While most athletes experience the usual cycle of coming into a ridiculously glorious amount of money, spending it with a savagery that can only be rivaled by how I eat a delicious burrito and going broke in the saddest and most depressing of manners, Phillip Buchanon has chosen a different route.
Buchanon saw his retirement, not as a time to transition into sports analysis (which is also a great and successful choice for many athletes…sports is what many of them know best), but instead to impart his financial knowledge on the youth. In his new book, New Money: Staying Rich, Buchanon aims to share with readers how to handle, save, spend and invest their money to ensure a sound future for themselves.
After playing for the NFL for 10 years as a cornerback for teams like the Oakland Raiders, Detroit Lions and Washington Redskins, Buchanon felt well equipped to share his gained knowledge on handling money in a responsible manner. This spurred his desire to share these tidbits with others who he believes can benefit from them.
In his book, he talks about his regrets from the initial large sums he spent when he first came into money, his beliefs on how money should be viewed and used and his tips on the best ways to make the most out of your funds.
Props to Buchanon for choosing to not be another statistic and inviting our youth to do the same by presenting them with relevant and usable knowledge, instead of how to solve for x, which I have yet to do since my college graduation…not once.