Boston Celtics superstar Jayson Tatum announced a new project aimed at building generational wealth for low-income, single-parent families in his hometown of St. Louis. The five-time All-Star is partnering with SoFi bank to help those in need take a first step toward financial stability and growth.
The initiative is a collaboration between the Jayson Tatum Foundation and the financial services company SoFi. A $1 million donation will spearhead a new SoFi Generational Wealth Fund at the foundation. In an interview with the Associated Press, Tatum explained his eagerness to give back and why a program like this can be so impactful.
“I just knew I wanted to give back and help people that looked like me and grew up like me.” Tatum said.
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“Me and my mom, we didn’t know about investments or savings accounts when we were growing up,” Tatum explained. “But obviously when I got to the NBA and started to make money, we had to ask questions and learn about things.”
SoFi, which just announced a partnership with the NBA, will contribute to the initiative over the next three to five years and will provide financial advisory tools and services. Tatum’s Foundation will select participants for the program.
“I can’t stress enough how excited I am, just knowing how many lives and the families that we can impact,” Tatum said. “And I can only imagine how much this would have impacted myself and my mom growing up.”
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“There are some really good people in St. Louis,” Tatum said. “People who are really trying to help change their life, and their situation. And it’s tough. And nobody was ever successful on their own. We all somewhere along the way needed help or assistance by somebody that we knew or didn’t know.”
The initial money will go to single-family parents in the St. Louis area, specifically to help fund down payments for homes. Tatum explained the partnership further on an appearance during a visit to the television program CBS Mornings.
“To achieve generational wealth,” Tatum stated. “Owning a home is vital to that. So we’re accelerating that process.”
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