Phillip Buchanon wants rookies to learn from his mistakes and don’t let their families exploit them

phillip-buchanon-200x250Former NFL cornerback Phillip Buchanon surprised everyone with some of the things he wrote in his book. Buchanon, who was a first round pick in 2002 made headlines when he said that his mom demanded $1 million from him as payback for raising him. Those comments led to a lot of discussion and now Buchanon is taking his show on the road. Buchanon is at the NFL Rookie Symposium and he wants to make sure that these rookies to learn from his mistakes and don’t let their families exploit them.

 

When I talk about this, people sometimes ask what kind of bad financial decisions I made. I’d say blowing $1.5 million in one business deal was pretty bad. I would say giving a lot of money away – $50,000 here, $20,000 there – was not a smart move. When you are a young player with new money, you feel obligated to just give your money away because of the pressure that you feel, especially from your own family.

I wish I had a better understanding of it all and someone around me who was financially smarter than me, who could reason with me and say, “It’s ok to spend your money on this…but if I were you, I wouldn’t do this.” Mentors are very important because they can help you make better decisions in the long run. Ideally, you have mentors for different facets of your life – for football, for finances, for relationships, the whole 9 yards.

 

I think what Buchanon been there could be a value lesson because family isn’t the only ones that can exploit these players for their money.

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