With the NFL in its offseason, New England Patriots Safety Devin McCourty says he's focused on securing generational wealth for himself and other athletes through a new venture capital mission called Broad Street Ventures. Co-founded by Malcolm Jenkins of the New Orleans Saints and Ralonda Johnson, current president of the organization, the group looks to educate athletes while helping them gain financially.
"For us, we wanted to create a vehicle that would allow Black and brown investors to learn about venture capital but also have access to some of the best deals in the tech and consumer space," Johnson told Cheddar.
McCourty said that his close friendship with Jenkins is what spawned his decision to invest with Broad Street Ventures.
"We played in an all-star game coming out of high school and we do a lot off-the-field things together, and I think from there he started to talk about a vision of having NFL players having access to a different kind of wealth," he said.
Both grew up in New Jersey before going on to their collegiate and professional careers.
For NFL players, unlike in some other sports like the NBA and Major League Baseball, contracts are not guaranteed, the average length of a career is significantly fewer years, and as a result, players often have to find other means to secure finances for their futures. McCourty said that Broad Street Ventures allows all athletes to learn about venture capital investing.
Ralonda Johnson added that the group provides information sessions where potential investors can not only learn the ropes but also about emerging technologies.
"Not everyone [who] attends may invest or not, but just so that they at least have an understanding of tech investing. We'll go over from seed through late stage, just as much information that we can give them," she said.
For McCourty, Broad Street Ventures presents an opportunity for professional athletes to change the perception that the general public may have of them. He said with this opportunity, sports figures aren't limited to just making plays on the field. They can invest and lift up areas and industries that they are passionate about, offering fans a closer look at the human and not just the athlete.
Gov. Daniel McKee breaks down the economic benefits of having a COVID 'test-to-treat' clinic in the state and shares his take on how to quell gun violence in the U.S.
Jonathan Fansmith, Asst. VP of Government Relations at American Council on Education, talks about the factors attributing to lower college enrolments and what institutes are doing to incentive attendees.
Scammers are cashing in on the crypto craze. According to a new report from the FTD, fraudsters have stolen more than $1 billion in crypto from 46,000 people since 2021. That's $1 out of every $4 reported lost to scammers paid in cryptocurrency, more than any other payment method. Chris Pierson, the founder and CEO of BlackCloak, gives tips on how to protect yourself from scammers.
Inflation is forcing many Americans to put their retirement plans on hold. According to a new survey from BMO Harris Bank, 25% of people will need to delay their retirement because of rising prices, and 21% of respondents are saving less money for retirement to keep up with the growing costs. Paul Dilda, Head of Consumer Strategy at BMO Harris Bank, breaks down the survey and gives some tips on how to keep up with rising prices.
The labor market continues to be hot, with job openings at record highs and jobless claims dropping by the thousands. While that's good news for workers, experts say it can add to inflation risks and make the Fed's job even harder when it comes to cooling inflation. José Torres, Senior Economist at Interactive Brokers, breaks down what a tight labor market means for the economy.
Amazon's stock split officially takes effect today. It's a 20-for-1 split, meaning if you own one share of the e-commerce giant, you'll have 20 shares after the split, with each costing about 1/20th of the previous price. Jeff Zananiri, the head trading strategist at Joy of the Trade, breaks down what the stock split means for investors.
The labor market continues to be strong. The U.S. added 390,000 jobs in May, while the unemployment rate held steady at 3.6%. Julia Pollak, Chief Economist for ZipRecruiter, breaks down the latest data and what it means for the economy.
In another round of sweeping sanctions against Russia for its war on Ukraine, European Union leaders have agreed to ban the vast majority of Russian oil by the end of the year. But, the embargo covers only Russian oil brought in by sea, allowing an exemption for fuel imported via pipeline. Christine McDaniel, a senior fellow with the Mercatus Center, discusses just how significant this deal is, and what impact it might have on the global energy sector.
