After Disapproving Elon Musk’s Brand, Gabby Thomas Admits Biggest Mistake That Resulted in Financial Loss

How do you go from Olympic glory to financial regret? Gabby Thomas, one of the fastest women on the planet, knows the feeling all too well. The sprinter, celebrated for her speed on the track, found herself caught in a different kind of race that is one against financial missteps. At the height of her success, Thomas indulged in high-end purchases, including an Elon Musk product she now barely touches. But that wasn’t the real problem. Instead, she points to one crucial mistake that cost her dearly. So, what did she do wrong?

Well! Gabby Thomas had always been careful. From the moment she moved to Northampton, Massachusetts, as a child, she was raised in an environment that valued education and discipline. Her mother, a professor at the University of Massachusetts, instilled in her the importance of thinking ahead. That mindset carried her through Harvard, where she balanced her studies in neurobiology with a blossoming track career. But success changes things. After Tokyo 2020, where she sprinted her way to Olympic bronze and silver, the money started flowing in—sponsorships, bonuses, endorsement deals. The cautious, calculated athlete who had meticulously planned her future suddenly found herself in a world where spending wasn’t just encouraged, but it was expected.

She wanted to invest, to secure her future, to step into the next stage of life as an athlete-entrepreneur. And what better way to do that than real estate? So, she bought a house in Texas. It seemed like the right move. No state income tax, a booming real estate market, a fresh start in Austin—where she had relocated to train under Tonja Buford-Bailey and pursue her master’s degree in public health. It all made sense. On paper. What she didn’t anticipate? The crushing weight of property taxes.

Well, for the uninitiated, Texas has no state property tax, and that’s up to local taxing units that generate revenue, and where does it go? Schools, roads, police, and fire departments. According to the Smart Asset website, Texas has some of the highest property taxes in the U.S. It is the seventh-highest state by numbers, and the Lone Star State has an effective property tax of 1.63%, which is higher than the national average by 0.73%. “I bought a second house, um, in Texas. The property taxes are insane, yeah,” Thomas admitted on Your Rich BFF podcast. Continuing further, she said, “I did enough research before I actually purchased the home, and now I rent it out to pay my mortgage, but the TA—I mean, I can’t beat those taxes.”

It was a lesson in patience and planning and understanding that just because the money is there doesn’t mean it has to be spent. Looking back, Thomas now urges younger athletes to slow down, to seek financial advice, to avoid the pitfalls that come with sudden wealth. “I mean, there’s so many younger athletes and just young people who just come into money, right? Just. Don’t do it just like take a deep breath relax take a beat and like take your time in making those decisions,” She said 

That wasn’t an isolated event for Gaby Thomas, and there is another investment—one she uses even less.

Gabby Thomas doesn’t drive her Tesla anymore

After winning bronze in the 200m at the Tokyo Olympics, Gabby Thomas’s life changed. She was no longer just a rising star but was a household name in track and field. With that success came big sponsorships. She had already been with New Balance since her college days at Harvard, but after Tokyo, more brands came knocking. HOTSHOT, Eli Lilly and Company, Lenovo, Nulo, Whoop, and Skims all joined her growing list of sponsors. She was even featured in a Team USA Olympics campaign for Skims ahead of Paris 2024.

With wins came prize money too, and in 2023, she earned $55,000 from her gold and silver at the World Athletics Championships, and her gold at the Paris Olympics brought in another $37,500 from the USOPC. Like many athletes experiencing financial success, Thomas found herself in a new world. “Tokyo, there was a brief stint where I did I feel like I felt victim to Lifestyle inflation,” she admitted. “Because once you start winning, you’re just introduced to different people, different types of lifestyles… and it’s kind of expected that you’re spending more money.”

One of those big purchases? A Tesla!  “And so right after Tokyo, I bought a new car,” she said. “I bought a Tesla. that okay which I don’t even have it anymore I don’t I don’t like the car I didn’t like the car. It was so impulsive.” Now? She’s made a more practical switch. “I drive a Toyota,” she said.

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