Although the International Olympic Committee does not award medals, several countries reward their athletes for the number of medals they earn at the Olympics. It’s an exclusive club, but for many of those who have spent countless hours training and preparing, the culmination of a successful Olympic bid makes an effort all the more rewarding.
Olympian riches rely on their side hustles
You might anticipate much money to come with all of the renown that Olympic athletes seem to enjoy. Many athletes will be fighting for medals, honors, and, as it turns out, much money amid the Beijing Winter Olympics.
There is no set salary for competitors. Instead, they make a lot of money from a variety of sources. Their wealth, in essence, is heavily reliant on their side hustles. Do Olympians make much money as well? It transpires that the situation differs from one person to the next. However, the majority of athletes rely on at least one of the following sources of income, Women’s Health posted.
Multi-million earning from endorsements and sponsorships
According to CNBC, Olympians rely on various money streams for their sporting pursuits and monetary and non-monetary awards from their countries for winning medals. National sports associations provide stipends or training incentives to athletes from larger, more competitive countries. By winning national and international events, the best players earn money. Others make a consistent living by working in a range of different jobs.
Before or after competing in the Olympics, a few athletes may be able to secure multimillion-dollar endorsements or sponsorship deals. According to sources, tennis sensation Naomi Osaka earned $55 million from sponsorships in a single year, making her the highest-paid female athlete in history. However, securing big partnerships is a rare occurrence, if not unheard of.