Tatum, who was raised by a single mother himself, established the fund as part of a program aimed at assisting single parents.
Boston Celtics forward Jayson Tatum (0) dunks to score in the second half of an NBA basketball game against the Memphis Grizzlies, Sunday, Feb. 4, 2024, in Boston.
Jayson Tatum remembers how it felt when he first bought a home.
“It didn’t seem real,” said the Boston Celtics power forward, a five-time NBA All-Star set to start for the Eastern Conference in this year’s All-Star Game on Sunday.
In an interview with The Associated Press, Tatum expressed his desire to extend the opportunity of homeownership to others in his hometown of St. Louis. He revealed that financial services company SoFi has generously donated $1 million to the Jayson Tatum Foundation for this purpose.
The announcement made on Tuesday unveils the establishment of the SoFi Generational Wealth Fund within the foundation. This fund aims to provide financial assistance to homebuyers by offering support for down payments.
“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.”
Tatum, 25, was raised by his mother, Brandy Cole-Barnes, who was 19 when he was born.
“Me and my mom, we didn’t know about investments or savings accounts when we were growing up. But obviously when I got to the NBA and started to make money, we had to ask questions and learn about things,” Tatum said. “And it was always important for me, even when I was younger. I just knew I wanted to give back and help people that looked like me and grew up like me.”
Founded in 2017, coinciding with his draft into the Celtics, Tatum’s nonprofit organization conducts various community initiatives in St. Louis, including toy drives, back-to-school events, and basketball camps. Additionally, it provides scholarships and mentorship opportunities to high school students in the area. The introduction of the new fund marks the realization of a long-held vision for Tatum, who has been eager to establish a program supporting single parents and waited for the opportune moment to launch it.
“It’s about making sure you’re with the right people,” Tatum said of his philanthropic work, which he sees as being about a lot more than donating money.
“I always go back to St. Louis as much as I can, as often as I can, especially in the summertime,” Tatum said. “Just knowing the impact that I can have on my community by being there, by being present.”
SoFi plans to distribute the funds over a period of three to five years, allowing the foundation to decide on the selection criteria for participants. Notably, individuals selected for assistance are not obligated to secure a mortgage through SoFi. Nevertheless, SoFi will extend all participants access to financial advisory services and resources.
As his team leads the Eastern Conference and with the All-Star Game approaching on Sunday, Tatum sees this moment as ideal for highlighting the importance of financial literacy and the creation of generational wealth.
“Buying a home is a significant milestone – representing stability, security, and investment – these are things we believe everyone deserves a chance at achieving on their financial journey,” said Anthony Noto, CEO of SoFi, in a statement. The company also announced a partnership with the NBA to be its official banking partner and is sponsoring the SoFi NBA Play-in Tournament in April.
Jason Belinkie, CEO of the nonprofit Athletes for Hope, which advises athletes who want to give back, said they suggest athletes start out by working with existing organizations to deepen their knowledge of community needs.
“Similar to visualizing their journey in their sport and going through these different steps to achieve their goals, they should think about their philanthropy in the same way,” Belinkie said.
Starting a new nonprofit has pitfalls that many athletes don’t anticipate, said Andrew Morton, an attorney and partner at Handler Thayer, who leads their sports and entertainment philanthropy practice. He advises athletes to work through a fiscal sponsor and said that even athletes without a huge platform or millions to donate can make a big difference if they align their goals with their reach.
“If you’re super well-known and have a huge platform, you should be addressing macro issues like social justice or homelessness or hunger,” Morton said. “If you’re a back-up left tackle, you should be raising money to put books in your hometown library or buy sports equipment for your high school.”
Tatum said part of his goal with this initiative is to change the narrative around his hometown.
“There are some really good people in St. Louis — people who are really trying to help change their life and their situation. And it’s tough,” Tatum said. “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.”