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New Money: Staying Rich
"Disrespect your money and you'll end up broke."
From author Phillip Buchanon:
New money is like a newborn baby: it doesn’t come with an instruction manual. You better learn how to deal with it, fast!
Although they have a fiduciary duty, financial advisors should not care more about your money than you care about your money.
And yes, your “fun friends” and family will view you as an endless ATM.
You need to understand the difference between “I truly need it” and “I’d really like it” when dealing with those closest to you. New Money will help you understand when you’re being an enabler.
New Money: Staying Rich dispenses valuable advice, taken from first-hand experiences, to aspiring professional athletes, entrepreneurs, and anyone fortunate enough to be the beneficiary of rapid wealth.
Learn from my errors; don’t make the same mistakes I did. Have fun reading the entertaining and enlightening stories in the book, and learn how to live a sustainable life as a New Money Millionaire!
From author Phillip Buchanon:
New money is like a newborn baby: it doesn’t come with an instruction manual. You better learn how to deal with it, fast!
Although they have a fiduciary duty, financial advisors should not care more about your money than you care about your money.
And yes, your “fun friends” and family will view you as an endless ATM.
You need to understand the difference between “I truly need it” and “I’d really like it” when dealing with those closest to you. New Money will help you understand when you’re being an enabler.
New Money: Staying Rich dispenses valuable advice, taken from first-hand experiences, to aspiring professional athletes, entrepreneurs, and anyone fortunate enough to be the beneficiary of rapid wealth.
Learn from my errors; don’t make the same mistakes I did. Have fun reading the entertaining and enlightening stories in the book, and learn how to live a sustainable life as a New Money Millionaire!
- GenresNonfictionMoney
172 pages, Paperback
First published March 31, 2015
10 people are currently reading
136 people want to read
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Displaying 1 - 8 of 8 reviews
April 27, 2015
Super reminder and a must read! Love how his stories are so easy to connect with.
June 2, 2023
Overall, I think it's a good book for anyone to get inside the life of an NFL player who goes from having a very low net worth to millionaire status the next day. I truly believe anyone who has just won the lottery, received an inheritance, or is curious about how NFL players spend their money should consider reading this book.
Note: throughout the book I found grammar errors, etc. I don't think it should deter you from reading this book. There is definitely something you will learn.
Here's a quote that stuck with me, "I've noticed that it's a lot easier to find Fun Friends when you're in a position to spend money. It's no different than when you were a child and wanted to go to the friend's house that had the coolest toys. It's more entertaining.
I will soon post about Phillip's cheat sheet (see below):
1. Nobody will care about your finances more than you do.
2. The money mihgt be treat right now, but if you're not careful, it's not going to last forever (read #1)
3. When you're new to things, you do stupid things. Realize this going in, and wise up fast.
4. New money is like a newborn baby; it doesn't come with an instruction manual. You have to write your own.
5. While the Self-Made Millionaires were calculating how to grow their money, I was calculating how to spend my money. The sooner you learn this is a bad plan, the better
6. It became clear that the majority of New Money Millinoaires were spending as blindly as I was. These are not the people from whom you want advice. When you're out hthere aa a NMM, find someone with 20/20 vision.
7. Every lesson is a blessin'. Wh? We learn more from our mistakes than from our successes. Try not to repeat a mistake.
8. Start competing to be on top, financially, be the one who saved the most, the one that has more assets than liabilities, the one who has identified the best mentor.
9. Watch those that are in faster lanes than yours, and let them inspire you. Just don't jump into their lane too fast.
10. You can walk away with at least one important thing from every conversation you have. Listen more, talk less
11. Historical Friends aren't always your true friends
12. Mentors should stress the importance of doing things right, not right now.
13. Don't invest until you have solid mentorship, solid business partnerships, and a solid vision
14. Don't be afraid TO ASK QUESTIONS WHEN YOU DO NOT KNOW THE ANSWER. when YOU ARE LEARNING, THERE IS NO SUCH THING AS A STUPID QUESTION
15. Commercial and investment banks are just as capable of heling pay your bills as is a financial advisor
16. Poor company corrupts good character. Avoid bad influences
17. Your friends play a role in your ultimate success; choose them wisely
18. Head-Start Money doesn't last forever, more are you guaranteed a set length of time to live life comfortably. It's up to you to make it happen
19. Every time you sign a contract, ask yourself if you are also signing yourself up for a lifetime of pain
20. You must constantly retrain your mind for your next achievement and life pursuit. Ignite your post-game.
21. When you have learned enough life lessons, pass them on to your siblings and your children.
Note: throughout the book I found grammar errors, etc. I don't think it should deter you from reading this book. There is definitely something you will learn.
Here's a quote that stuck with me, "I've noticed that it's a lot easier to find Fun Friends when you're in a position to spend money. It's no different than when you were a child and wanted to go to the friend's house that had the coolest toys. It's more entertaining.
I will soon post about Phillip's cheat sheet (see below):
1. Nobody will care about your finances more than you do.
2. The money mihgt be treat right now, but if you're not careful, it's not going to last forever (read #1)
3. When you're new to things, you do stupid things. Realize this going in, and wise up fast.
4. New money is like a newborn baby; it doesn't come with an instruction manual. You have to write your own.
5. While the Self-Made Millionaires were calculating how to grow their money, I was calculating how to spend my money. The sooner you learn this is a bad plan, the better
6. It became clear that the majority of New Money Millinoaires were spending as blindly as I was. These are not the people from whom you want advice. When you're out hthere aa a NMM, find someone with 20/20 vision.
7. Every lesson is a blessin'. Wh? We learn more from our mistakes than from our successes. Try not to repeat a mistake.
8. Start competing to be on top, financially, be the one who saved the most, the one that has more assets than liabilities, the one who has identified the best mentor.
9. Watch those that are in faster lanes than yours, and let them inspire you. Just don't jump into their lane too fast.
10. You can walk away with at least one important thing from every conversation you have. Listen more, talk less
11. Historical Friends aren't always your true friends
12. Mentors should stress the importance of doing things right, not right now.
13. Don't invest until you have solid mentorship, solid business partnerships, and a solid vision
14. Don't be afraid TO ASK QUESTIONS WHEN YOU DO NOT KNOW THE ANSWER. when YOU ARE LEARNING, THERE IS NO SUCH THING AS A STUPID QUESTION
15. Commercial and investment banks are just as capable of heling pay your bills as is a financial advisor
16. Poor company corrupts good character. Avoid bad influences
17. Your friends play a role in your ultimate success; choose them wisely
18. Head-Start Money doesn't last forever, more are you guaranteed a set length of time to live life comfortably. It's up to you to make it happen
19. Every time you sign a contract, ask yourself if you are also signing yourself up for a lifetime of pain
20. You must constantly retrain your mind for your next achievement and life pursuit. Ignite your post-game.
21. When you have learned enough life lessons, pass them on to your siblings and your children.
October 31, 2017
Some interesting thoughts on the subject, but tried to get into details that made me glaze over (e.g. the difference between credit cards and debit cards).
June 28, 2019
Book that offers a pretty good view of what it's like to get rich in sports. I don't think I will be rich but it was fun to read about his story and hear about how people treated his money.
January 15, 2016
Very insightful look into Mr. Buchanon's life. He puts everything out there and doesn't hold back his mistakes or failures. It's an incredibly quick read with substantial substance. I highly recommend it.
July 26, 2015
It would be good if other players could learn from his mistakes.
I read that he has been speaking to players during training camps.
I read that he has been speaking to players during training camps.
June 8, 2016
Phillip Buchanon delivers great stories. The book is for financial beginners and new money millionaires.
July 16, 2018
Should be mandatory reading for every college athlete looking to move into the pro sports field.
Displaying 1 - 8 of 8 reviews