Simone Biles Reveals How She Manages Her $16 Million Fortune Like a Pro
As one of the most successful gymnasts of all time, it comes as no surprise that Simone Biles has amassed a whopping net worth of $16 million, according to Sportskeeda. At just the age of 25, the athlete has already earned seven Olympic medals and won 25 World Championships over the years. And while she has achieved numerous feats as an athlete, most of Simone's earnings have surprisingly not come from her impressive gymnastics career, but instead, from the many lucrative sponsorship deals she has landed along the way.
With this level of financial success, people are curious about Biles’ rules for money management. In a 2019 episode of Kneading Dough, she revealed how she balances gymnastics with all of her money moves.
In the interview with Maverick Carter, Biles credits her agent Janey Miller as one of the trusted voices she leans on for business decisions. “We always talk to her [Janey] – my parents and financial advisor – about all my business decisions,” Biles said in the interview.
According to the 2019 interview, her financial advisors told her that she should invest her money in ways that have positive returns. However, at the time, Biles admitted that she was still getting used to the idea and concepts of investing. “My boyfriend always tells me, ‘Pay more attention in those meetings!’ Because I walk out of it, and he says, So how was it?’ And I say, ‘Oh, I just ask them if I’m broke or not,'” Biles explained.
The Olympic star began contesting in competitions by first capitalizing on her affinity for gymnastics. It earned her the initial first-place prize on vault at the 2012 American Classic, landing her a spot to compete at the 2012 USA Gymnastics National Championships. Throughout her career, Biles has won seven medals in two Olympic events, including four gold, one silver, and two bronze. Her 25 medals came from competing in five World Championships, of which she won 19 gold, three silver, and three bronze medals. While her sports career is impressive, Biles has leveraged her success as an athlete to make investments and critical business decisions.
According to a Forbes profile, Biles made $100,000 from her sports salary. However, her endorsements with brands like SK-II, Visa, Athleta and Core Power are worth a combined $10 million. In addition to endorsements and advertisement deals, Simone Biles is the Chief Impact Officer for the online mental health company, Cerebral. These financial decisions helped round out her $16 million net worth, per Celebrity Net Worth.
While Biles was working to have more financial wisdom, she clarified that talking about investments and deals was like a foreign language to her. So, her bottom line always resulted back to, “Just tell me if I’m broke or not.” However, her team takes the time to explain things to her to keep her informed and on top of the decisions, she’s making.
Simone Biles shared an incident from when she was just 12 years old and her coach asked her not to cash the cheque. She took this advice from her coach and stayed away from the cheque for quite a long time. Biles revealed: "My coach came over, and she said, 'No, you're just not allowed to cash it, but you can touch it.' So I thought touching would forfeit everything, so I refused and jumped off the podium." She later admitted that she used the cheque to make a down payment on her new house. She even disclosed that she can go days without spending a penny.
In 2023, Simone Biles is scheduled to tie the knot with her longtime partner, Jonathan Owens. The couple, who first went public with their relationship in 2020, got engaged in February 2022. The Olympic champion shared the news of her engagement on Valentine’s Day, posting a series of affectionate photos from the proposal and expressing her excitement with the words, “THE EASIEST YES.”