Ex-NFLer Phillip Buchanon urges rookies to be smart with money
Former cornerback Phillip Buchanon didn't make the best choices with his money during his 10 NFL seasons. That's why he's the perfect person to tell rookies what not to do.
Buchanon, a former first-round pick, is speaking at this year's Rookie Symposium with the hope that others can learn from his mistakes.
"When I got to the NFL, I was all dollars and no sense," Buchanon wrote on his blog. "I am here at the NFL Rookie Symposium to make sure that these NFL rookies don’t make the same mistakes that I did. I wish I had better mentors and I wish I had the right people around me. That would have impacted my career early on, no doubt."
It wasn't only Buchanon's mistakes that cost him, he also dealt with family members that wanted a piece of the pie. Buchanon has penned a book about his story and noted that his mother once asked him for $1 million for raising him.
"First, when they come into getting a lot of money, I want them to make sure it’s permanent money," Buchanon added. "I don’t want them to blow it all, and next thing you know, it’s gone. Determine the difference between wants and needs for yourself and wants and needs from your family. The second is making sure that they have people that they trust and talk to on a daily basis who can actually help them to be successful financially."
It's not easy to tell a player in their early 20s to bank their money and make safe financial choices. The temptation to splurge on luxury items will be great, but if some of these rookies heed Buchanon's advice, they will surely be thanking him down the road.
- With h/t to Pro Football Talk