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Simone Biles Net Worth: How Much Does Simone Get Paid?

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Net worth$4 million
Date of BirthMarch 14, 1997
Place of BirthColumbus, Ohio, USA
Age22
Height4ft and 7inches
Weight47kg
ResidenceSpring, Texas, USA
NationalityAmerican
OccupationProfessional gymnast
Famous forWomen’s artistic gymnastics
Spouse(s)None
RelativesAdria, Adam and Ronald Biles (siblings); Ronald and Nellie Biles (grandparents)
Updated onSep 2019

Life, Family, Work

At only 22, Simone is now one of the gymnasts in the world with the most wins in various gymnastics categories. With her 2016 Olympic run in Rio de Janeiro, she became the first woman gymnast to win three golds in three categories.

She was then dubbed as the world’s most talented gymnast. Aside from this, she is also considered as the gymnast with the most World Champions win in the entire history of women’s gymnastics, the first female gymnast to have won six World All-Around titles, and member of three gold-medal American Gymnastics teams in three World Artistic Gymnastics Championships (2014, 2015 and 2018).

She did not have her parents around growing up as her mother and father were both struggling with addiction. When she and her three siblings were put in foster care, her maternal grandparents came to Ohio and took them under his care in Texas. Her grandfather enlisted her in training programs because he has seen her talent and passion for gymnastics.

In 2015, she was about to attend UCLA but deferred because she said that she will enlist in the pro-level that year and wanted to focus on gymnastics. She ended up attending University of the People, an online university, so she could give more time to her craft. And indeed, her career splurged up as she became the product ambassador of various brands such as Nike, Octagon, GK Elite Sportswear and Core Power, among others.

Simone is not yet married. She is currently dating a director and head coach at Worlds Champion Center, Stacey Ervin Jr. since August 2017. They have been together since.

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Money Sources

  • Gymnastics earnings from 2013-2019 ($3M)
  • Product endorsements (Nike, Octagon, GK Elite Sportswear, Core Power, Kellogg’s, Procter and Gamble, Hersheys, Mattress Firm, United Airlines, Beats by Dr Dre and Caboodles)
  • Published author (Courage to Soar)
  • Documentary film (The Simone Biles Story: Courage to Soar)

Net worth from 2010-2019

  • Simone’s net worth from 2010-2012 is not available as she was still training that time.
  • 2013:$420K (prize earnings)
  • 2014:$600K(prize earnings)
  • 2015:$720K (prize earnings)
  • 2016:$1.2M
  • 2017:$2M
  • 2018:$3.2M
  • 2019:$4M

What does Net Worth Mean?

What is a Net Worth?

It is a quantitative concept which measures the value of an entity. It is applicable ranging from an individual to companies, organizations, sectors and a country as a whole. To put it simply, it is the difference between assets and liabilities. A positive net worth means assets are greater than liabilities, whereas negative net worth mean liabilities are greater than assets.

Formula:

Net Worth = Assets – Liabilities

A little more into Net Worth Concept:

Net worth conveys the financial health of any entity. Asset is anything that is owned and has a monetary value to it while liabilities is a commitment that deplete resources. Assets can be liquid or which can turn into liquid ( example: bank check ). They are non-liquid when they take time to turn into cash (like for example Home). Whereas liability is an obligation that has to be repaid ( example: home loan, car loan etc.,)

Any financial institution or 3rd party look at your assets and liabilities to understand the financial position. Positive net worth or increasing asset base indicates good financial health while negative net worth or increasing liabilities means a bad financial health condition.

It is always a good habit for any entity to maintain a reduce liabilities and increase or maintain a balanced asset base.

What does a Net Worth Mean to a person?

In simple terms, it means the value that is left after subtracting liabilities from assets. Few Examples of liabilities include car loans, student loans, home loans, credit card bills, and other mortgages etc., whereas an individual’s assets are amount in the savings account, home, vehicle, bonds, stocks and other material that has value.

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In other words, whatever is left after paying off all the personal debt from asset base is net worth. It is important to understand that value of net worth varies as per the market value of assets and current debt costs.

For example:

Consider a case of Ramu Johnson. His assets include a house valued at $350000, shares worth $150000 and a car worth $35000. His liabilities include a mortgage balance of
$150000 and an outstanding car loan $15000 to be paid.

Now Ramu Johnson’s Net Worth = ($350000+$150000+$35000) – ($150000+$15000)
= ($535000 ) – ($165000)
= $370000

Assuming Ramu Johnson’s financial position after five years as follows –
House value at $350000, Shares value at $180000, savings $ 40000 and car value $25000. While mortgage loan $120000, car loan $0 (paid off).

The Net worth after 5 years would = ($350000+$180000+$ 40000 + $25000 ) – ($120000)
= $595000 – $120000
= $475000

Here it is understood that, although the fact that the value of a house and car decrease, the net worth have increased to $475000. It is because a decline in house loan is less than the overall asset base and decrease in liabilities.

Note that, an individual’s net worth can be negative if his asset base is less than liabilities.

What does net worth mean for celebrities?

Most often celebrities fall under High Net worth Individuals. And what does HNWI mean?

People with considerable net worth as called as HNWI.

Independent Charted Accounts, wealth managers and investment counsellors stay close to them making them as prime markets.

As per Securities and Exchange Commission( SEC), investors more than 1Million are considered as accredited investors to invite them to invest in unrequested securities.

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Is 401k part of net worth?

As per the definition, 401K is also a part of net worth if it is calculated in terms of assets and liabilities. But, in this case, 401K have no specifics as in, therefore it cannot be measured.

What is the average American net worth?

Like any entities net worth a countries net worth can be calculated as below. It is a sum of net worth of all individuals (citizens), companies and organizations reside in America, plus countries net worth. In America, this measure is referred to as financial position.

As on quarter 1 2014, America’s financial position =
Assets ( $269.6 trillion) – liabilities ($145.8 trillion ) = $123.8 trillion.

What is a good net worth by age?

Age of HouseholdMedian Net Worth
Under 35 years $6,900
35 to 44 years $45,740
45 to 54 years$100,404
55 – 64 years$164,498
65 – 69 years$193,833
70 – 74 years$225,390
65 – 75 Years$202,950
75 + Years$197,758

What is the net worth of the top 1%, 5%, 10%?

As in America, wealth distribution is as follows
Richest 1% of the population owned 35% of the country’s total wealth
Richest 5% of the population owned 11% of the country’s total wealth
Richest 10% of the population owned 12% of the country’s total wealth

Success lessons from Simone Biles

You are more than your past.

She lived with a mother who was struggling with substance addiction and she did not have a recollection of her father because he was never really around. She was sexually assaulted by Doctor Nasser in 2015 along with other female gymnasts. They won the case and established an advocacy for female athletes. Through all of these, she still emerged as the world’s most talented gymnast.

References:

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