Cedric the Entertainer shut down $25,000 fund for his family after they started asking for more

While promoting his new book, “Flipping Boxcars,” comedian and actor Cedric Kyles, best known as Cedric the Entertainer, spoke with The Breakfast Club about a relatable event that almost all families go through.

Flipping Boxcars, written by Cedric, is a crime thriller with a personal connection to the performer. He modeled the main character after his grandfather. The entertainer gave an explanation of his approach to managing family members’ debt.

Debt is a problem that affects families of all stripes, Finurah noted, but studies show that it can affect black families more specifically and in a more distinctive way. According to a National Library of Medicine report, the debt-to-asset ratio of black households is 50% higher than that of 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 said that his sister oversaw the fund and that family members were only permitted to withdraw part of the total instead of the full $25,000. He closed it down shortly after starting because, in his words, “some people wanted bigger and bigger checks.”

Cedric the Entertainer has had a long and successful career. His remarkable career began in 1993 when he was hired as the host of BET’s Comicview, a stand-up comedy showcase. Soon after, the comic tried his hand at acting, landing his first part as the Cowardly Lion in the 1995 Apollo Theater revival of The Wiz.

Over the years, the actor has been in a number of successful films, including Barbershop, Madagascar, and Ice Age. He has also been in hit sitcoms such as The Steve Harvey Show, The Proud Family, and The Neighborhood on CBS, as well as A&E’s Kings of BBQ with Anthony Anderson.