With all the gold medals flying around Michael Phelps, I started to wonder "how much will he make from all of this?" A couple articles today work at answering the question. Here's the first from Yahoo Sports:
Peter Carlisle, who leads the Olympic and action sports division there, told The Wall Street Journal in a story Monday he expects Phelps’ current earnings of between $3 million and $5 million a year should at least double, or more, because of his performance in Beijing.
“What is the value of eight golds in Beijing before a prime-time audience in the U.S?” Carlisle told the paper. “I’d say $100 million over the course of his lifetime.”
$100 million, huh? But that's from his agent, so what do you expect him to say?
Here's a more balanced perspective from MSNBC. They say he'll make a good amount (of course) but that he'll be limited because swimming isn't exactly the most popular sport in the world:
Had his talents been applied to a different sport, he might have ended up as one of the top 10 most marketable athletes in the U.S. No doubt Phelps will earn $10 million or so in the next year from his heroics — a record among swimmers — but stars like Woods and other athletes will remain the top medalists in the marketing game.
Of course, $10 million alone is a HUGE number -- and that's just in the next year. I think we can rest assured that he'll be financially secure as long as he spends/invests his money wisely.