Why Cedric the Entertainer Shut Down the $25,000 Fund for His Family

While promoting his new book, “Flipping Boxcars,” comedian and actor Cedric Kyles, better known as Cedric the Entertainer, spoke with The Breakfast Club about an event that almost every family can relate to.

Cedric’s criminal drama Flipping Boxcars has a personal link to the singer. He based the protagonist on his granddad. The artist explained his method to debt management for family members.

Debt is a problem that affects families of all stripes, according to Finurah, but studies suggest that it impacts black families differently. According to a National Library of Medicine analysis, black households have a debt-to-asset ratio that is 50% higher than white families.

“I definitely know how to say ‘no’… I say ‘nay,’ I’m past ‘no,’” Cedric asserted when asked about how he handles family members borrowing money.

He revealed, “I used to have a whole fund for the family every year, $25,000 for whatever it is. You can get it if you qualified…not getting it for nonsense, but if you needed school money.”

The 59-year-old stated his sister maintained the money and that family members were only allowed to withdraw a portion of the sum rather than the entire $25,000. He shut it down not long after it opened because, in his words, “some people wanted bigger and bigger checks.”

Cedric the Entertainer has a long and prosperous career. His illustrious career began in 1993, when he was hired to anchor BET’s Comicview, a stand-up comedy showcase. Soon later, the comedian made his acting debut as the Cowardly Lion in the 1995 Apollo Theater version of The Wiz.

The actor has been in a variety of successful films throughout the years, including Barbershop, Madagascar, and Ice Age. In addition to The Steve Harvey Show, The Proud Family, and The Neighborhood on CBS, he has appeared in A&E’s Kings of BBQ with Anthony Anderson.

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