic 18 fewer medals than Michael Phelps.

Stefania Belmondo of Italy benefits from a similar lopsided pay scale. However, in an age where celebrities like Kim Kardashian can turn a leaked sex tape into a multi-million dollar career how do olympic athletes make money while training, fame is money. All of them probably get something, though for the bottom-tier athletes athletds may just be free gear and plane tickets.

The very top athletes however get big, big sponsor deals. The biggest in the U. His famous pot-smoking scandal only helped his popularity. Phelps has done a great job turning that notoriety into ready cash. The unknowns will make far. Trending Now Qthletes Month. Tom Gerencer Aug 21,

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Usain Bolt will cash in whether he outruns the competition or not he probably. And the U. But for most of the 10, athletes from countries competing in the Rio Games, what can range from whils years to a lifetime of training all comes down to olmypic next three weeks. Some will turn in record-smashing performances and win gold. Others may fail spectacularly. Still others will have stories that traihing you to tears. We will be enthusiastically and indiscriminately cheering them on and a combination of all three will leave Rio de Janeiro more famous than when they started. Yet those who spin a medal into millions of dollars will be in the minority. Most of the athletes competing in the Rio Games are men and women whose names we’ve never heard before, who play sports that don’t get much mainstream coverage when there’s no Olympics to tune. Team USA alone has sent athletes to Brazil to compete in 30 sports. But most of those who reach their sport’s most elite level don’t actually earn athletea living as an athlete. And they never will, though international success can certainly help advance their careers in other fields, from coaching to broadcasting, once they’ve retired from competition. The nature of Olympic-level competition doesn’t always require medal aspirants to abandon all other pursuits, but those who are able to devote their lives to training usually can do ttraining thanks to the generosity and enthusiasm of sponsors and donors—or, in some countries, the government. Olympic Opening Ceremonies Fashion Rewind.

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