Michael Phelps is set to earns billions over the next few years after his unprecedented performance in the Beijing Olympic "Water Cube" pool where he won eight gold medals to surpass the tally of seven gold medals won by his compatriot Mark Spitz in swimming in 1972.
As the greatest ever Olympian what would you do with the money? I don’t think he would merely place the majority of his earnings into a term deposit account to save for an overseas holiday or a deposit for a new home, do you? He could potentially buy most small banks or small countries so I don’t think that forms part of his long term financial plan.
If you were Michael Phelps, how would you spend the cash?
August 21st, 2008 at 01:36 am 1219279016
I would buy a vacation home (go Disney Steve!) at the beach or in the mountains, fix up my main home, save lots for my kids' futures and use the opportunity to not work, but do volunteer work instead. Donate money to my town to build a better pool for training.
Fun to think about...
August 21st, 2008 at 01:42 am 1219279353
Pragmatically, much more difficult to say. Definitely looking at pulling together a team of professionals. Going to need at least a tax attorney, personal accountant, and an attorney that specializes in incorporations and non-profit organizations. I think "billions" is way too much for any one guy, no matter how financially savvy they are.
August 21st, 2008 at 02:21 am 1219281688
I think "billions" is way too much for any one guy, no matter how financially savvy they are.
I think he should give me his future earnings so that I can once again be labelled "the richest guy on the planet." After all, what as Warren Buffet done for the world of computers?
Bill Gates
August 21st, 2008 at 02:51 am 1219283500
August 23rd, 2008 at 12:10 am 1219446644