“‘I’m 19…I live with my parents still, so I’m not in debt. I didn’t go to college so I don’t have any student bills to pay.’”
That was newly minted US Open champion Coco Gauff on an Instagram Live stream this week talking about what she plans to do with her tournament winnings. The 19-year-old Gauff was asked by a fan what she’ll do with her $3 million in winnings, and if she’ll use it to pay off any student loans or other debts. In response, she laughed and said:
“I’m too young. My parents never put me in that position to be in debt, so I have nothing to pay right now,” Gauff lightheartedly added.
At the end of 2022, the Federal Reserve stated that about 43.5 million Americans have some student loan debt, totaling over $1.7 trillion. What’s more, an increasing number of millennials and Gen Zers have opted to live with their parents in recent years as costs of rents and homes have skyrocketed — Gauff is likely saving lots of money by living at home. See also: Top men’s tennis players to be guaranteed up to $300,000 a year in income in 2024 Gauff made history as the first American teenager to win the U.S. Open since Serena Williams did it in 1999 after coming back to defeat Aryna Sabalenka last week. With the $3 million US Open prize, Gauff has now made $11.1 million in prize money since turning pro in 2018, according to the Women’s Tennis Association. Outside of tennis, Gauff has several off-court business endeavors including deals with New Balance, Barilla, Head, Baker Tilly, Bose, UPS
and Rolex. Forbes estimated that Guaff received $8 million in endorsements in 2022. What does Gauff like to do with her money? She isn’t sure yet. “I don’t like to spend money,” she said last year on the Tennis.com podcast. “When I had my first Grand Slam check, I wanted a car but my dad had already bought it and, I don’t know what to buy now. My brother always said he wanted a Bugatti. I told him you better make it big if you want a Bugatti.” Gauff is now ranked a career-best No. 3 in singles and No. 1 in doubles by the WTA. Read on: Student loan payment resumption will be a ‘major financial shock’ for renters, Moody’s says