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Fourteen-time Olympic Gold Medalist Michael Phelps has announced that he is founding his own charity, the Michael Phelps Foundation.

The swimmer has earmarked the well-publicized $1 million bonus he is to receive from Speedo for winning eight gold medals in Beijing, and an additional $200,000 has been donated to Phelps’ foundation by Warnaco and Speedo International in honor of his record-setting wins.

Phelp’s first step as his charity’s ambassador is an eight-city tour across the United States, during which he will visit children and share his experiences of Beijing.

The tour will launch an education program, Dream, Plan, Reach, inspired by principles Michael learned as a child.

Dream, Plan, Reach teaches planning, goal-setting and responsibility, offering children a base that can support them beyond the swimming pool, and encourage them to live healthy, active lives.

“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 that 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. 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.”

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