Those who are entrepreneurially-savvy also start businesses, invest in real estate and bars, restaurants chains and more. An additional $120M annually came from U.S. corporate sponsors. Olympians No Longer Have to Pay a "Victory Tax" How 15 U.S. Olympians Actually Make Money Caroline Picard Health Editor Caroline is the Health Editor at GoodHousekeeping.com … So how much money do Olympic athletes actually make? Coach – Jared Frayer (wrestler) is a coach and teacher. However, Olympic athletes are typically nowhere nearly as fortunate. Julian Finney/Getty Images Sport/Getty Images. Army specialist – Dennis Bowsher (pentathlon) is a specialist in the U.S. Army. One way is out of their own pockets. There are also various foundations backed by corporations that give out grants to athletes, albeit not just to Olympic hopefuls. For example, Michael Jordan, over ten years retired, made $90M in 2013 — possibly more than all of the athletes in the Sochi 2014 Winter Olympics combined — and more than every other active professional athlete individually. The men have never advanced past the quarter final. It takes a lot of money to get these athletes to Olympics. As he pointed out, it’s difficult to have a full-time job when training sessions run 5 hours (or more) per day. Silver medalists earn a cool $500,000 and bronze medalists get $250,000. Of these, at least 12 recipients have competed in the Olympics. The only problem, though, is that they often aren't getting paid like it is. Other athletes are more extreme: Tongan luger, Fuahea Semi, changed his name to Bruno Banani, which is also the name of the German underwear and swimsuit company that sponsors him. Zsuzsanna Francia (rower) is a fitness model and writer. There's a history of pay disparity in sports, especially in America. U.S. Olympic athletes could then get various funding sources such as financial awards, sponsorship or payment. Alpine skier Bode Miller, $8M, from endorsement deals. That’s because American Olympic athletes had to be amateurs (no payment) until 1978, whereupon the Ted Stevens Olympic and Amateur Sports Act was adopted. What about all the other Olympians who are not as entrepreneurial as the ones above and do not have endorsement deals? Prizes are $250K for a gold medal, $50K for silver, and $25K for bronze. Everyone, that is, except for boxer and former Olympian Floyd Mayweather — who earned at least an estimated $80M, possibly more, in just one fight (against Saul “Canelo” Alvarez) alone in 2013. Since then, athletes sometimes have corporate sponsors — which is different than an endorsement deal. Recruiter – Nicole Joraanstad (curler) is a full-time HR recruiter in Wisconsin, but claims it costs up to $150K for a single season to qualify for the Olympics. It all comes out of their own pocket or if they're lucky they're sponsored. Model – Kerron Clement (hurdler), who is also an actor. The top 10 runners in the world in this sport can earn $100K annually, while the top 2 can do far better. Silver - $15000. Motion graphics designer – Chas Betts (wrestler). American athletes had the disadvantage of competing against athletes from certain countries who were sponsored by their governments. For example, snowboarder Tyler Jewell sold sausages at a state fair in New Mexico, amongst other gigs. If you spend 4 years training for the next olympics, do you get paid to train or do you have to train around a proper job? All Rights Reserved. Teacher – Emil Milev (shooter) is a phys ed teacher in Florida. All rights reserved. Some athletes have university scholarships, but these do not cover the cost of making it to the Olympics. Out of that money the USOC pays athletes medal bonuses: $25K for gold, $15K for silver, $10K for bronze — rates that have stayed the same for over a decade, and thus have declined in value due to inflation. It would be nice to see all Olympic athletes get equally paid for the hard work and dedication they put in to the representing their countries on … In 2011, USA Swimming paid out $7M to National Team swimmers. [CLICK] Do Olympians Make MoneyDo Olympians Make Money: How to Have Entertaining Creating Money By Functioning From Household There are incredibly couple of of us who will say that we enjoy waking up early each and every morning and going in to our standard working day-to-working day business occupation. Alpine skier Ted Ligety, $2M, from endorsement deals, prize money in competitions, founding ownership in Shred Optics (ski goggles, sunglass, helmets). Here’s a small selection of what some American athletes who have either made the Olympics or are hoping to do so in the near future do for a living. First, a quick bit of history on the lifting of the amateur status for Olympic events. Less than $15K annually is what about 50% of T&F (Track and Field) athletes who rank in the top 10 in the U.S. However, some companies have dropped out of the program. The only way athletes make money at the games is by winning a medal and being awarded a medal bonus. The rigorous training schedules leading up to the Olympics make it hard for many athletes to hold down full time or even part time employment. 1 decade ago. We all know that famous professional athletes can make a great deal of money – sometimes more, even if they’re retired. The USOC pays out $25,000 for gold, $15,000 for silver, and $10,000 for bronze. The International Olympic Committee doesn't give prize money, but many countries reward their medalists with a bonus. No way. He has earned $500,000 in Olympic money since 2004. In other countries, recent Olympians collectively hold full-time jobs as chef, firemen, farmer, janitor, landscaper, lawyer, nurse, physiotherapist, police officer, research analyst, software developer, trash collector, travel agent, writer. Numerous of us have a dream… U.S. corporations might spend millions each year sponsoring an entire team instead of one athlete. There are also opportunities in other world sporting competitions that have prize money, though that involves being in the top ten in a given sport. There is also some money from the USOC and other sources: Given there are a limited number of medals at any Olympics (Winter or Summer), and many thousands more athletes, not everyone will be fortunate enough to get sponsorships, endorsements, and medal bonuses, and thus not necessarily have the funds to be entrepreneurial. However, Olympic athletes are typically nowhere nearly as fortunate. Dog walker – Jazmine Fenlator (bobsled driver), who also worked odd jobs in food service and has received financial aid from her community, as well as sponsorship from Liberty Mutual Insurance. He also fought Robert “The Ghost” Guerrero in 2013, earning at least $32M (guaranteed) for that fight, excluding pay-per-view fees. The International Olympic Committee (IOC) doesn't pay athletes for appearing at the Olympics, either. Here is a non-comprehensive list of former Olympians and how they’ve made a living or otherwise attracted attention to their post-Olympic careers. It would be nice to see all Olympic athletes get equally paid for the hard work and dedication they put in to the representing their countries on an international stage. Except in some countries (especially communist ones! This is from all sources: sponsorships, grants, prize money, etc.). Paralympians have an even more difficult time making a sustainable amount of money competing in the Olympics. Some olympians get the privilege of training at the OTC's, but they don't get paid for it. The Ross Powers Foundation has given out over 266 grants valued at $437K to 129 recipients since 2002. 0 0. In 1998, the Ted Stevens Act expanded to include the Paralympics.