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Here's a look inside Olympic medalist Lindsey Vonn's wallet

Lindsey Vonn
Alexandria White | CNBC

Lindsey Vonn is known as the most decorated female skier of all time, but you might not know much about what she's been up to since her retirement from the sport in February 2019. She's been on the move, quite literally, and working on her new beauty line, expected to launch next year, writing a memoir and more.

CNBC Select sat down with the former Olympian at JPMorgan Chase's Women on the Move Leadership Day earlier this month to discuss what's in her wallet, how she manages finances and the best financial advice she's received.

What's in Lindsey Vonn's wallet

"I like to keep things as simple as possible," Vonn says.

She keeps the essentials in a small coin clutch designed by her friend who founded Haist Designs. Vonn fits two credit cards, cash, driver's license, Global Entry card, and two Polaroids of her fiance, NHL athlete P.K. Subban, in the tiny wallet.

"I like to keep a small wallet because when I'm at the airport I don't like fumbling around with a lot of stuff," Vonn says. "I just keep it simple. Then I can throw it in whatever purse I'm carrying, even if it's a clutch."

Vonn loves redeeming her credit card rewards points

The right credit card can earn you points, miles and cash back — which can be redeemed in a variety of ways often including statement credits, travel rewards, gift cards and merchandise. Vonn prefers to use her points for shopping.

"I love redeeming points because I love going shopping for free," Vonn says.

For her recent move to New Jersey, Vonn used some of her points to buy furniture for her new home.

The best piece of financial advice she's received

"My CPA always tells me 'simplify what you can,'" Vonn says.

One way Vonn practices this advice is through her new beauty line, which specializes in high-performance products. "Developing and running a business is tough," Vonn says. "There are so many things to keep track of, so it's important to keep your finances organized."

She keeps her business and personal expenses separate by using two different credit cards to make tracking everything easier. This allows her to focus on what's important: growing her new business.

Vonn is also a strong believer in budgeting, and she admits she struggles like many people with the balance of needs versus wants.

Her personal weakness is handbags, she says, though she mentions she was raised to understand what is affordable and what is not. Creating a budget is a great way to make sure you spend within your means, she says.

"Budget, budget, budget," Vonn stresses.

This story is part of CNBC Select's What's in Your Wallet series, which profiles celebrities and media personalities on the contents of their wallet and the best financial advice they've received. For interview recommendations, email allie.white@nbcuni.com.

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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.