Usain Bolt advises you to save 60 cents of every dollar you make

Usain Bolt of Jamaica
Jamaica’s Usain Bolt.

  • Jamaican sprinter Usain Bolt told CNBC his best money advice is to save more than half your pay.
  • The 8-time gold medalist wasn’t always good with money, he admitted.
  • “If you make $10, save $6, and then you can figure out what to do with the rest,” he said.
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Usain Bolt has said that the most valuable personal finance lesson he’s learned is to save more than half of his pay.

“Then you can spend the rest and pay bills,” he told CNBC Make It. “I tell people if you make $10, save $6, and then you can figure out what to do with the rest.”

The 34-year-old Jamaican sprinter, who retired in 2017, admitted that he wasn’t always good with money, and splurged more than he’d have liked to on his journey to worldwide fame. He said he would have advised his younger self to save as much as he could, according to CNBC.

Bolt set out to make big bucks after his 2004 Olympic debut at Athens when he was just 18. He said he was fortunate to have a team around him that mentored him on how money worked, and that “really helped me to understand how to save.”

The track star’s fortune has placed him at number 45 on the Forbes list of highest-paid athletes.

He has delved into music production and raised a family since retiring. Still, he religiously works out despite not having to race because of a bet with friends that he’d “get fat” in retirement.

Bolt said that witnessing athletes dealing with long-term injuries opened his eyes to the troubling reality of what could happen if he had no savings.

He said the best career advice he’d received was from his father. “He said to me: ‘Son, anything you want, just work hard and be dedicated and you will be fine.’ And for me I’ve always lived by that,” Bolt said.

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Here’s how steeplechase – the wackiest event in track and field – came to get its name and water jumps

Olympic Steeplechase

The second week of the Olympics are underway in Rio, meaning swimming and gymnastics have given way to track and field (“athletics” to most non-Americans). And while most track and field events are fairly straightforward – run this distance as fast as you can; throw this object as far as you can – one event in particular stands out for its sheer weirdness. This would be the 3,000-meter steeplechase.

The casual fan of the Olympics may, understandably, wonder what’s going on with the steeplechase: what are these massive barriers doing on the track, and why are the runners jumping over them? Why is there a water pit? And why, really, is this silly race called the steeplechase?

Allow us to explain.

Like many track and field events, the steeplechase’s origins can be traced back to United Kingdom. Runners, as they were apparently wont to do, would often race each other from one town’s church steeple to the next. The steeples were chosen because they were easy to see from long distances, leading to the name “steeplechase.”

The countryside would also require runners to jump over various barriers over the course of their race. These included stone walls and small rivers. When the race was modernized, the walls were simulated with hurdles and the rivers and creeks were simulated with the water pit.

According to the IAAF, the modern 3,000-meter steeplechase track event – with the barriers and the water pit – first originated at Oxford University in the mid-19th century. It was then included in the English Championship in 1879. In the Olympics, men have raced the steeplechase since 1920, while the women, somewhat shockingly, only first raced it at the Olympics in 2008 in Beijing.

Today, the race features five barriers: four hurdles plus the barrier before the water pit. For the men, those barriers are 36 inches, and for the women they are 30 inches. The water pit, meanwhile, is 12 feet long for both.

Often you’ll see runners land one foot on the top of the barrier to propel themselves over it, though many elite runners just clear the whole thing altogether. Wipeouts are all too common, especially in or around the water.

Here’s an example of what can happen if you don’t properly traverse the water pit:

Rolanda Bell of Panama falling head first into the water obstacle during the women's 3000 metres steeplechase heats at the 15th IAAF World Championship

It’s a quirky race, to be sure, but it’s also a sneakily fun one.

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