Michael Phelps Says ‘Small Percent of Olympians’ Make a Living Off Sports

Michael Phelps opened up about the harsh financial realities that many Olympians face, admitting on the "Richer Lives" podcast that "I don't think you're going into the Olympic space to be a millionaire. I think you're doing it just because you love the sport." The competitive swimmer, who has won more Olympic medals than any other athlete with 28 total medals, noted that "there's a very small percent of Olympians that actually can make a living off of it," saying he was "very fortunate to be one of those." Phelps recalled that there were times he wanted to quit swimming before his Olympics success, only for his mother to remind him of the financial realities of that decision. He also confirmed that he received an early education from a financial advisor at age 15 and now leans into endorsements where he is offered a financial stake in the companies he signs with, saying "just having an agent that is able to structure deals in different ways, thinking long term" has been beneficial.