Actor Anthony Anderson and his mother, Doris Anderson, are partnering with Northwestern Mutual to educate the public about financial planning.
In an interview with Yahoo Finance, Anthony said financial planning was not a topic of conversation in his family when he grew up in Compton, California.
“Growing up in Compton, we didn’t have conversations around the dinner table about financial literacy and financial planning because my parents and family were living paycheck to paycheck. Fortunately, over time, close to 20 years ago, I was able to speak with my first financial adviser and put a plan into place,” the Black-ish star said.
But Anthony and his 67-year-old mother, who will become a first-time homeowner this year, now want to prove that it's not too late to think about financial planning. The iconic TV star said Americans need to meet with a financial adviser no matter what their current situation looks like.
“It’s not about how much money you have, because the plans aren’t about money," he said. "It’s about your lifestyle. It’s about preparing for your future and preparing [for] your lifestyle to continue well after you have retired.”
Announcing his plans on Instagram, Anthony advised his fans to take the first step by working with a Northwestern Mutual financial adviser.
"2020 made us all realize the importance of being prepared for the unexpected," the 50-year-old said. "My one piece of advice as we head into 2021: get a financial plan in place. 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."
The Hollywood star said he'll be sharing conversations from his Northwestern Mutual adviser, aiming to help businesses who are struggling due to the pandemic or to assist families who need to save for various expenses.
According to NPR, a majority of the residents in America's four largest cities said they have experienced the loss of a job or a reduction in wages or work hours during the pandemic. Black and Latinx households are especially feeling the effects of the economic downturn, the NPR study concluded.
In Houston, 77 percent of Latinx households and 81 percent of Black families reported serious financial problems in the past year. Similar trends are seen in New York, Los Angeles and Chicago.
Anthony said it's a blessing to be in a position where he can help his mother and people struggling during the difficult time for many American families.
“For me to be in a position to be able to pay it forward for her and for us to be able to work together is truly a blessing," he said. "So I just want to continue to build upon that brand and lift as I climb. In doing so, I share the wisdom and the knowledge that I have and that’s what this partnership with Northwestern Mutual is all about. I’m sharing the information I’ve gained from them and sharing that with my mother."
