Michael Phelps is starting his own charity and the swimmer who won a record eight gold medals at the Beijing Olympics made the first donation by committing the $1 million bonus he earned for his golden haul.

The Michael Phelps Foundation will launch an eight-city U.S. tour in collaboration with Speedo, Phelps' swimsuit sponsor that paid him the bonus, to visit children and share his Olympic experiences.

The tour will feature an education program called "Dream, Plan, Reach" to give children a game plan to lead healthy, active lives.

"My goals reach beyond the pool, to helping others realize their dreams, and continuing to grow the sport I love so much," Phelps said in a statement.