“I Have a Fear of Going Broke”- 16 Million Dollar Worth Simone Biles Is Not a Big Time Spender

Published 05/05/2022, 11:12 AM EDT
LOS ANGELES, CALIFORNIA – SEPTEMBER 25: Simone Biles performs during the Gold Over America Tour at Staples Center on September 25, 2021 in Los Angeles, California. (Photo by Katharine Lotze/Getty Images)

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.

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How wealthy is Simone Biles?

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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.

UNSPECIFIED – OCTOBER 05: In this screengrab, Simone Biles presents the Gracies Grand Award at the 46th Annual Gracie Awards on October 05, 2021. (Photo by Alliance for Women in Media Foundation/Getty Images for Alliance for Women in Media Foundation)

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.”

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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.”

Simone Biles and Jonathan Owens on Valentine’s Day 2022, when Owens proposed to Biles

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.”

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WATCH THIS STORY- “Piece of Sh**”: Simone Biles Once Made an Unsettling Statement on Air, Losing Her Temper Post Performance

Biles has been making headlines since her engagement to Jonathan Owens. While the couple will tie the knot soon, how economical the athlete would be during their nuptials is a question for another day.

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Aklanta Chetia

68 articles

Aklanta Chetia Wanniang is a US Sports author for EssentiallySports. He has a Master's degree in Literature from the University of Delhi. With an interest in learning about multiple sports, Aklanta himself is a former sportsperson and has participated in state and national level swimming events.

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