NFL star Malcolm Jenkins is working to bridge the ethnic wealth gap by giving kids real money to invest
via Wikimedia Commons and Goalsetter

America's ethnic wealth gap is a multi-faceted problem that would take dramatic action, on multiple fronts, to overcome. One of the ways to help communities improve their economic well-being is through financial literacy.

Investopedia says there are five primary sources of financial education—families, high school, college, employers, and the military — and that education and household income are two of the biggest factors in predicting whether someone has a high level of financial literacy.

New Orleans Saints safety, two-time Super Bowl Champion, and social justice activist Malcolm Jenkins and The Malcolm Jenkins Foundation hope to help bridge the wealth gap by teaching students about investing at a young age.


"It's projected that by 2053 that African Americans will have on average a negative net worth, with Hispanics being right behind," Jenkins said according to the Philadelphia Inquirer. "How do we begin to chip away at that? The earlier you can get kids focused on saving money and investing and understanding how to make money, the better off you are."

So Jenkins and his foundation are giving $40 investment account deposits to 1,000 students in Pennsylvania, New Jersey, Ohio, and Louisiana. The Ogontz Revitalization Corporation will donate an additional $10 per student, bringing the total to $50.

The accounts are run by Goalsetter, a Black-owned family banking, and financial literacy app.

The students will not be able to withdraw the funds until they are 18 but can add to them all they like. In addition to the ability to save and invest, the Goalsetter App offers an engaging way for kids to learn about money.

The app provides five years of financial literacy tools, kid-friendly educational games, and fun quizzes.

via Goalsetter

There's no better way to learn about a subject than by doing. Which, when it comes to finances, can be nearly impossible if you're underprivileged. These accounts give kids the ability to watch their financial seeds grow over the years and create a habit of saving that will hopefully last throughout their lifetimes.

"Malcolm is saying, 'I want you to know that this is for the long term. You're going to be saving for your future because you do have a future and it's a future that we're going to help to prepare you for,' " Tanya Van Court, founder, and chief executive of Goalsetter, said.

Jenkins believes that financial literacy shouldn't aim for stability but go the extra mile and focus on building wealth.

"I was always taught that if you work hard and that if you save your money that that creates financial freedom and financial stability, and that's not how it works," Jenkins told The Philadelphia Inquirer.

"That's not how you gain freedom. It comes through investing. It comes in making good decisions. It comes from estate planning. Life insurance," he continued. "All of these different financial tools that are out there to create wealth for people. It's really about creating that education as early as possible so you create the next generation of financially stable people."

Photo by Daniel Schludi on Unsplash
True

The global eradication of smallpox in 1980 is one of international public health's greatest successes. But in 1966, seven years after the World Health Organization announced a plan to rid the world of the disease, smallpox was still widespread. The culprits? A lack of funds, personnel and vaccine supply.

Meanwhile, outbreaks across South America, Africa, and Asia continued, as the highly contagious virus continued to kill three out of every 10 people who caught it, while leaving many survivors disfigured. It took a renewed commitment of resources from wealthy nations to fulfill the promise made in 1959.

Forty-one years later, although we face a different virus, the potential for vast destruction is just as great, and the challenges of funding, personnel and supply are still with us, along with last-mile distribution. Today, while 30% of the U.S. population is fully vaccinated, with numbers rising every day, there is an overwhelming gap between wealthy countries and the rest of the world. It's becoming evident that the impact on the countries getting left behind will eventually boomerang back to affect us all.

Photo by ismail mohamed - SoviLe on Unsplash

The international nonprofit CARE recently released a policy paper that lays out the case for U.S. investment in a worldwide vaccination campaign. Founded 75 years ago, CARE works in over 100 countries and reaches more than 90 million people around the world through multiple humanitarian aid programs. Of note is the organization's worldwide reputation for its unshakeable commitment to the dignity of people; they're known for working hand-in-hand with communities and hold themselves to a high standard of accountability.

"As we enter into our second year of living with COVID-19, it has become painfully clear that the safety of any person depends on the global community's ability to protect every person," says Michelle Nunn, CARE USA's president and CEO. "While wealthy nations have begun inoculating their populations, new devastatingly lethal variants of the virus continue to emerge in countries like India, South Africa and Brazil. If vaccinations don't effectively reach lower-income countries now, the long-term impact of COVID-19 will be catastrophic."

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For many people, seeing any animal in captivity is a tragic sight. But when an animal cannot safely be released into the wild, a captive-but-comfortable space is the next best thing.

That's the situation for a dozen female pachyderms who have joined the Yulee refuge at the White Oak Conservation Center north of Jacksonville, Florida. The Asian elephants, who are endangered in the wild, are former circus animals that were retired from the Ringling Bros. and Barnum & Bailey Circus in 2016. The group includes two sets of full sisters and several half-sisters. Elephants tend to live together in multi-generational family groups led by a matriarch.

Philanthropists Mark and Kimbra Walter, who fund the refuge for rare species, say they are "thrilled to give these elephants a place to wander and explore."

"We are working to protect wild animals in their native habitats," the Walters said in a statement. "But for these elephants that can't be released, we are pleased to give them a place where they can live comfortably for the rest of their lives."

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Photo by Daniel Schludi on Unsplash
True

The global eradication of smallpox in 1980 is one of international public health's greatest successes. But in 1966, seven years after the World Health Organization announced a plan to rid the world of the disease, smallpox was still widespread. The culprits? A lack of funds, personnel and vaccine supply.

Meanwhile, outbreaks across South America, Africa, and Asia continued, as the highly contagious virus continued to kill three out of every 10 people who caught it, while leaving many survivors disfigured. It took a renewed commitment of resources from wealthy nations to fulfill the promise made in 1959.

Forty-one years later, although we face a different virus, the potential for vast destruction is just as great, and the challenges of funding, personnel and supply are still with us, along with last-mile distribution. Today, while 30% of the U.S. population is fully vaccinated, with numbers rising every day, there is an overwhelming gap between wealthy countries and the rest of the world. It's becoming evident that the impact on the countries getting left behind will eventually boomerang back to affect us all.

Photo by ismail mohamed - SoviLe on Unsplash

The international nonprofit CARE recently released a policy paper that lays out the case for U.S. investment in a worldwide vaccination campaign. Founded 75 years ago, CARE works in over 100 countries and reaches more than 90 million people around the world through multiple humanitarian aid programs. Of note is the organization's worldwide reputation for its unshakeable commitment to the dignity of people; they're known for working hand-in-hand with communities and hold themselves to a high standard of accountability.

"As we enter into our second year of living with COVID-19, it has become painfully clear that the safety of any person depends on the global community's ability to protect every person," says Michelle Nunn, CARE USA's president and CEO. "While wealthy nations have begun inoculating their populations, new devastatingly lethal variants of the virus continue to emerge in countries like India, South Africa and Brazil. If vaccinations don't effectively reach lower-income countries now, the long-term impact of COVID-19 will be catastrophic."

Keep Reading Show less