Numerous athletes invest in various ventures after retiring from their respective sports. They do so to add to the wealth amassed during their career. In 2016, Michael Phelps disclosed a similar plan after retiring from swimming.

The swimmer announced his intention to retire from competitive swimming in an interview before the Rio Olympics. In the interview, he expressed his desire to retire after the 2016 Olympics.

The post-retirement plans of Michael Phelps

Phelps had previously retired following the London Games. However, he entered the drug testing pool in November 2013. In April 2014, he announced his official return at the pre-meet press conference of the Arena Grand Prix.

However, his retirement in 2016 was final, and he has not attempted returning to the sport since. But soon after retiring, the 28-time Olympic medalist made it clear that he wanted to go in a different direction during an interview.

And the goal he had in mind pertained to investing in tech firms. He made it clear at the Intuit software conference in 2016. Speaking with reporters at the event, the five-time Olympian said, “I would love to get involved.”

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Expounding his plans, the swimmer added, “Whether it’s in a couple little startups here and there, take a little risk, have some fun and see where it goes.” The most decorated Olympian aimed to venture into a whole new prospect with his new plans. However, it was a move in the right direction, as retirement can be taxing for athletes.

Did Phelps make the right decision?

When athletes retire, they lose significant endorsements and sponsorships they were associated with during their careers. It may put a halt to their amassment of wealth. Therefore, most athletes invest their wealth in startups and other ventures after retiring from their sport.

However, not everyone has a success story to contribute to after investing their money in one of the numerous companies dotting the scene. However, Phelps is the cream of the crop among athletes. Therefore, the Baltimore Bullet retained most of his significant sponsors post-retirement.

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Therefore, the swimmer still accrues some of his wealth from endorsers and sponsors. And with an estimated net worth of $80 million, he can invest in quite a few firms to get the gist.