Actor Anthony Anderson is best known for being a beloved TV dad on ABC’s “Black-ish,” but in 2021, he hopes to be the face of financial planning. He and his mom, Doris Anderson, recently partnered with Northwestern Mutual to spread the word about the importance of financial planning. Anderson joined Yahoo Finance to discuss the partnership and share some financial planning tips in 2021.
Anderson, a native of Compton, California, tells Yahoo Finance that financial planning was never a topic of conversation around the house growing up.
“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.”
Anderson, who will become the new host of the game show “To Tell The Truth,” says it is never too late to seek financial help. He tells Yahoo Finance that his mother Doris, at age 67, recently met with her first financial planner and will become a first-time homeowner this year.
The “Black-ish” star’s goal is to encourage Americans to not only meet with a financial adviser but to also realize that financial planning is for everyone, especially during these uncertain times.
“It’s not about how much money you have, because the plans aren’t about money. It’s about your lifestyle. It’s about preparing for your future and preparing [for] your lifestyle to continue well after you have retired.”
Anderson tells Yahoo Finance that while many people might be intimidated by financial planning, they might not realize that they have been doing it their entire lives.
“A lot of people may think that they don’t have the capability or knowledge of doing it when we’ve been doing it our entire lives, not knowing that we were, preparing for financial stability. It can be as simple as saving up for that loved one’s birthday or, better yet, Christmas. You know Christmas is going to tax you at the end of the year, So at the beginning of the year, you start putting a little bit aside every week, every month or so until Christmas comes. So you’re not hit over the head, and you’re not overextending yourselves for the holidays, that is financial planning.”
Anderson then explained how folks could take those same steps with a financial adviser to take it to the next level.
“Now, if we just take those simple principles and speak with the financial adviser, someone who can explain to us what tax shelters are, how do we protect our assets? Where can we park our wealth to gain more wealth? And ... I don’t mean millions of dollars. I mean that $1, that $10, that $100 that you may have, because that may be your wealth to you. Where can you park that and have that work for you as opposed to you working for it? That’s what speaking to a financial adviser is all about. It’s not necessarily about money, it’s about your lifestyle, and it’s about ... positioning yourself so your lifestyle outlives you, and you don’t outlive your lifestyle.”
In the end, for Anderson and his mom Doris the new partnership is all about helping people better their lives through financial freedom.
“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. 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. It’s allowing her to understand the value of a dollar and what the value of a dollar is in the future.”
Reggie Wade is a writer for Yahoo Finance. Follow him on Twitter at @ReggieWade.