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Access to financial education in America is on the rise thanks to Goalsetter! In a press release, the fintech platform that aims to provide families and K-12 youth with access to banking, financial education tools, investing and savings has just announced that it closed a $15 million Series A funding round. In an investment series led by Seae Ventures, with participants that include Northwestern Mutual Future Ventures, Astia Fund, Citizens Financial Group, CUNA Mutual Finance Group, Fiserv, Mass Mutual Catalyst Fund, Sterling National Bank, and a host of others, the funding will allow Goalsetter to further its B2B partnerships that align with its mission to transform financial education and access to wealth for all Americans. “For the first time in the history of America, Goalsetter is merging culture, media and entertainment with the world of finance to bring financial education tools that are fun, engaging, and accessible to every kid and family in the country,” Goalsetter Founder...
Jim Reynolds is leading a vegan beverage brand that generates millions and is backed by notable athletes. Reynolds’ journey as a founder began in 1997. He had already spent several years on Wall Street before deciding to launch Loop Capital, a full-service investment bank, brokerage, and advisory firm that assists corporate, governmental, and institutional clients, according to its LinkedIn page. Inc. magazine reports that it is the largest Black-owned investment bank globally. Various deals have landed on the bank’s table, including one surrounding Coco5, a hydration beverage company. Its products are made with balanced sugars and no artificial dyes or flavors. They are also vegan, gluten-free, caffeine-free, and non-GMO. Inc. reports that as a health-conscious person Reynolds had already developed a taste for coconut water by the ’90, and heard about the company in 2011. He would go on to invest in Coco5 in 2015 and join its board. Over the next decade, Reynolds attracted the...
Ray Davis, a running back for the Buffalo Bills , is known for his talent on the football field and his rising career in the NFL. Throughout his first season, the 26-year-old has been a consistent standout, quickly winning over Bills fans with his stamina and drive. After being drafted by the team, Davis signed a rookie contract that provided him with both a $795K base salary for the year and a hefty $713K signing bonus. NFL rookie contracts, especially for players taken in the mid to later rounds, tend to offer initial earnings in the low to mid millions over the course of several years, and the 25-year-old is no exception. With performance incentives and future contract renegotiations, Davis has the potential to increase his earnings significantly as his career progresses. Running backs who prove themselves on the field often see lucrative second contracts, which can push their net worth into higher figures. All About Buffalo Bills Rookie Ray Davis (Timothy T Ludwig/Getty Images)...
The National Basketball Association (NBA) is not only one of the most popular sports leagues globally, but it is also one of the most lucrative. Over the years, the league’s net worth has surged due to increased media rights deals, sponsorships, merchandise sales, and international expansion. As of recent estimates, the NBA’s net worth, or more accurately, overall valuation sits between $90 billion to $100 billion, making it one of the richest sports organizations in the world. Here, we’ll dig deep into what made the sports franchise a giant in the entertainment industry. Factors Driving NBA’s Financial Success Media Rights Deals One of the primary drivers of the NBA’s net worth is its lucrative media rights deals. In 2014, the NBA signed a nine-year, $24 billion TV deal with ESPN and Turner Sports, setting a record for sports broadcasting at the time. As the league’s popularity continues to grow, especially internationally, the value of these media rights is expected to increase....
If you’re at all familiar with the world of pop culture and modern music, you’re surely aware of Blue Ivy Carter, the 12-year-old daughter of global superstars Beyoncé and Jay-Z. A few years back, she topped AfroTech’s list of wealthiest children in America, and she’s only continued to pick up steam in the years since. The prolific young woman may have been born into wealth by virtue of her power-couple parents , though she has also managed to venture out and make millions on her own, making her one of the most prolific pre-teens in the country. Today, Blue Ivy Carter maintains an estimated net worth of over $500 million, according to a report in Greenlight , though some estimates suggest that her nest egg is even larger. Blue Ivy Carter’s net worth has been bolstered by a wide array of projects and business ventures, including brand and endorsement deals , music credits, modeling contracts, and soon, even a front-and-center placement in a feature film. The rising star has even...
Very few events grasp the nation’s attention like the Super Bowl. Each February, the NFL’s top teams come together for a head-to-head competition to determine who will be crowned the national football champion for the year. Although the game is the primary reason for the gathering, the Super Bowl is also home to one of the biggest cultural gatherings — the Halftime Show. The History Of The Super Bowl Halftime Show The Halftime Show didn’t have a lot of excitement in its early iterations. According to the New York Times, the first Super Bowl, in 1967, included collegiate marching bands, with Grambling State University and the University of Arizona being the first to perform. This mid-show performance would set the standard for the next two decades. Though New Kids On The Block signaled a shift in 1991 to modernize the format, things drastically changed in 1993 when Michael Jackson took the field in an iconic performance. This set the stage for some of the entertainment industry’s...
Each year, between the end of spring and the beginning of summer, several professional sports leagues host drafts, giving space to the next batch of athletic superstars who will impact their respective games for years to come. With so much excitement about a new generation of professional athletes, the focus sometimes shifts from player stats and team projections to contracts and partnership deals. But the excitement of new money is largely made possible by the athletes who have some tenure in the game. From rookie expansion contracts to lucrative business deals, athletes are continuing to level up, paving the way for what’s possible in the future. Against this backdrop, Forbes has released its highest-paid athletes list of 2024, and of the 10 players, 50% of those spots are held by Black athletes. Lebron James View this post on Instagram A post shared by 👑 (@kingjames) Lebron James is No. 4 on the list but ranks No. 1 among Black professional athletes. The 39-year-old is currently...
NBA legend Michael Jordan is enlisting a team of athletic superstars as co-owners of his award-winning tequila company. In a press release shared with AFROTECH™, the NBA Hall of Famer has tapped Serena Williams, Derek Jeter, and a host of other athletes and sports enthusiasts as investors in his award-winning portfolio of luxury tequilas, Cincoro Tequila. “Cincoro has always been special to me because of the authentic friendships we’ve established around enjoying Cincoro and spending time together, designing it, experiencing it, and tasting it. We are constantly striving for greatness,” Jordan, co-founder of Cincoro Tequila, said. “And now that we’re welcoming in some of my closest friends to the business, I’m looking forward to this next era of Cincoro alongside this all-star team.” The company’s new ownership group, Team Cincoro, also includes RedBird Capital Partners Founder and Managing Partner Gerry Cardinale; The Lerner Family, owners of the Washington Nationals; former NFL...
The early 2000s serve as a nostalgic point for many people. However, there are two rappers who had fans in a proverbial chokehold based on their talent and look. These two young men were Lil Bow Wow and Lil Romeo. While many argue that their approach and trajectories differed, no one can deny the impact the two had on culture. From becoming the face of “106 & Park” to going to lead the Nickelodeon show, “Romeo!” – Lil Bow Wow and Lil Romeo were significant parts of the artistic success the 2000s brought. Although those moments live in people’s brains rent-free, if you fast forward to adulthood, the realities of both superstars are far different. Lil Bow Wow now prefers his government name Shad Moss, and Lil Romeo has dropped the little and has fully embraced adulthood as an entrepreneur and businessman. This intersection of adulthood and business acumen is where Romeo finds himself today. And the occurrences that surround the situation are enough to “make ‘em say ugh.”
The NBA offseason is one of the most unpredictable times in the world of sports. With the recent conclusion of the draft, big-name superstars requesting trades, and significant contributors holding out for the perfect negotiation window — sports analysts and fans alike sit in anticipation of the next big move. Into the spotlight from this busy season, Devin Booker ascended. The Phoenix Suns’ small forward recently secured a duffle-sized bag. Booker reached a four-year veteran supermax extension valued at $224 million.
The day of college athletes being exploited for their likeness is a thing of the past. With current NCAA rules and regulations and the prominence of name, image, and likeness (NIL) deals, collegiate superstars can finally get paid for their work on the field, court, and more. A recent University of Miami recruit, Jaden Rashada, is believed to have received the highest-known NIL deal for a high school recruit to date – according to On3NIL. At $9.5 million, the deal is set to possibly break records, but it did not come without its share of controversy.
Basketball hosted one of its most exciting nights, the NBA draft. Each year, prospects from around the world wait in anticipation, hoping their hard work on the collegiate level or in semi-professional leagues will earn them one of the most coveted spots in the world’s most revered basketball league. Year after year, new talent emerges, and the idea of who will be the NBA’s next big star enters sports chats. With all of the hype around this pivotal night, another focus is the deals and payouts draftees receive due to their newfound success. Young superstars of today benefit from rising costs due to inflation, the advancement of endorsement deals, and the ability to leverage highlight reels and salary caps to move the needle for their large rookie contracts. Photo Credit: Nic Antaya By comparison, some of the league’s best players in history commanded top-dollar salaries. For example, Ervin “Magic” Johnson signed an estimated $2.3 million contract over five years as part of his 1979...
Tim Duncan was one of the biggest NBA superstars in the early 2010s. But in 2013, he enlisted a financial advisor. And according to Bleacher Report, that’s when all the problems began. The outlet confirms that thanks to a series of bad investments by his financial advisor, Charles Banks IV of Atlanta, Duncan was defrauded out of more than $20 million. What’s more, thanks to his role in the fraud, Banks was sentenced to a four-year prison sentence for wire fraud in 2017, per the San Antonio Current. Despite the loss, Tim Duncan is completely unfazed. “Luckily I had a long career and made good money. This is a big chunk, but it’s not going to change my life in any way. It’s not going to make any decisions for me,” he said to Bleacher Report. That said, Duncan still felt the sting of betrayal by Banks, whom he counted on to follow through on an investment that would help him “make a living that would last [him] for the rest of [his] life.” Instead, Duncan and his attorneys said there...