Educate with Educo Episode 10:
How Much Do Olympians Make?
This year’s Summer Olympics is in Paris from July 26th – August 11th. Comment below which sport you are most excited to watch! I thought it would be interesting to shed some light on how much these Olympians are making.
The International Olympic Committee does not give out money for participating in the games, nor does it give our money for winning. However, each country has their own medal payout fees, with Singapore being the most generous, meaning your home country only pays you if you place... there is no salary for participation.
In 2021, NBC stated that the US pays out $37,500 for winning a Gold Medal, $22,500 for winning a Silver Medal, and $15,000 for a Bronze. These can add up for example, if you were to win two Gold Medals and a Bronze, you would win $90,000. Swimmer, Caeleb Dressel, earned the most in the 2020 Tokyo Games with 5 Gold Medals making $187,500. These winnings are not considered “earned income” by the US so they are not fully taxable.
I know what you are thinking, they get paid the big bucks for various sponsorships. Sure, but not every athlete gets sponsorships, usually the best or most famous Olympians lock in those deals. Many athletes participating in the Olympics make less than $25,000 a year, having to pick up part-time jobs after working tirelessly in the gym all day training.
The home country will pay for travel, lodging, and food during the Olympic Games and there are some additional grants these athletes can apply for to support their high training costs, but that is all.
It must be so hard to work day in and day out, train your hardest, put everything you have into your performance and to represent your country to watch your famous colleagues make millions while you are struggling financially, heading to your second job.
Let this be a reminder to be kind on social media, these athletes are our fellow Americans, trying their hardest just like we are. Not everyone can be a gifted gold medalist but think about how incredibly talented they must be to even make the US Olympic Team!
Article Used for Disclosure
https://www.cosmopolitan.com/entertainment/celebs/a38971471/how-much-do-olympic-athletes-get-paid/
