Staying Rich I came across this rather fascinating book a few days ago. I’ve always thought that many an NFL player probably ended up broke. They flash money and can appear quite wasteful. These guys make a lot, but they have a lot of people taking a cut of the pie and most of them have a limited number of years to earn their money because they might get hurt, get cut from the team and so on. Even if they have a “long” career, that is only going to be a few years. They start out young and you know they aren’t thinking about managing money. So when I saw this book, I found the premise very interesting.
In addition, here’s a little quote from the book that I saw from a review at Foxsports:
After Phillip Buchanon was taken by the Raiders with the 17th overall pick in the 2002 NFL Draft, one of the first people he heard from was his mom, which makes sense because she’s his mom.
What didn’t make sense to Buchanon though was what his mom wanted. The woman who raised him said he owed her $1 million for the child rearing.
Buchanon, who played for five different teams during his 10 seasons in the NFL, recently wrote a book where he recounted that exact story.
Here’s an excerpt Buchanon’s book, New Money: Staying Rich (via FoxSports.com)
According to Buchanon, his mom had joked about the $1 million payment before, but she never sounded serious about it until after the Raiders drafted him out of the University of Miami.
My mother had said my debt to her was a million dollars before, but this time she was more serious than ever. If you do the math, one million dollars divided by 18 years of raising me was approximately $55,555.55 a year in restitution. Except, at age 17 I decided to move out of my mom’s house, choosing to live with a close friend and his father because I no longer felt secure in my own home. Why, you ask? Because my mother let people come in and out of our house and take what they wanted. So technically, even if we went by her logic, I only owed her $944,444.44 for her services over 17 years.
Is it petty that I’m knocking a year off her calculation? The fact that I have written this paragraph enrages me, merely because I’m entertaining the thought that her argument had any logic at all.
Here’s the blurb from the back of the book:
“Disrespect your money and you’ll end up broke.”
Most pro football players are terrible money managers. Sure, we earn plenty, but, generally speaking, we don’t know how to keep it. I almost went broke and became a negative statistic. Life after football is not easy. I had to re-invent myself as I navigated the playbook of life beyond sports.
New money is like a newborn baby: it doesn’t come with an instruction manual. You better learn how to deal with it, fast! Although they have a fiduciary duty, financial advisors should not care more about your money than you care about your money. And yes, your “fun friends” and family will view you as an endless ATM. Trust me, they will plead poverty and expect you to bail them out of their self-imposed financial emergencies. This book helps you understand the difference between “I truly need it” and “I’d really like it” when dealing with those closest to you. New Money will help you understand when you’re being an enabler or administering appropriate tough love.
New Money: Staying Rich dispenses valuable advice, told through first-hand experiences, to aspiring professional athletes, entrepreneurs and anyone fortunate enough to be the beneficiary of rapid wealth. Learn from my errors; don’t make the same mistakes I did. Have fun reading the entertaining and enlightening stories in the book, and learn how to live a sustainable life as a New Money Millionaire!