We all have those luxury purchases we splurged on and wish we could get that money back.
For most of us, it might be an overpriced gadget or an impulse buy that seemed like a good idea at the time (for me, it was a hot pink Louis Vuitton bag that I’ve literally only worn once because I have nothing in my closet that even matches it). Even Allyson Felix, the most decorated track and field athlete in Olympic history, has a few early purchases that she regrets from when she first came up on some money.
Felix recently opened up on SoFi’s Richer Lives podcast with host Vivian Tu, sharing candid details about her financial journey that many successful athletes rarely discuss publicly (but should, to inspire others).
“I remember two things I bought that to this day, I still regret,” she admitted. “I bought this anaconda skin Gucci bag for $7,000 and at that time, that was a huge splurge. And I was like, did I really need that? And then I remember, these were like the early days, I got rims on my Escalade in the early 2000s. I was doing the most.”
Felix’s story is one of many from both “regular” people and celebrities. Many of us often struggle with the balance between enjoying success and making smart financial decisions. And if you’ve never been exposed to a large amount of cash at one time, you can feel a large sense of overwhelm to not let the money burn a hole in your pocket. Felix’s honesty during her conversation with Tu shows the human side of building wealth, but also that you can learn from those early mistakes. Because Lord knows, many of us need to!
This foundation to want to become better financially came directly from her family (and not business agents or managers). Her parents, a teacher and seminary professor, provided the values that would guide her through decades of athletic and business success.
“They have been so influential. When I came into this sport, I didn’t grow up in it. We were just figuring it out on our own. I was raised by parents who were very hard workers, who really taught us these foundational principles and I felt like I really held on to them throughout my career,” Felix explained.
Those principles extended beyond personal achievement. “It was all about work ethic, never quitting and really being in service, helping others. My mom was a teacher and my dad a seminary professor. So they were really people who cared about people who gave back,” she said.
Despite having strong family values, Felix had to learn the business realities of professional athletics through experience. A lot of fans think an Olympic medal comes with a fat paycheck, but that couldn’t be further from the truth. And for many athletes, that reality doesn’t hit until it’s too late.
“You definitely don’t go to the Olympics to get paid. Everything is going to come from other sources. Your big deals are going to be your footwear sponsor, and all your other partnership and brand deals. That’s where you’re going to make your money,” Felix revealed.
This reality creates unique financial challenges for elite athletes. Income fluctuates dramatically based on performance, sponsorship deals, and market conditions. During the interview, Felix spoke openly about how this uncertainty affected her approach to career planning, “”As an athlete you’re so hyper focused on performance. I didn’t quite think so much about the practicality of it all. I tried to surround myself with really great people, but it’s one of those things now looking back that it’s like ‘wow, if you’re not at the very top 1% it’s a hard industry to maintain and have longevity.”
“You really can’t dip below too much, which can also play into your performance because it’s stressful to be thinking about your next paycheck. I really tried to focus on my performance and let that take care of everything,” she shared.