Business & Health
Anthony Anderson’s Advice for the New Year: ‘Get a Financial Plan in Place’
To raise awareness among African-Americans about the benefits of financial planning, actor Anthony Anderson has partnered with financial management services company Northwestern Mutual for a personal online campaign.
The campaign, which was launched this month with an Instagram message to the “blackish” star’s 1.6 million followers, features his mom Doris Anderson, who many may know from the T-Mobile commercials she appears in with her son.
“2020 made us all realize the importance of being prepared for the unexpected. My one piece of advice as we head into 2021: get a financial plan in place,” Anderson, 50, said in the post. “This new year I’m working with @northwesternmutual to share the power of financial planning and how it can help you achieve your dreams today and the ones you have for the future while protecting what matters most during challenging times.”
Among the financial goals Anderson says can be accomplished with sound financial planning include paying for college, taking a vacation, rebuilding a business or buying a dream home as his mom did recently.
Anderson, who is from Compton, California, shared a story of how his mom recently met with a financial advisor for the first time, and through that process was able to buy her first home at age 67. He said wanted to share that wisdom of financial planning and found a partner in Northwestern Mutual.
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Anderson’s message comes at a critical economic time for African-Americans, who were already coping with a widening black-white wealth gap that has been exacerbated by the COVID-19 pandemic.
In the second quarter of 2020, Black households—who account for 13.4 percent of the U.S. population—held just 4 percent ($4.6 trillion) of total household wealth, according to the Federal Reserve Board’s annual Survey of Consumer Finances. By comparison, white households—who account for 60 percent of the U.S. population—held 84 percent ($94 trillion) of total household wealth in the U.S, the survey found.
Anderson and his mom, Doris, recently met with a financial advisor at Northwestern Mutual. Afterwards, Anderson took to social media to encourage others to get the conversation started.
“It’s about talking it out and seeing what’s possible, uncovering your financial silver linings and making a plan to chase your dreams,” Anderson said.
