“Disrespect your money and you will end up broke.”
Growing up, Phillip Buchanon remembers having an uncle who before he died took care of the entire family financially. When he was on his way to the pros, Buchanon’s family reminded him there wouldn’t be any financial woes if Uncle Curtis were still alive. The seed had been planted and the now-retired NFL cornerback grew up believing once he made a lot of money, he too could take care of his entire family.
The pipe dream faded when Buchanon realized Uncle Curtis’ untaxed earnings from selling drugs were different from his taxed wages as a professional football player.
In New Money: Staying Rich, Buchanon doesn’t mince words on how important it is to manage friendships and family relationships when it comes to your money.
Read what he has to say about how not to go broke while in and after the NFL.
Why did you write this book?
I wrote this book for various reasons. One, it illustrates to the person who comes into new money what can happen. It breaks down situations you will face when you come into your wealth. Two, it’s for the friends and family who are associated with that person who gets all this money.
Would you call this a memoir?
It’s more of a self-help book even though I share situations I faced with family and friends, advisors, brokers and my bad business deals. I am sharing my story with athletes, or anyone who has new wealth. I share anecdotes. I discuss everything under the sun with readers from bashing by family members to friends calling you a sell out.
You change and the people around you change. It’s inevitable.
Do you have advice for family and for friends when someone in their circle gains new celebrity, fame and fortune on how they should treat them?
It’s the premise of the book. It prepares a person who has the money and their circle of family and friends by offering accounts of what will likely happen. It’s 30 percent autobiographical and the rest is advice.
To answer your question, the best advice I can offer is to read the book and to connect with people who’ve had the experience. It provides a different perspective.
Another piece of advice is for the friends and family to respect the person because he worked hard for his wealth. He did the workouts and made the sacrifices. After all that, to retain and increase his wealth, he has to experience drama from everyone like financial advisors who are financial molesters and brokers who make you broker. And, there are family members who not only want but think they deserve. It’s a tough situation.
–Phillip Buchanon is also the author of New Money, a comic book and Jenny Meets Penny, a children’s book.
