Successful people are those that are kept looking for effective ways to pursue their dream, love and passion and this is like with some Olympic athletes. Great Olympians have comparable habits with successful people as I discussed in my previous article about 15 Good Habits of Highly Successful People. The basic characteristics of Olympic athletes are well-disciplined, competitive, healthy, persistent, dedicated and hard working. They sacrifice a lot to be fit and more competitive, they do regular exercise, training and frequent practice to hone their skills. They don’t easily give up and keep striving day by day to attain their winning goal.
In spite of their efforts, sacrifices, time and investment, some are not paid off while others become millionaires. So, how do Olympic athletes earn money? To answer this question, I made a research if they are getting a salary or how they earn for a living. Everyone believes that Olympic athletes give much of their time and effort in practicing their respective field of sport to become excellent athletes and to be an Olympic winner.
In this article, I will discuss how Olympic athletes earn money and the easy money making ideas to some great Olympians that made them to become multi-millionaire at a young age.
1. State Assistance
Some country promised to pay their athletes who take home Olympic medals in order to motivate and inspire athletes. The Chinese and Korean governments are generous; they are giving pension and retirement assistance to their own Olympic medalists. The Indonesia government provides financial support to all their Olympic athletes during the period of training and competition.
Moreover, the United States of America is also giving monthly stipend to their elite athletes like in the category of swimming, rowing and track and field. Italy gives salary to their Olympic athletes who bagged 14 golds from 2008 to 2012 Olympic Games. UK government, China and Russia also give financial supports to their athletes while on training or competition.
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2. Medal Rewards
Olympic athletes earn money from medal bonuses. Some wealthy nations give bonuses or cash rewards to every athlete who takes home medals; Russia promised to give $135,000 for a gold medal, $81,600 for silver and $54,400 for a bronze medal. Italy cash offer for gold medalists is $182,400, while India promised a government jobs for their athletes who won Olympic medals. Singapore has the biggest cash offer for gold medalist athletes, promised to pay them $806,000.00 (equivalent to 1 million Singapore dollars).
USA athletes earn a smaller amount of money compared with other countries. The Olympic Committee of USA offered American medalist $25,000 for gold, $15,000 for silver, and $10,000 for bronze medals.
Other generous companies promised to give a big amount of money to their favorite athletes. Like the famous Olympic athlete, Michael Phelps, he received $1 million bonus from Speedo when he won 8 gold medals in 2008 Olympic.
3. Endorsements and Sponsorship
Olympic athletes earn money from corporate endorsements and sponsorships. Just like the five young American women who won Olympic gymnastics gold. They will earn money for more than $100,000 each for taking part in a 40-city Kellog’s Tour of Gymnastics Champions this coming September. Basketball star and member of Team USA for Men’s Basketball, LeBron James, endorses Nike Shoes and McDonalds enough to take home additional millions of dollars. Usain Bolt, known in London 2012 Olympic as “Lighting Bolt”, endorses Gatorade drink and he earned in 2011 as per the Forbes Magazine an estimated amount of $30 million.
It is common that gold medalist Olympic athletes earn money in huge amount from endorsements, from shampoo to sportswear companies. Success in any sports or games category can put an Olympic athlete qualified for a mega dollar endorsement deal from advertisers or companies who want to bring their line of products a champion also in the heart and mind of their consumers.
4. Day Job
Not all know that some of the Olympic athletes are also earning money from their job either full time or part time. Some of them are professionals like the triathlon athlete of USA, Gwen Jorgensen, who works as an accountant during the day at Ernst & Young firm and also Jamie Beadsworth of Australian athlete for water polo who is a lawyer. Likewise, Haitian jumper, Samyr Lain, works as a lawyer and Emanuele Abate, an Italian hurdler during the Olympic, works as a police officer if he is not competing. And many other athletes around the globe work for a living as a plumber, farmer, writer, nurse, trash collector, teacher and many to mention.
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Now, that you know the 4 easy money making ideas for Olympic athletes, you might be inspired to become an Olympic athlete and gold medalist. However, it does not mean that every Olympic athlete can earn money. One thing for sure is that only those who excel in their line of sports can shine by bagging gold medals and these fortunate Olympic athletes can easily get sponsors. Most companies look for the athlete’s name recognition, likability, image, personal story and sex appeal that will bring positive impact to the press and to the prospect products’ consumers.
P.S. If you have any additional ideas or suggestions, I’ll appreciate your effort to leave your comments below.
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