Considered the GOAT of gymnastics, Simone Biles is among the most decorated athlete in US sports history. She has also amassed considerable wealth through endorsements with various renowned brands. Currently, the two-time Olympian is among the top highest-paid female athlete. However, she revealed during an interview that she likes to spend her wealth wisely.
Biles was the first guest to star in the third season of the series, Kneading Dough. The show explores the financial hardships faced by famous athletes during their initial days. The series is an extension of LeBron James and Maverick Carter’s digital media company, UNINTERRUPTED.
Biles began training from an early age, and by the age of 13, she was competing in junior national championships. Her big break came during her debut at the Rio Olympics, where she won four gold medals.
Although the gymnast withdrew from most events during the Tokyo Olympics, she secured the bronze medal in the balance beam and silver in the team event.
Naturally, she began to earn prize money from competitions early on. In the show, she recalls that she received her “first big check” when she was about 12 years of age.
Biles has amassed quite the wealth through endorsements with brands like Gap-owned Athleta, GK Elite Sportswear, United Airlines, Procter & Gamble, Hershey’s, Oreo, Uber Eats, MasterClass, and Facebook Watch.
At 25 years, the seven-time Olympic medalist has been declared the fourth highest-paid female athlete by Forbes. The magazine estimates her off-the-field earnings at $10 million while her estimated earnings on-the-field stand at $0.1 million. As per Celebrity Net Worth, Biles has a net worth of $16 million. Financially, this puts her well above the average US athlete.
Biles spends her wealth sparingly
During the interview, she reveals that she likes to spend her money prudently. Expounding on the matter, she said, “I have a fear of going broke.”
She likes to be economical financially and wishes to spend her wealth sparingly. During the interview, she even disclosed that she tries her best to live her days without any expenditure. She quickly rectifies herself, saying, “And then, of course, my gas light come on so I have to go get gas.”
Biles also admitted to challenging herself to spend some days without expenditure. Apart from getting the necessities and the occasional Subway trip, she says, “I never really swipe the [credit] card.” However, she adds, “I will only splurge if I earned it.”