Introduction to Gabby Thomas

In this episode of Networth and Chill with Your Rich BFF, host Vivian Tu welcomes Gabby Thomas, a formidable Olympic athlete, Harvard graduate, and a standout in both athletics and academics. Gabby shares her multifaceted journey, shedding light on the realities of professional sports, financial management, and personal growth.

Misconceptions About Professional Athletes

Gabby addresses the common misconceptions surrounding the lifestyles and incomes of professional athletes, particularly in track and field.

Gabby Thomas [00:06]: “I really had to start from the bottom. Same with in academics, right. I just remember feeling like I was already behind.”

She emphasizes that many athletes do not train in elite facilities but often rely on basic resources.

Gabby Thomas [02:26]: “We actually train at a public park, sometimes at a local high school, and we do our weight training at a warehouse that is not temperature controlled.”

Financial Investment in Sports

Vivian probes into the financial aspects of Gabby’s athletic career, questioning the costs associated with reaching the Olympics.

Vivian Tu [07:22]: “How much do you think you and your family have overall spent to like get you in this sport?”

Gabby reveals that her family invested minimally in her sports endeavors, highlighting the accessibility of track and field.

Gabby Thomas [07:22]: “The most my mom spent on my investment in track and field would be maybe, I mean, $0. But sports in general, maybe a thousand. Yeah, maybe $2,000.”

She contrasts her upbringing with the often assumed lavish expenditures of other athletes.

Journey Through Harvard and Athletics

Gabby discusses her transition from high school to Harvard, balancing rigorous academics with high-level athletic training.

Gabby Thomas [13:44]: “I was just so grateful to have an offer when I was in high school. And I never saw myself being a collegiate athlete, but that's the way it worked out.”

Despite facing imposter syndrome and feeling academically and athletically behind, Gabby persevered.

Gabby Thomas [15:16]: “I really had to start from the bottom. Same with in academics, right. I just remember feeling like I was already behind.”

Olympic Success and Financial Implications

Gabby outlines the financial realities of being an Olympic athlete, debunking the myth of substantial earnings solely from competition.

Gabby Thomas [20:08]: “I get paid for a gold medal. In the US you get paid $37,000. That's it.”

She explains that most of her income stems from sponsorships and brand partnerships rather than prize money.

Gabby Thomas [21:29]: “I don't make my money on the track running at all. That gives me an opportunity to make money.”

Financial Mistakes and Lessons Learned

Reflecting on her financial journey, Gabby candidly shares her mistakes and the lessons she learned about money management.

Gabby Thomas [24:18]: “I bought a new car... I bought a second house in Texas. The property taxes are insane.”

She emphasizes the importance of due diligence and seeking proper financial advice.

Gabby Thomas [26:38]: “Take a deep breath, relax, take a beat and like, take your time and making those decisions.”

Academic Pursuits and Balancing Sports

Gabby delves into her academic interests, particularly her pursuit of a master's degree in public health alongside her athletic commitments.

Gabby Thomas [27:13]: “I knew I wanted to study neurobiology... I wanted to make the world more accommodating.”

Balancing intensive studies with Division I athletics and part-time jobs, Gabby honed her time management skills.

Gabby Thomas [30:38]: “I learned so much about time management and prioritizing and setting boundaries.”

Financial Planning for the Future

Highlighting the transient nature of athletic careers, Gabby outlines her strategies for financial stability beyond sports.

Gabby Thomas [37:51]: “I probably live off of 10% of my income now, and I put everything else away in stock investments...”

She advocates for diversifying income streams and securing a strong financial team.

Gabby Thomas [40:46]: “You need to see every little detail, every line item...”

Mentorship and Advice for Aspiring Athletes

Gabby underscores the critical role of mentorship in navigating financial and professional landscapes.

Gabby Thomas [43:21]: “Find someone who has walked the path sooner...”

She credits her coach, Buford Bailey, as a pivotal mentor who has guided her both on and off the track.

Gabby Thomas [46:12]: “Shout out to coach Buford Bailey... She taught me to fight for what I'm worth.”

Future Plans and Closing Thoughts

Looking ahead, Gabby remains committed to her athletic pursuits while expanding her involvement in advocacy and healthcare.

Gabby Thomas [47:16]: “I am trying to get better each day. Just trying to be even more great.”

She also highlights upcoming developments in track and field, including new leagues that promise to elevate the sport's profile.

Gabby Thomas [48:10]: “Grand Slam track league is a new league that is in America... Athlos is another one.”

Key Takeaways

• Start Early with Financial Planning: Gabby emphasizes the importance of saving and investing early, even when income seems limited.
• Diversify Income Streams: Relying solely on athletic earnings is risky; exploring sponsorships, brand partnerships, and side hustles can provide financial stability.
• Seek Trusted Financial Advisors: Building a reliable financial team is crucial to managing earnings and avoiding pitfalls.
• Value Mentorship: Learning from experienced mentors can prevent costly mistakes and provide guidance in both professional and financial matters.
• Balance Academics and Athletics: Prioritizing education alongside sports can offer alternative career paths and financial security post-athletic career.

Notable Quotes

• Gabby Thomas [00:06]: “I really had to start from the bottom. Same with in academics, right. I just remember feeling like I was already behind.”
• Gabby Thomas [13:44]: “I was just so grateful to have an offer when I was in high school. And I never saw myself being a collegiate athlete, but that's the way it worked out.”
• Gabby Thomas [24:18]: “I bought a new car... I bought a second house in Texas. The property taxes are insane.”
• Gabby Thomas [46:12]: “Shout out to coach Buford Bailey... She taught me to fight for what I'm worth.”

Conclusion

Gabby Thomas's story is a testament to resilience, strategic financial planning, and the importance of mentorship. Her candid discussions provide invaluable insights for athletes and listeners alike, illustrating that true wealth extends beyond monetary gains to include personal growth and strategic foresight.

For more insights and financial tips, tune into future episodes of Networth and Chill with Your Rich BFF and follow Vivian Tu at @yourrichbff on social media.