Coco Gauff, the 19-year-old tennis sensation who recently won the US Open, is making headlines not only for her impressive skills on the court, but also for her smart financial decisions. In a recent Instagram Live stream, Gauff was asked about her plans for her $3 million in tournament winnings. Surprisingly, she revealed that she has no student loans or debts to pay off.
Gauff, who still lives with her parents, acknowledges that she is fortunate to be in a debt-free position at such a young age. Unlike many Americans who are burdened by student loan debt, Gauff's parents have ensured that she doesn't have to worry about financial obligations. Living at home has also allowed her to save money, considering the soaring costs of rent and housing in recent years.
According to the Federal Reserve, more than 43.5 million Americans are currently dealing with student loan debt, amounting to over $1.7 trillion. Gauff's situation is undoubtedly unique and sets her apart from her peers.
This latest victory at the US Open adds to Gauff's already impressive career earnings. Since turning professional in 2018, she has amassed a total of $11.1 million in prize money, as reported by the Women's Tennis Association. Additionally, Gauff has ventured into several off-court business endeavors, securing lucrative endorsement deals with major brands such as New Balance, Barilla, Head, Baker Tilly, Bose, UPS, and Rolex. Forbes estimates her endorsements alone have earned her around $8 million in 2022.
Despite her significant financial success, Gauff remains surprisingly frugal. She admitted in an interview last year that she isn't keen on spending money and has yet to decide how to use her earnings. When she received her first Grand Slam check, she wanted to buy a car, only to find out that her father had already purchased it. Gauff jokingly mentioned that her brother has expressed a desire for a Bugatti, but she advised him to aim big if he wants one.
Gauff's triumph at the US Open has propelled her to new heights in the rankings. She currently holds the career-best position of No. 3 in singles and No. 1 in doubles, according to the WTA.
In conclusion, Coco Gauff's meteoric rise in tennis is not only making waves in the sports world but also showcasing her wise financial decisions. Her debt-free status and frugal mindset set her apart from many of her peers. As she continues to make her mark in the tennis arena, it will be fascinating to see how she utilizes her earnings and builds on her already remarkable career.
