Phelps uses $1 million Speedo bonus to create charitable foundation

Michael Phelps, the most decorated Olympian in history, will use the $1 million bonus he earned from Speedo for tying Mark Spitz's record of seven gold medals to start his own foundation.

Appearing on TODAY, Phelps announced that the Michael Phelps Foundation will distribute his prize money to various charitable programs to promote water safety and encourage youth swimming.

"Now, my goals reach beyond the pool, to helping others realize their dreams, and continuing to grow the sport I love so much," Phelps said in a statement.

"I feel it's only appropriate that I continue the momentum that Speedo helped to create by committing my bonus to the establishment of the Michael Phelps Foundation, which I hope will help me inspire others to achieve their dreams, and give back to the sport that has given me so much."
Cool beans.:)