What Olympians Make...

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Real Estate Broker/Owner with Daytona Condo Realty, 386-405-4408

- Do you know how much money the Olympians make?

That was the question that my 20-year old grandson asked me.

Hmm, first I did not even know that they were paid. And of course, I had no idea how much. My grandson threw $250K as the cash prize for gold medal, and I again thought about Phelps J.

But I decided to Google it, and I am glad I did. My grandson missed by one zero. USOC pays $25K for gold medal, $15K for silver medal, and $10K for the bronze.

If you think that this is a lot of money, it really isn’t. And if you think that US is giving more than anyone else, you are for a big surprise. I did not find the data for London Olympics, but here what athletes from different countries were getting in last Olympic Games in Beijing.

Actually only winners from Australia are getting less than US athletes: $20,000 for gold. It is less than Dominican Republic ($30K), Chinese - $51K, Israel -$67,500, Bulgarian  – $76,620, Japanese  -$100,000, same as Russian athletes (I heard that in London they were getting over $130K).

You will get more, if you are a winning athlete from Kazakhstan - $250K, Thailand will pay you $300K, Malaysia is offering $307K ( so far their athletes have not won any).

Philippines pay $340K.

And the biggest reward comes from Singapore. Cool $708,909.

Talk about the incentive for US athletes after that. They are competing for fun more than many others.

And if they got that $25K for gold medal, let them enjoy it and don’t let IRS tax them.

They deserve at least that.

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Ambassador
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Kathy Streib
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  Thanks for the Ah-ha moment!
Featured you in my Weekly Post!

Aug 18, 2012 09:44 PM #14
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Gary L. Waters Broker Associate, Bucci Realty
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Nice they get paid something if not a lot. I think the experience and resume "filler" that says Olympian will be much more valuable than any $$$ paid.

Aug 18, 2012 10:01 PM #15
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Cindy Edwards
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I was not aware they got paid either.  I had heard that they got taxed on their medals and I thought that was obnoxious as ever, however, I bet it's the actual money they receive that they get taxed on.  That makes a little more sense to me.

Aug 18, 2012 10:13 PM #16
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Frank Laisch
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I am proud of all the dedication these Olympians put into their sports, like Gary said they will always have that on their resumes which will open many doors.

Aug 18, 2012 11:03 PM #17
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Malcolm Johnston
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Canada also only pays $20,000 for a gold medal, doesn't seem like much incentive for years of training, however, I suspect that the majority of athletes love what they do for a living.

Aug 19, 2012 12:07 AM #18
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Ron and Alexandra Seigel
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Jon,

Great information, I had no idea, and the IRS should keep its hands out of the medal winners' pockets.  I am intrigued by Singapore's dollar amount, why couldn't they round it off?  What they do get in our country is mega endorsements from such companies as Nike, etc.  Thanks for sharing this with us. A

Aug 19, 2012 01:15 AM #19
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Jon Zolsky, Daytona Beach, FL
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Alexandra - it is becasue they have in their currency, and the author used the exchange rate to figure the dollar equivalent

Aug 19, 2012 01:51 AM #20
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Wayne Bennett
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You're never too old to continue learnng. I've been watching the Olympics for yeas like so many of you and had no idea that they were receiving anything monetary other than endorsements, etc...great information and thxs for taking the time to share.

Aug 19, 2012 03:21 AM #21
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Jon, This has fascinated me as well. Thank you for bringing it to the front.

Aug 19, 2012 03:55 AM #22
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Jon Zolsky, Daytona Beach, FL
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Cindy - don't bet on that (LOL). They are taxed on the medals. And, of course, on the money, which is income. But how the IRS considers the medals as income is beyond me

So when they win a gold medal, they need to prepare $9K for IRS and $25K helps to keep the medal. Imagine that an athlete may not be able to retain the medal because they do not have $9K to pay off IRS

Aug 19, 2012 04:17 AM #23
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Jon Zolsky, Daytona Beach, FL
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I am not that keen on endorsement packages. yes, if you are Michael Phelps, you will wash in money, but how many Michael Phelps are there?

Not many.

Many gold medalists will not get any endorsements, as you have to have the name recognition. How many gold medalists out of 46 Americanscan you count?

Aug 19, 2012 04:31 AM #24
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Malcolm - you are absolutely correct. If somebody tries to do it for money, it would not work. It is not worth it. It is when people are trying to become the best in the world, and this is the goal. Then, when they do get gold, it is just a token of our appreciation for everything they achieved, for everything that endured

Aug 19, 2012 04:33 AM #25
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Sandy Acevedo
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Hi Jon, I didn't know this either. I thought they just reaped a lot from endorsements after they win. What I would really like to know is how much gold will you actually find in a gold medal?

Aug 19, 2012 06:18 AM #26
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Tamara Inzunza
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I didnt' know they were paid either.  I know the real money is in the endorsements.  At any rate, we were very well represented this year, no doubt!

Aug 19, 2012 06:56 AM #27
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Nancy Laswick
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Wow, if Michael Phelps lived in Singapore!!!!! Do they really take taxes out? That's just wrong.

Aug 19, 2012 07:20 AM #28
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Jon Zolsky, Daytona Beach, FL
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Sandy - I just Googled it and the answer is 1%. 92.5% is silver and the rest is copper

Aug 19, 2012 08:03 AM #29
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Georgie Hunter R(S) 58089
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That's really interesting and I never knew they were actually paid to win.  I thought they were just inspired by the love of competition.

Aug 19, 2012 09:13 AM #30
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What an interesting post. I had to share it with my husband tonight and we were both struck by the disparity between countries. It almost makes me think that the have a similar 'bank' but its divided out amonst so many more medal winners in the US.  Thanks for sharing!

Aug 19, 2012 01:24 PM #31
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Georgina - the love of competition is expensive and a lot of that athletes pay themselves. My son is spending a lot of time on his road bike, and his though serious, but far from the Olympina level hobby costs him well over $10K a year, and his bike is middle of the line, about $4,500, not the top one, but there are a lot of other expenses.

I know one participat of the Olympics, brother-in-law of my friend, and I know that she was supporting them, so that they had the food on the table.

ANd if you do not win, you do not get.

I do not think of money as inspiration, If that were the case, US would not have the most of medals, including gold medals, Singapore would be the first.

 

Aug 19, 2012 01:30 PM #32
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Jon Zolsky, Daytona Beach, FL
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Leslie & Dee - I think the way US does it is OK. Money is not the inspiration, but a token of appreciation of their effort

Aug 19, 2012 01:38 PM #33
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