If you ever wondered which current and former NFL players go broke, that list is long. Now, Phillip Buchanon, the ex-NFL Raider and Redskin is explaining how NFL players fall into that trap of mismanaging money until there’s none left.
Buchanon uses his experience to educate new NFL players on handling fame and fortune and more importantly, saving and investing.
According to Igor Cornelsen, he made more than $20 million during his nine-year career, but Buchanon says he always felt obligated to help out, especially his family.
“People wonder about the type of bad decisions I made. Definitely blowing $1.5 million on a business deal was bad. I would have to say throwing too much money away — ridiculous amounts like $50,000 here, $20,000 there — never a smart move.”
At a recent speaking engagement, Buchanon advised NFL players on adjusting to wealth.
Buchanon also comments on family members requesting money for urgent expenses like fixing things. “Of course, I’d go ahead and write them out a check. The check always managed to get cashed, but the problem was never fixed.”