Gabby Douglas' gold worth millions in endorsement deals
U.S. Olympic gymnast Gabby Douglas made history in July when she became the first African-American to win a gold medal during women’s gymnastics all-around event. The 16-year-old—dubbed “the flying squirrel” also helped her team to win gold medal in the women gymnasts all-around team competition.
History, world records and medals aside, Douglas’ gold triumph at the London Olympics is also expected to rake in a great deal of green for the Virginia native. Fact is, the multi-million dollar endorsements are already coming in. Douglas inked her first deal with P&G’s digital series “Raising an Olympian,” which features footage of her competing as a child followed by a deal with Kellogs that will immortalize her on boxes of Corn Flakes.
Industry experts estimate that Douglas will make $2 million to $4 million in each of the next four years, and are speculating her sponsorships to generate $9-$10 million.
"She's the new darling of America," said Bob Dorfman, executive creative director of Baker Street Advertising and author of Sports Marketer's Scouting Report. "She has the look, the great smile, and seems like someone who could be a compelling pitch woman of products to teens and pre-teens."
Take the Pledge of Financial Freedom
In the 400 year history of black people in America, the baby boomer generation is the only generation to raise another generation that will be financially worse-off,” says George Fraser, Chairman and CEO of FraserNET, recalling a front-page article he read last year.
“It’s an insult to our forefathers.”
Wary of seeing the black community “just not doing the right things with our money,” Fraser who had been speaking and writing about this problem for 25 years decided to do something about it.
His Solution: The Making Our Selves Economically Successful, or MOSES, Movement.
“Our vision,” says Fraser, “is to significantly improve financial literacy and money management skills. Our goal is to get one-million black people to pledge to the Ten Commitments of Financial Freedom, begin saving at least $50 a month, and then to become debt free.”
The NYU graduate and founder of the annual PowerNetworking Conference describes the Ten Commitments of Financial Freedom as something people can grab onto and use to guide their financial decisions.
When first conceiving the idea of the MOSES Movement, Fraser spent two years engaging other top black financial experts. These commitments are the result of that collaboration and include ideals that range from personal financial welfare to community mindedness.
Also important to the program are strategic partnerships. Among then are churches, other financial literacy programs, a credit union, and several community minded sponsors, including Prudential Financial, Inc.
“We are excited about the opportunity to partner with such an inspirational and iconic leader like George Fraser to change so many lives,” says Gloria Goins, vice president, Business Diversity Outreach for Prudential. “This makes sponsoring the Moses Movement particularly special.”
A church-based training program, The MOSES Movement operates on multiple fronts. Their community outreach begins by asking a church to host their $19.95 all-day financial literacy seminar, which includes lunch. Besides educating the attendees, Fraser asks the audience to sign a pledge to commit to the goal of financial freedom.
“We are a consuming culture and not a saving culture,” says the popular speaker and bestselling author. “I’ve been trying to convince my community to stop living above your means, which means you live above what you earn, and stop living even within your means, which means you spend everything you earn.
“Living below your means and put money away. Ultimately you’ll be able to fulfill the dream of every generation: the generational transfer of wealth.”
Additionally, they offer a follow up option. “Money Mastery: The 7 Keys to Your Financial Freedom” is a year-long course taught by financial powerhouse Cheryl Broussard. It includes a booklet, teleconferences, and workshops and can be purchased for $39.95.
“We don’t make our money by charging people for instruction and services,” says Fraser. “Whatever fees we collect basically covers the cost, if it even does that.”
What is more important, says Fraser, is that African-Americans learn how to become debt free.
“There’s a system for everything and I taught my sons that if you want to learn how to get an A, hangout with people who are getting As because they have a system for that,” says the Cleveland-based father of two.
“There’s a system for becoming debt free. It’s not a complicated system. It does require discipline, but once you learn the system and you apply it, your whole life will change. When you have little to no debt and you have money in your savings account, you have a whole different attitude and air about you.”
This system includes three essential steps, detailed at Moses project.frasernetpnc.com, that start with a one-month goal but offer the prospect of financial freedom in three years.
“One of most pressing needs within the American African community is the need for financial education coupled with corresponding financial action,” says Goins. “My hope is that the participants will get the necessary education, support and confidence to realize their financial dreams.”
The Moses Movement offers no quick fix. “It’s not some hype, it’s not some scam,“ says Fraser, “It’s easy to get caught up in a whole lot of BS in the financial industry. You have to be very, very careful.”
Fraser espouses that becoming financially free is not a matter of luck or skill. Attaining the goal requires an investment of time, effort, discipline and a course of action.
Having a support group, which is what Fraser calls his program, also helps.
“This is much easier to say than it is to do obviously or everybody would be debt free,” he says. “It’s not easy, but if you have a support group that is giving you the information the timely information you need and cheering you on, it just makes it easier.”
To take the pledge and take your first step to financial freedom visit: MOSESproject.frasernetpnc.com or call (216) 691-6686