Earning Six Figures, Paris Olympics Gold Hope Fred Richards Goal For Future Clear: “Not One Thing I Could Do”

“I want to inspire others to see that anything is possible with dedication and a bit of creativity,” says Fred Richards, a 2023 World Championship bronze medalist who broke a nine-year dry spell for the US men’s gymnastics team. Richards began his journey as a social media influencer at just 16, branching out beyond his athletic achievements. Frustrated by pandemic restrictions, he took to TikTok to vent. His very first clip showcasing his back-flip and front-tuck-half-twists garnered 10,000 views.

Now, about five years later, Richards proudly reigns as the king of social media. He draws significant attention to gymnastics and boosts his income in the process. With a clear vision for his future, he aims to secure a gold medal at the Paris Olympics while also striving to earn a six-figure income. This win-win situation exemplifies his blend of athletic talent and entrepreneurial spirit, making him a standout figure to watch.

Fred Richards aims for Olympic gold and is determined to be a millionaire 

In a recent interview with Bloomberg, Fred Richards was highlighted not only as a gymnast but also as a burgeoning entrepreneur. He was the youngest medalist for the world’s works alongside his business partner Eddie Lee. The two collaborate on Richard’s social media content and ads for his various partnerships. Alongside the prize money from different competitions, Richards’ social media presence is his biggest moneymaker. He explained how, before him, most pro male gymnasts weren’t making six figures a year. 

However, Fred had different ambitions: “I wanted to be rich, like millions, like other pro athletes,” adding, “When I was 16, I was told, ‘You’re going to go to college, then you’re going to get a job. Do this job for 15, 30, 40 years.’” As he smiles and shakes his head at the notion, Richards makes it clear once again that there is “not one thing” he could do for 40 or 50 years.

Plus, he doesn’t have to: “I figured if I’m creating businesses, I can create as many businesses as I want and go that route, and I’m free.” His recent TikTok posts have over a million views. But he’s involved in all social platforms possible, including Instagram and YouTube. His high views mean he’s cashing in a lot of ad revenue, and brands are eager to collaborate with him. 

He earns approximately $6,000 monthly from social media platforms. Additionally, he makes mid-six figures annually from deals with Celsius Energy Drink, Crocs, Marriott, and Peloton. This becomes even more awe-inspiring when taking into consideration how male gymnastics is nowhere near as popular as women’s gymnastics in the US.

Efforts are underway to improve this perception. This year, Fred Richards will be accompanying legend and best friend Simone Biles on the Gold Over America tour after the Olympics, hoping to draw in addition to male gymnastics as well. 

How does male gymnasts’ wealth match up to that of their female peers?

Male gymnasts often struggle to match the financial success of their female counterparts. Athletes like Olivia Dunne earn substantial income through NIL deals, enabling initiatives like the Livvy Fund. Many consider male gymnastics a sport more suited to women, resulting in low viewership. As a result, male gymnasts receive fewer lucrative brand deals. For instance, Sunisa Lee, who clinched the 2020 Tokyo All-Around Gold, secured numerous high-paying endorsements. Her rise as a new, prominent figure in gymnastics led to earnings totaling around $10 million throughout her career.

This starkly illustrates the disparity in financial opportunities between male and female gymnasts in the sport. Additionally, Jordan Chiles has an estimated worth between $1 million and $5 million, amassed through various brand deals with Nike, Urban Outfitters, Toyota, Pottery Barn Teen, and more. She has also signed a five-year deal with Nike, which makes her much more financially safe than her male counterparts. Even Shilese Jones has a steady stream of revenue coming in from her deals with P. Volve, Slyvia P., and FREYA.

In comparison to several financially successful female gymnasts like Shilese Jones, Jordan Chiles, and Sunisa Lee, male gymnasts, aside from Fred Richards, achieve substantial financial success. Yul Moldauer has amassed wealth through endorsements with brands such as GK Elite, SINFIT, and Sanofi. His success marks him as an exception in the field of male gymnastics. However, the disparity in financial opportunities between male and female gymnasts remains significant.