Michael Phelps Net Worth $55 Million
The retired American swimmer has had a successful career with over 50 medals under his belt. Michael Phelps is not only a remarkable swimmer; he is also recognized as the Olympian with the most Olympic medals. Born in 1985, the Olympic legend started swimming at the young age of seven.
Two years later, Michael was diagnosed with attention deficit disorder (ADD). The disorder affected his ability to concentrate in class; his mother, Debbie, recalls one of his teachers telling her that her son would never be able to concentrate on anything. This did not dull Michael’s ambition to become a world-class swimmer; in fact, he used the pool to burn the excess energy that came with ADD.
Michael started breaking records at a young age. When he was 10, he received an award for being the best swimmer in his age group. The recognition seemingly ignited his passion; he launched his swimming career in Loyola High school pool and by 1999, Phelps had qualified to join the U.S National B Team. His zeal and passion for swimming saw him become the youngest American male swimmer at the 2000 Olympics.
One-year later, he received an award for being the youngest male swimmer to break a swimming record. Phelps continued to smash swimming records and swiftly became a household name. By the time he was 17, Michael Phelps had broken five world records. Like many other teenagers, he had his own share of mischief. Later that year, he was arrested for DUI; he was fined $250 and sentenced to probation. 2008 was probably Phelps’ most successful year in his career.
He became the first Olympian to win 8 gold medals in one Olympic. Following his startling performance, Speedo, one of Michael Phelps’ sponsors, gave him a bonus worth $1 million. Michael used the money to kick-start the Michael Phelps foundation. The foundation seeks to encourage active lifestyles by providing swimming training, health education among other activities.
Michael decided to retire from his swimming career in 2012 after the London Olympics, but he gave nothing short of a stellar performance. He won four gold medals in the 100 meter butterfly men, 200 meter Individual Medley, 4x200m Freestyle Relay Men and 4x100m Medley Relay Men.
Michael Phelps’ is not only a medal clincher, he has received many accolades and awards. He was named as the world swimmer of the year by FINA for three consecutive years; He was also acknowledged as the male athlete of the year in 2004, 2007, 2008, and 2012 by Golden Goggle. Michael Phelps projects as one of the perfect sportsmen to admirers and critiques alike.
Even after the end of his swimming career, he has still managed to lure lucrative endorsements from the likes of Speedo and Visa. Michael Phelps might be making a comeback in the swimming world in the 2016 Olympics. He took two drug tests last year, which is a prerequisite for competing in the Olympics and is viewed as a first step for participating in the Olympics. Only time will tell if the most decorated Olympian will be shattering more records. His swimming prowess has seen him acquire a net worth estimated at $55 million.