He threw an elaborate gender reveal party for his baby daughter.
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The fancy reveal, which took place last October, featured hundreds of balloons, worded lights, and matching "Baby Daddy" and "Baby Momma" shirts for Mahomes and Matthews.
He and Matthews bought a $1.9 million home in Kansas City.
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According to Work+Money, Mahomes and Matthews spent around $400,000 renovating the house, situated in the city's Mission Hills neighborhood.
As part of the renovations, the couple built a gym and a custom shoe closet for Mahomes' massive sneaker collection, which features upwards of 180 pairs.
He bought a stake in an MLB team.
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Mahomes become the youngest team owner in MLB history in July 2020 when he purchased a stake in the Kansas City Royals.
"I love this city and the people of this great town. This opportunity allows me to deepen my roots in this community, which is something I'm excited to do."
They've also vacationed around the world.
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After winning the Super Bowl in February 2020, Mahomes and Matthews took a luxury vacation to Cabo San Lucas.
Later that summer, the couple, alongside a number of Mahomes' teammates and their partners, visited the Turks and Caicos Islands, where they all enjoyed deep-sea fishing, golf, and riding horses in the ocean, according to The Kansas City Star.
Mahomes hasn't spent all of his money on luxury, however - he also helped turn the Arrowhead Stadium into an election polling station.
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Ahead of last year's election, Mahomes helped turn the Chiefs stadium into a place where Kansas City residents could vote.
Launched in 2019, "15 and the Mahomies" is a charity that "is"dedicated to improving the lives of children" through "initiatives that focus on health, wellness, communities in need of resources and other charitable causes."
Since its inception, Mahomes has donated over $500,000 of his own money to various organizations working towards the charity's mission, according to Fox News.