Successful an Olympic medal isn’t solely about athletic glory. You can also earn some chilly, exhausting money on your efforts.
To make certain, the Worldwide Olympic Committee isn’t writing checks to rivals who end within the high three of their occasions. However a number of nations supply financial rewards to athletes for the medals they win at this yr’s Video games in Tokyo.
And the cash might be substantial.
Take Singapore. The Southeast Asian nation pays gold-medal winners $737,000, according to CNBC. Silver winners earn $369,000, and a bronze medal fetches $184,000.
Kazakhstan pays its gold-medal winners $250,000. In Malaysia, the reward is $236,000.
These quantities are far greater than what the U.S. pays its medal winners. American medalists earn:
- Gold: $37,500
- Silver: $22,500
- Bronze: $15,000
The numbers are literally a bit higher than they could seem at first blush, nonetheless. The cash awarded to U.S. medal winners isn’t taxable until athletes have an adjusted gross income that exceeds $1 million, according to the IRS.
As well as, U.S. athletes can entry different perks, akin to medical insurance, world-class care at extremely ranked medical services and faculty tuition support, CNBC reviews.
Why do some nations reward medal winners so lavishly? Unmish Parthasarathi, founder and govt director at consulting agency Image Board Companions, tells CNBC it’s as a result of governments in some nations try to spur a rising sporting tradition.
Are you continue to hoping to look at the remainder of this yr’s Video games? In case your price range is a little more modest than that of a gold-medal winner from Singapore, take a look at “5 Ways to Watch the Summer Olympics for Free.”
And in case you plan to go for the gold within the race to get wealthy, learn to price range higher with the assistance of Cash Talks Information associate YNAB (You Need A Budget).
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