So you're an Olympic athlete. You train practically your whole life, cause you get one chance maybe two to represent your country and compete. But how exactly do you make a paycheck at the same time? Let's bring in Pablo Torre from Sports Illustrated. How exactly do they compete, spend all of their time training but still make money?
Well, you know. Once you get that elusive gold medal, there is a payoff and it's not just in the tangible thing you hold in your hand. You make about a hundred thousand dollars regardless of any sport of individual event, in speaking engagements and advertising, in sponsorships that will last you about through the year. But after that it's sort of up in the air once again.
Michael Phelps, he seems to be transcending the Olympics' one year rule. He's gonna be having sponsors for how long? 10 years?
You know, for a very long time. I'm not gonna put a number on that ,but the guy will be with us as one of those historic all time great athletes regardless of the event he swam, or even ran, or anything, he is up there with the Tiger Woodses at this point right now. So，you know he will be there for a very long time and he will be raking in money . He's making about 5million dollars right now. After he gets the 8th gold medal, fingers crossed, you know, he will be doing even better than that.
Something else that, that's interesting is, if you wanna be an Olympic athlete, I'm pretty sure neither of us are quite there yet.
Women's team handball shooting for 2012…
I think you have a shot .I think I would, if back in high school I'm pretty good at Ping-Pong. And actually I raced one of our co-workers a hundred yard dash about two weeks ago, I'm still exhausted.
I'm sure that's roughly comparable to what Olympic athletes do.
It's pretty much exactly the same.
But for the people that are actually trying to play in the Olympics or compete, they really do give up everything, there're risks associated with this. But they're not making money until they win so what's their life like when you're at home practicing waking up everyday not knowing if you're gonna get a sponsorship.
Yeah, it's a true labor of love. I mean, you're not doing it for the money. And if you are, you're sort of a bit too big for your britches, I think, unless you are character like Michael Phelps who started in the Olympics at age 15. You don't know where the money is gonna come in. You're doing it because you love the sport. And often times, even if you get that hundred thousand dollars, no one's gonna recognize you beyond that, that niche community that you have in your own event. So you are really doing it with glitter of the lights turned down and with no one else watching you in order to actually succeed.
So, it really is a risk. It's a lot like a start-up company. Think about it.
It is. You know, you are a young guy putting in time when no one else really has faith in you often and the fact is you need to do it when the lights are turned down and no one else is watching you. You need to wear with all to really, you know, encourage yourself and not do it for the money but for the love of the game.
Pablo Torre, he is from Sports Illustrated. My name is Ian Orefice, I'm from CNNMoney.com. Thanks for being with us.