*Wow, we need more people like former NFL player Philip Buchanon, who after being a professional football player, and squandering all of his money, has written a book detailing that stage of his life – errors and all – to help others avoid his mistakes and maintain the life. The former cornerback says that if he got a second chance, he would do things differently. And he has found new enthusiasm since stepping away from the game, returning to school, and gathering his thoughts.
Buchanon has penned the book, “New Money: Staying Rich” to show others what to look for when new money comes their way, and how to avoid the pitfalls it can bring.
In 2002, the Oakland Raiders drafted Buchanon into the NFL. Since then he has played for the Houston Texans, Tampa Bay Buccaneers, Detroit Lions, and Washington Redskins.
During a one-on-one interview with BlackEnterprise.com, Buchanon said it was his aunt who suggested he write a book sharing his NFL experiences with football players. He had suffered an injury and began writing once he returned to the University of Miami to finish his education.
“While I was in school I just started writing,” he says. “I wrote a chapter based on family. I was going in pretty hard on the family, but it’s not to embarrass my family members. It’s to educate other people that are coming into new money.”
Buchanon is right on point in his efforts to warn other athletes about the “new money” factor. Most African American players especially don’t have any background training on how to handle the big paychecks that come with the sport; nor how to handle friends, family and even financial advisors.
In his new book, “New Money: Staying Rich,” Buchanon advises young money players never to put their full trust in their financial advisors. It’s because not all financial advisors have the best interest of the players at heart, and knowing that the player is new in the field, such advisors may take advantage of the players to gain more financially.
On that he says young players should each have a trusted mentor without any financial interests to give them counsel.
Read more at Financial Juneteenth.