Olympic Champions May Save Their Families From Financial Problems

Olympic Champions May Save Their Families From Financial Problems

Michael Phelps, a fish out of water? That's how history's greatest Olympic hero feels now that his swimming career is behind him—he doesn't really know what his next move will be.

"I don't even know. I don't know where to begin," said Phelps. "Over the next couple of weeks it will set in, me being done," said Phelps. "I'm going take one step at a time. If I want to go and do something, I'm just going to go and do it."

Phelps knows what he doesn't want to do—he doesn't want to get fat the way he did after the 2008 Olympics, when he sat around doing nothing and gained 25 pounds.

"I have a lot of things that I want to do. Now is the time to go out and do them," said Phelps.

Phelps is having a good time for the moment, as shown by a photo of the golden boy leaving a late-night party with a glamorous blonde cocktail waitress, and showing off three of his four gold medals.

Phelps' teammate, Ryan Lochte,  was also spotted partying with fans in London after his gold-medal-winning performance.

You'll recall that Lochte's mom, Ileana triggered a firestorm of controversy when she said her son is so busy, he only has time for one-night stands and not long-term relationships.

Dr. Ruth is so upset, she has posted this response online:

"I'm very upset about that. To that mother, I would like to say, 'Keep your mouth shut tight.' "

Lochte's mom later said she meant dates, not one-night stands.

Ryan Lochte is expected to earn big money from endorsements, and that could help save his parents' home. They are reportedly facing foreclosure and owe the bank more than $242,000 plus interest.

And Gabby Douglas' Olympic triumph could prove to be a financial lifesaver for her mother, who is reportedly broke. Natalie Hawkins has filed for bankruptcy twice, once as recently as January.

Hawkins was reportedly just 24 hours from losing her Virginia Beach home to foreclosure, and was nearly $80,000 in debt when she filed bankruptcy papers.

But that bleak financial picture could turn sunny now, with her superstar daughter expected to be worth an estimated $100 million in endorsements.