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Olympic gold medalist Phelps says he's ready to get his 'feet wet' in stock market

Now retired from Olympic swimming, gold medalist Michael Phelps says he's ready to pursue passions in business.

"[I'm ready] to get my feet wet a little" in the stock market, Phelps told CNBC's "Squawk Box" on Tuesday morning.

The champion athlete said he just met with his financial adviser last week and is ready to "kind of dabble" with different investment opportunities.

Phelps holds onto his title as the most decorated Olympian of all time, with 28 Olympic medals, including 23 gold.

Now as he explores ways to grow his brand outside of the pool, Phelps said he's especially enjoyed working with Under Armour Chief Executive Kevin Plank in recent years, calling him a "visionary."

"Being able to be around him, watch him ... [Plank] always has so much energy, and he loves what he does," said Phelps, who was born in Baltimore, UA's home town.

In 2016, Phelps starred in an advertisement, called "Rule Yourself," for the athletic apparel company, which was named the best advertisement of the year by industry group Adweek. Phelps said he continues to work on his own line "really closely" with Plank's Under Armour.

The swimmer also said he will always look up to basketball icon Michael Jordan as a role model in sports and business.

"What Jordan did on and off the court ... [with] Jumpman ... Jordan has been ridiculous."