Michael Phelps will use the $1 million bonus he earned for winning eight Olympic gold medals in Beijing to start a foundation.

The first initiative by the Michael Phelps Foundation will be an eight-city tour across the United States during which Phelps will discuss his Olympic Games experiences with young swimmers.

"Thanks to a lot of hard work, some good fortune, the inspiration I drew from so many supporters around the world, and incredible team-mates, I was able to achieve that dream by winning eight gold medals in Beijing," Phelps said in a statement.

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

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