Who said that being an Olympian like Michael Phelps does not have its cold cash benefits? Maybe not Olympic athletes make it big in terms of financial independence, but take note that the 14th Olympic gold medalist and considered to many as the greatest swimmer of all time has a net worth of $55 million. Now think again, why people go through all that training and sacrifices to win a gold medal at the Olympics.

Michael Phelps was born at Baltimore, Maryland, on June 30, 1985. He begun swimming at an early age. During the year 2000, when he was just 15 years old, he tried out at the U.S. Summer Olympic Team, and eventually made it.

The popular American swimmer, not only took home 14 gold medals during his career, but broken 37 world swimming records, including the record set by Mark Spitz by winning seven gold medals in a single Olympics competition (Phelps won 8 Gold Medals). Michael Phelps is now retired and enjoying a very comfortable lifestyle with his earnings. He also got a lot of lucrative endorsements deals from known sponsors like Speedo, Visa, Omega, PowerBar, AT&T, and Subway.

Despite all of the fame and monetary fund, Michael Phelps started a charity, the Micheal Phelps Foundation. The money he got from Speedo from wining 8 gold medals at the Beijing Olympics, served as seed money for his charity foundation.

Aside from Michael Phelps, being a great athlete has its perks, and can definitely fill your pockets in a massive way. Take a look at Tiger Woods, Roger Federer, Kobe Bryant, Lebron James, and Drew Brees, all of whom made millions of dollars playing the sport they are good at. And for those who plan to join the ranks of this athletes its better to understand that winning is just a part of the whole package, getting endorsements and sponsors are also a big deal in the sport business.