Friday, August 3

Cash for Gold

Am I the most naive man on the planet?  How could I have missed this all these years?

I had absolutely NO idea that medal winners at The Olympics get cash bonuses ... and they get taxed on them!  And they get taxed on the medals themselves as well!

Holy cow!  I had NO idea.

I'm sorry but this doesn't make sense to me.  Not so much the taxes part, because that is what it is.  We get taxed on everything, and in the scheme of things with all the potential paid endorsements that come from wining this is just trump change.

But to get a cash bonus for winning a global amateur contest that has been around for centuries just seems, well, off brand.  Off the Olympics brand that is.  The athletes are in it for the sport and the glory of being the best in the world.  Throwing in a cash incentive just seems off strategy to me.

Am I looking at this wrong?  What's your experience?  Jim.

Jim Joseph
President, Cohn & Wolfe North America
Author, The Experience Effect series
Professor, NYU


  1. Considering under the perspective of the Olympic spirit with young amateur athletes representing their countries, this performance bonus and taxes issue is a complete non sense. But analyzing from the perspective that the Olympics is a business where brands pay $ 957 million in sponsorship, that many athletes are not amateurs and are among the highest paid in the world with salaries of more than $ 53 million as Roger Federer, LeBron James and Kobe Bryant and also that countries award prizes for medal winners up to $ 710,000 as Singapore, shouldn´t we conclude that is all about business, brand and money? After all, where's the Olympic spirit?

  2. john
    i actually think its a good motivation for the athletes because theres really nothing like too much money and amongst the athletes there are also young up and coming that have risked it all and giving up all they have to chase that dream of becoming the best and getting that medal it would also be a good incentive to motivate the ones who are not financially set to work hard and also look for something that they can fall back on when they professional career is over.

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