Michael Phelps Donates His Money To Charity

Michael Phelps is taking that $1 million bonus he earned from Speedo for winning eight gold medals, and donating it to charity. The kid's already on the right track! While most guys his age would splurge on a new car, Mike has his sights set on his own foundation. The Michael Phelps Foundation will work will various charitable programs to promote water safety and encourage youth swimming.

He says it's a great way for him to make the sport grow. "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."

Check him out on the Today Show below.