How much do professional gymnasts make?

Can you make a living as a professional gymnast? 

At first glance, the obvious answer is yes. Simone Biles, a four-time Olympic champion, makes a very nice living from endorsements and sponsorship deals. She also receives income from various sources.

She’s an inspiration, an example of what’s possible, right? 

Whoa, not so fast. 

While some professional gymnasts do make money, the amount may surprise you. And while Biles did well, she was the only gymnast to make the list of 2023’s highest-paid female athletes. 

How much do professional gymnasts make? 

If you live in a Western country—the United States, Canada, the United Kingdom—and you make a full-time living as a gymnast, you’re doing very, very well. Gymnasts making a full-time income enough to support themselves seems to be the exception, not the rule. 

It gets worse. 

The vast majority of gymnasts make little to no money. In fact, most of them will have to spend large amounts of money every year to continue to compete professionally. 

Okay, how much? 

Greg Roe, a lifelong gymnast, provided an itemized list of the costs involved over the course of 15 years. 

1. Training fees = $35,860
2. Federation insurance = $945
3. Competition fees = $12,505
4. Travel to events = $44,700
5. Competitive uniforms = $2,800
6. Opportunity costs = ?

Estimated cost for a 15 career = $95,865

These are fees you or your families will need to cover. This estimate doesn’t include the costs of becoming an Olympic athlete. Olympic gymnasts are still required to cover their: 

• Training at for-profit gyms, including tuition, coaching, and equipment
• Competition fees—entry fees, travel, accommodations, meals, uniforms, etc. 
• Misc. costs include leotards, warm-up suits, grips, wrist guards, etc.

What about your salary? 

Typically, gymnasts can earn prize money if they place first, second, or third in certain competitions. If you don’t podium consistently, this isn’t a reliable source of income. 

The same thing applies with the Olympics. 

Roe states that athletes only make $2,500 during an Olympic cycle. If they podium, they’ll win $38,000 per gold, $23,000 per silver, and $15,000 per bronze. 

What about college? 

To maintain NCAA eligibility, you’ll need to follow Name, Image, Likeness (NIL) rules. 

1. Students-athletes can engage in NIL activities if they follow the state’s laws where their school is located. Schools are responsible for verifying that these activities are compliant with state law.
2. Student-athletes attending schools in states without NIL laws can participate in NIL activities and maintain NCAA eligibility. 
3. Student-athletes can work with professional service providers (agencies and PR firms) to manage their NIL activities.

What are these “NIL activities?”

• Affiliate/ambassador roles
• Autographs and memorabilia
• Camps and clinics
• Content creation (blogs, podcasts, videos, etc.)
• Merchandise
• Music, art, etc.
• Personal appearances
• Public Speaking
• NFTs

Historically, the NCAA made money off of student athletes. Now that they’re allowing students to do the same, student-athletes can be paid for these NIL activities while they chase their dreams, provided that they follow the rules. 

Here’s the problem. 

Interest in gymnastics is declining. More and more schools are cutting gymnastics programs, and Olympic viewership is down across all demographics, even though gymnastics is still the most popular event. With that in mind, can gymnasts make a full-time living doing what they love? 

Can you make a full-time living with gymnastics? 

Yes and no. 

Making a living as a gymnast is challenging—most make little to no money throughout their careers. That said, there’s never been a better time to build a career as a gymnast. 

When it comes to building a stable income, gymnasts can do this in several ways. 

1. Government funding
2. Scholarships and donations
3. Prize money from competitions
4. Sponsorships 
5. Endorsements
6. Media appearances
7. Media rights and royalties
8. Coaching, seminars, workshops, and events
9. Business ventures 
10. Partnerships and investments 

While you can make money via government funding, prize winnings, scholarships, and donations, it’s not ideal. 

Here’s why. 

These options give gymnasts a limited amount of agency; external factors (e.g., judges, governing bodies, donors) determine how much they earn. 

Why does this matter? 

The most profitable (and stable) options on our list provide gymnasts with greater agency and control. You’re not waiting to be compensated for your talents as a gymnast; you’re creating value for others and receiving value in return. Let’s take a look at a few examples: 

• Simone Biles: 2.1M on X, 5.4M on TikTok, 1.9M on Facebook, 4.2M on Instagram
• Nile Wilson: 1.63M on YouTube, 1.4M on TikTok, 770K on Instagram
• Livvy Dunne: 8.1M on Tik Tok, 5M on Instagram
• Whitney Bjerken: 1.6M on YouTube 

These gymnasts built a substantial audience and used their social media following to generate a substantial income. What about gymnasts who have retired?  

Here are several gymnasts who have used their NILS to build profitable businesses:

• Li Ning, a gold medalist at the 1984 Olympics and billionaire entrepreneur who built the sportswear company Li-Ning 
• Dominique Dawes, a gold medalist at the 1996 Olympics, opened her own gymnastics academy
• Shannon Miller, a gold medalist at the 1996 Olympics, became a coach, motivational speaker, spokeswoman, and author
• Mary Lou Retton, a gold medalist at the 1984 Olympic games, was a spokeswoman, endorsing several products (e.g., Wheaties, Colonial Penn Life Insurance) from the 90s to 2023. She also worked as an actress, making TV and film appearances

While old-school gymnasts built a full-time income after gymnastics, many gymnasts today use social media to build a full-time income while they chase their dreams. 

How do you do it? 

How can you, as a gymnast, make a full-time living (or better) with gymnastics? 

How to make money in gymnastics

First, the bad news. 

If you’re competing at a lower level, making a full-time income from your NIL will be much harder. This means your earning potential in gymnastics will basically be zero. On top of that, you’re far more likely to make money from your gymnastics career if you’re among the best.

As you’re probably aware, gymnastics in the West, particularly in the US, is hyper-competitive. 

People want to pay winners. 

Here’s the good news. 

If you consistently win your competitions and you’re competing at a high level, it’s going to be easier for you to use your NIL to earn directly. But what if you’re not winning? What if you’re in a slump or not doing as well? You’ll need to look for indirect methods to generate income. 

There are two approaches. 

1. Direct income (from gymnastics) 
2. Indirect income (related/unrelated to gymnastics) 

If you’re competing at a high level and you’re winning, you can do both. If you’re not doing as well as you’d like, you’ll have to pursue the indirect route. 

Here’s how you do it. 

Step #1: Perform at a high level

You’ll want to ensure you’re performing at the highest level possible. Look for ways to do what your teammates can’t or won’t do. Work to (a.) minimize injuries and (b.) maximize skill acquisition and growth. If you can accomplish both tasks, you can outperform your teammates and competitors over time. 

If you focus on becoming the best, everything else tends to fall into place. 

Step #2: Build an audience 

Work to create content that’s either (a.) educational and helpful or (b.) entertaining and appealing. Use that content to attract attention, create desire, and incentivize action. As much as possible, work to engage with your audience—building admiration, respect, and engagement.

When you create content, prioritize content that fits with a. or b.; make sure your content delivers value (from your audience’s perspective) 80-90% of the time. Pitch 10-20% of the time. 

Use events, partnerships, and newsjacking to generate an emotional connection with your audience.  

Do you need millions of followers to make money? 

Nope. You can generate income with as little as 5,000 to 10,000 passionate followers—people who follow your work, are true believers, and want to see you do well.

How do you do that? 

Peter Thiel, co-founder of PayPal, shared his value formula.

1. Create X dollars of value for others
2. Capture Y percent of X

This formula is the blueprint for generating income as a gymnast. 

Step #3: Choose a focus area

Remember the income sources I mentioned earlier? 

• Government funding
• Scholarships and donations
• Prize money from competitions
• Sponsorships 
• Endorsements
• Media appearances
• Media rights and royalties
• Coaching, seminars, workshops, and events
• Business ventures 
• Partnerships and investments 

As a gymnast, the options in bold give you agency and control. You’re able to dictate the amounts you’ll accept as payment, and you’re able to work with anyone who meets your criteria.

Can you see the common thread with the items in bold?

They work better if you’re performing at a high level and have an audience. If you have the first two ingredients, it’s easier to generate traction from any of the items I’ve listed in bold.  

Here’s the harsh reality for most gymnasts. 

There aren’t as many salaries or contracts in our sport as there would be in other mainstream sports like baseball, basketball, or hockey. Most gymnasts will need to cover their expenses—tuition, coaching, uniforms, equipment, healthcare, travel, and insurance. 

Does this mean it’s impossible to make money as a professional gymnast? 

Not at all. 

It just requires a clear focus on the details that matter. 

Yes, you can make a living as a professional gymnast 

While some professional gymnasts do make money, the amount may surprise you. Most gymnasts don’t make enough to support themselves. If you live in a Western country—the United States, Canada, the United Kingdom—and you make a full-time living as a gymnast, you’re doing very, very well. It’s a rare but difficult thing to achieve.

It doesn’t have to be this way.

The best options provide gymnasts with more agency and control. There’s no need to wait for someone else to give you your shot. Just follow the value formula—look for opportunities to create value for those around you, then capture a small slice of the pie. Start slow, work consistently, and you’ll find you can generate the income you need to support your dreams.