By Lisa Zimmerman | Engagement Insider
Phillip Buchanon divides friends into three categories: Historical, fun and true. His journey as a player in the NFL shined a light on the intentions of those around him and how their actions impacted his own life.
“There’s a difference between historical, fun and true friends,” Buchanon explained. “Fun friends help you spend your money. Historical friends are the ones you grew up with and we get that confused with true friends. A true friend is someone you can meet at any time and they bring value to your life.”
Buchanon, a cornerback, was drafted by the Oakland Raiders in the first round of the 2002 NFL Draft out of the University of Miami. From that first moment his life changed in many ways and he realized that if he was confronting certain challenges, so were many others and decided that he wanted to figure out a way to give some guidance to others who found themselves in similar positions.
Buchanon played 10 years in the NFL, retiring following the 2011 season.
But the lessons he learned stayed with him. Early in 2015, Buchanon published his book, “New Money: Staying Rich,” in which he candidly discusses the many financial demands made on him, including those from his own mother, after he was drafted. His goal is to help others who encounter similar financial circumstances to circumvent and avoid the pitfalls that can ultimately lead to them losing the money they’ve earned.
“When you get new money you become the giver,” Buchanon said. “The taker doesn’t have a limit, but the giver has a limit. I wrote the book for rookies, veterans and family members. I want family members to see both sides. See all the people that are trying to take advantage.”
Over the years, Buchanon has watched as other players tried to navigate their new-found wealth, but often suffered from massive missteps. He saw some players who were compelled to try to keep up with teammates who were making far more money than they were and others who became victims of unscrupulous friends or associates. In many cases they ultimately found themselves back where they started – with little or nothing.
While athletes know what they need to do to succeed on the field, off the field the challenges are often foreign and confusing.
“A lot of people in high school play a lot of sports and they don’t know how to transition,” Buchanon said. “You won’t be broke forever. I want to prepare anybody who’s going to get money to know how to handle it. Abusers of all kinds can take advantage of you.”
Buchanon has always made a concerted effort to educate himself and compile resources in all areas of his life; any opportunity that has come along, he’s availed himself of. He has attended all of the NFL’s various player boot camps—Consumer Product, Broadcast and Franchising—believing that any and all information he could take advantage of would be an asset to his future.
“I was looking for some help, some wisdom and education from different sources,” he said. “That’s why I decided to go to all of them. If I want to be successful off the field I have to find resources.”
And Buchanon hasn’t just sat back and listened, he’s acted. In addition to “New Money: Staying Rich,” he has written several children’s books and comic books, part of the Littlefield Education Series, all of which are actually lessons on handling money. He’s also in the process of writing a novel, which will ultimately be a series and which he plans to try to turn into a television show or film.
As if that wasn’t enough, he has also developed a board game in conjunction with “New Money: Staying Rich,” continuing the same finance theme.
Buchanon synthesized his advice as it relates to finances. “Stay in your lane. You can be motivated by people in other lanes, but don’t get caught up in trying to compete.”
To read more about Buchanon’s journey and the lessons he’s learned: http://www.amazon.com/New-Money-Staying-Phillip-Buchanon/dp/1634131746.