Jayson Tatum, a standout player for the Boston Celtics, partnered with SoFi. After winning an NBA Championship, he explains why. Jayson Tatum knew his life would never be the same once the Boston Celtics selected him with the third overall pick in the 2017 NBA Draft. And not even from the perspective of basketball, but rather from that of financial planning. Now introduce SoFi.
At the age of 19, Tatum started receiving life-altering sums of money from the NBA. Three months into his rookie season, he gave birth to his son Deuce. Tatum got a four-year, $30 million rookie scale contract as the third overall pick; the contract has an average yearly value of about $7.5 million each season.
The Boston Celtics star Jayson Tatum and online personal finance startup SoFi established a collaboration in February 2024. Together, the two founded the SoFi Generational Wealth Fund, to which SoFi is contributing $1 million. The program’s objectives are to advance financial literacy and assist in the creation of wealth that will last a family for many generations. In the partnership announcement, Tatum stated, “Since I received my first paycheck, I have been saving for my son’s future, my mom’s retirement, and my own long-term financial well-being.” “I want to help those outside the league improve their financial situation now. In order to promote financial literacy and future planning, I’m thrilled to be collaborating with SoFi, an inventive partner that is bringing in a new era of money management techniques. The Generational Wealth Fund, according to SoFi, will use $1 million in grants and direct help to benefit people outside of the basketball court. The Fund supports Tatum’s S.M.A.R.T. Project, which helps single parents manage motherhood, education, and financial wellness in collaboration with the Jayson Tatum Foundation. The Fund seeks to increase homeownership options as a means of securing long-term wealth for future generations and to provide the community with useful financial resources to promote financial literacy.
On The SoFi Partnership, Jayson Tatum
Jayson Tatum exclusively spoke with ClutchPoints after a fantastic season that saw him chosen to his fifth consecutive All-Star Team, his third consecutive All-NBA First Team selection, and an NBA Champion. He discussed why he feels this alliance is so important to him.
At his Jordan Brand camp last month, Tatum said to ClutchPoints, “For me, it’s about things that are organic.” “And being associated with a brand that aims to have a significant influence on communities across the nation and strives to effect change in the world. Additionally, it allows me to contribute to and invest in my St. Louis neighborhood through the initiatives that we run. It is also very important for them to visit my camp and speak with the children about handling money and other related topics.
At the Jordan Elite Camp, hosted by Jayson Tatum, SoFi brought Brian Walsh, PhD, a Certified Financial Planner, to teach high school and college athletes about financial planning and how to best prepare for the sudden infusion of money that comes with becoming a pro at such a young age, in addition to the athletes learning from the NBA’s best on the court.
Walsh, a.k.a. Dr. Money, spent the day sitting down with several groups of athletes as part of the camp’s financial education program. The young athletes received an introductory rundown on what to expect, from dissecting credit card complexities to being brutally honest about money spending techniques.
Jayson Tatum told ClutchPoints, “I really really just [want] to spread awareness and spread information about having money, making money, saving money, investing money, and how to manage it, essentially.” It’s best to teach children as young and early as possible, especially those that like me and come from diverse situations where they might not know what to do with money when they obtain it.
Student athletes can now make money and engage pros to help them negotiate deals after the NCAA passed the temporary NIL (Name, Image, Likeness) restrictions in June 2021. Many high school and collegiate athletes have NIL deals valued at more than $1 million as of 2024.
That’s just one more reason Tatum thought it was critical to begin this collaboration.
Children are now earning money even earlier than I did when I was 19. The fact that they are learning it in high school made that crucial. to have guys who look like them, have backgrounds similar to their own, and can relate to, like Chris Paul and me. That seems like a really crucial component. In November 2020, Tatum signed a five-year, $163 million rookie max agreement, which became his second NBA contract. Tatum inked the highest contract in NBA history with the Celtics, a five-year, $314 million agreement, following the beginning of his relationship with SoFi. Over the following five seasons, that works out to an average annual value of $62.8 million per season. A player option valued at $71.4 million for the 2029–30 season is also included.
The star player for the Celtics doesn’t intend to touch that enormous sum of money anytime soon.
Tatum told ClutchPoints, “My second or third year, I really started taking it seriously.” “My parents and I had promised one another that I would save all of my NBA earnings and rely only on my sponsorships. Considering that you have a long life ahead of you, a family to raise, children to consider, and so forth.The star player for the Celtics doesn’t intend to touch that enormous sum of money anytime soon.
There’s a notion that you just have all this money and you’re going to be rich forever, especially if you’re in the NBA, so don’t live beyond your means. Avoid trying to fit in or leading a lifestyle that is unaffordable or unfit for you. I believe that’s where a lot of athletes may make mistakes in their careers. Saving money and living within your means are both acceptable. And then simply having knowledge. Don’t just trust someone to handle your finances; ask questions. That is the way people are exploited. NBA Champion Jayson Tatum, Playing for the Celtics
In the 2024 NBA Finals, the Boston Celtics overcame the Dallas Mavericks to win the Larry O’Brien trophy back to Beantown for the first time since 2008. Dallas was easily defeated by Boston, and Jaylen Brown, Jayson Tatum’s teammate, was named the MVP of the Finals.
The Celtics player claims that even after winning for almost two months, it hasn’t really hit him.
Tatum smiled, “Yeah, it’s still kind of unbelievable.” It’s as simple as watching the images and videos from that specific time. You know, I get compliments from people all the time. It seems as though we actually succeeded.
After winning the championship, Tatum appeared to have had a significant burden lifted off his shoulders on several occasions. Tatum, who is only 26 years old, has already won five NBA All-Star selections, four All-NBA teams, and the MVP award for the 2023 All-Star Game.
Be the first to comment