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The Importance of Financial Literacy in the Modern World

The Importance of Financial Literacy in the Modern World Introduction In a fast-paced, ever-evolving economy, understanding how money works is more than just a skill—it's a necessity. Financial literacy is the foundation of smart money management, yet only 57% of adults worldwide are financially literate , according to the Standard & Poor’s Global Financial Literacy Survey. Financial literacy empowers people to make informed decisions about budgeting, saving, investing, and borrowing. It bridges the gap between surviving and thriving in both personal and professional life. 1. What is Financial Literacy? Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. Core Concepts: Budgeting : Managing income and expenses Saving : Preparing for emergencies and future goals Investing : Growing wealth strategically Debt Management : Understanding loans, credit cards, and in...
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Paris Olympics 2024: Prize Money for Gold Medal Winners

Paris Olympics 2024: Prize Money for Gold Medal Winners



The Paris Olympics 2024 represents not only a significant opportunity for athletes worldwide to showcase their talents but also to potentially transform their financial futures. This is especially true for athletes from India and other developing nations, where winning a medal can result in substantial cash rewards.


Prize Money for Indian Athletes at Tokyo 2020

For instance, the Haryana government awarded Rs 6 crore (approximately USD 716,884) to Neeraj Chopra after he secured India’s first Olympic gold in athletics at the Tokyo 2020 Summer Olympics. In contrast, athletes from the USA received about Rs 31,38,618 (USD 37,500) for each gold medal won at the same Games.


Other Indian states also offered significant rewards:

Neeraj Chopra (Gold in javelin throw, Haryana): Rs 6 crore

Mirabai Chanu (Silver in weightlifting, Manipur): Rs 1 crore

Ravi Kumar Dahiya (Silver in wrestling, Haryana): Rs 4 crore

PV Sindhu (Bronze in badminton, Telangana): Rs 30 lakh

Lovlina Borgohain (Bronze in boxing, Assam): Rs 1 crore

Bajrang Punia (Bronze in wrestling, Haryana): Rs 25 lakh


Additionally, the Indian government and various private entities, such as BYJU’S and the BCCI, offered significant rewards. The Indian Olympic Association (IOA) awarded Rs 75 lakh for gold, Rs 40 lakh for silver, and Rs 25 lakh for bronze.


Comparison with Other Countries

The prize money for Olympic medalists varies significantly across countries. For instance:

Singapore: $737,000 for gold, $369,000 for silver, and $184,000 for bronze

Kazakhstan: $250,000 for gold, $150,000 for silver, and $75,000 for bronze

USA: $37,500 for gold, $22,500 for silver, and $15,000 for bronze


Athletes from developed nations like the USA, Canada, and Germany typically receive lower prize money because their sporting ecosystems are driven by private investments, allowing athletes to earn more throughout their careers.


Sources of Income for Athletes

Beyond Olympic prize money, athletes earn from continental and national competitions, grants from federations, and salaries from government or private jobs. Sponsorship deals also form a significant part of their income, especially for top-performing athletes.


Expectations for Paris 2024

For the upcoming Paris Olympics, few sporting bodies have announced specific cash rewards. World Athletics will award USD 50,000 for gold in track and field events, and the International Boxing Association will offer USD 100,000 for gold medalists. However, the primary source of prize money for athletes will likely be their respective countries.


Indian Athletes' Rewards for Paris 2024

The Indian Olympic Association has increased the prize money for Paris 2024, with Rs 1 crore for gold medal winners, Rs 75 lakh for silver, and Rs 50 lakh for bronze. This is in addition to any rewards from the Indian government and private entities.


Conclusion

While Olympic organizers provide medals and bouquets, the substantial financial rewards from governments and private entities play a crucial role in motivating and supporting athletes, particularly from countries where sports funding is heavily reliant on public money.

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