Former NFL player Philip Buchanon had a career run that he now says was dotted with several mistakes. He says that if he got a second chance, he would change a few things. To ensure that his experience wasn’t in vain, he’s come out with renewed enthusiasm to help other players to avoid making similar mistakes.
The former cornerback has penned a book, “New Money: Staying Rich,” detailing the mistakes he made. The goal of his book is to help others to stay away from the mistakes he made.
Buchanon was drafted into the NFL by Oakland Raiders during the 2002 draft. He later played for Houston Texans, Tampa Bay Buccaneers, Detroit Lions, and Washington Redskins.
During a one-on-one interview with BlackEnterprise.com, Buchanon revealed that the idea is to share his NFL experiences with football players through a book. He acknowledges that the idea was mooted by his aunt. After suffering from an injury, he authored a book and returned to the University of Miami where he finished 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.”
The “new money” factor, he believes, is something that affects several athletes. This is because most, if not all, players don’t have any background training on how to handle huge amounts that characterize pro football. He also believes that pro players should also be taught how to handle family.
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. Such a mentor would countercheck the proposals of the financial advisor before advising the player on the right decision to make based on each proposal.
The book also touches on a number of things, including friendships, living life the Hollywood way, and, yes, football and women.
What’s clear is that Buchanon is passionate about help young players avoid the kind of mistakes he made.