Fourteen-time Olympic gold medalist Michael Phelps has announced the establishment of the Michael Phelps Foundation and will give the $1 million bonus he received from Speedo for winning eight gold medals in Beijing to the foundation. Speedo will donate an additional $200,000 to the foundation in honor of Phelps' historic achievement.
The foundation will focus its activities on promoting healthy, active lifestyles — especially for children — primarily by expanding opportunities for participation in the sport of swimming, both nationally and internationally. In collaboration with Speedo, its first initiative will be an eight-city tour of the United States during which Phelps will visit with children and share his experiences in Beijing.
The tour also will launch an education program called Dream, Plan, Reach based on a set of principles Phelps learned as a child and has applied to his everyday life. The program, which focuses on informed planning and goal setting and the importance of personal responsibility and discipline in adhering to that plan, is designed to give children a game plan for life that extends beyond the swimming pool.
"Thanks to a lot of hard work, some good fortune, the inspiration I drew from so many supporters around the world, and incredible teammates, I was able to achieve [my] dream by winning eight gold medals in Beijing," said Phelps. "Now, my goals reach beyond the pool, to helping others realize their dreams, and continuing to grow the sport I love so much."