National Football League

Ex-NFL player Phillip Buchanon shares drawbacks of newfound wealth

Published Apr. 3, 2015 11:00 a.m. ET

Aaron Torres

The NFL Draft is now just a few weeks away, which means that a whole new crop of former college football stars is about to get paid!

But while we as fans only think about the cool side of being a pro athlete --- the cars, vacations and women --- there is a very real, and much darker, side. It's one filled with everyone from friends, family members and agents trying to get a piece of these young athletes coming into new money.

It's something that most of us could never imagine, but it's also something Phillip Buchanon experienced first-hand.

Buchanon, a former first-round NFL Draft pick of the Oakland Raiders, played nine years in the NFL and experienced it all; family turning on him, friends stealing from him, and even a robbery that nearly took his life.

But Buchanon survived, and decided that he wants to help the next NFL rookies, who will hopefully avoid all the pitfalls.

This week, Buchanon released his first book, "New Money: Staying Rich", an in-depth, and at times very scary account of what it's like to be a professional athlete. Buchanon discusses everything that comes with life in the NFL, and most importantly, what it's like dealing with the pressures of family members and friends who think that just because you made it big, they did, too.

"When I got to the NFL, I was all dollars and no sense," Buchanon recently explained to FOX Sports. "I want to make sure the next generation of athletes doesn't make the same mistakes."

The book is the latest venture for Buchanon, who also wrote a comic book on the same subject, and who is continuing to do whatever he can to educate a younger generation. As a matter of fact, he thinks more people in similar situations should also write books.

"I encourage everyone to do stuff like this," he said. "More people who've had success in all fields should be writing these kinds of books."

Buchanon's book is, in fact, out, and he was nice enough to give FOXSports.com an exclusive excerpt. Here is Buchanon, discussing how his relationship changed with his mother, once he made it big:

Soon after the draft, she told me that I owed her a million dollars for raising me for the past 18 years. Well, that was news to me. If my mother taught me anything, it's that this is the most desperate demand that a parent can make on a child. The covenant of having a child is simply that you give your child everything possible, and they owe you nothing beyond a normal amount of love and respect. There is no financial arrangement. If you get old and infirm, and your kids are around to help you out at that point, then you're lucky. It's not written in the social contract. The mothers and fathers of the world have been rearing their kids for generations -- in every culture imaginable -- and it's a one-way street when it comes to money. If they pay you back someday, and you really are going through hard times, then that's just a bonus, a gratuity for being a great mother or father.

My mother had said my debt to her was a million dollars before, but this time she was more serious than ever. If you do the math, one million dollars divided by 18 years of raising me was approximately $55,555.55 a year in restitution. Except, at age 17 I decided to move out of my mom's house, choosing to live with a close friend and his father because I no longer felt secure in my own home. Why, you ask? Because my mother let people come in and out of our house and take what they wanted. So technically, even if we went by her logic, I only owed her $944,444.44 for her services over 17 years.

Is it petty that I'm knocking a year off her calculation? The fact that I have written this paragraph enrages me, merely because I'm entertaining the thought that her argument had any logic at all. Maybe if I had become super rich, I could have written the check and been done with it. But, like blackmail, there is never any end, is there?

Please do not think I'm being ungrateful or cheap. I had already followed the unwritten rule of any NFL New Money Millionaire: I bought my mother a house. I also advised her to sell the old one I grew up in when I put a new roof over her head, but my mother had other plans. Instead of selling my childhood home, she decided to rent it to my aunt. So I had to finance my mother, the budding landlord. Only this wasn't an investment. It was an encumbrance, because I didn't share in my mother's profit-making scheme. For the next seven years, I continued to make mortgage and maintenance payments on both homes.

I learned from this expensive lesson that big-ticket purchases for family members, such as houses and cars, should be evaluated with the following questions in mind: If you were unable to make payments for these purchases, would that particular family member be able to make the payments? Twenty years from now, who will be paying the upkeep on the house? You or your family member?

Then there's the respect part of the equation. Are these family members respecting the gifts you give? For years, my mother left the lights on in the house without a thought as to how much I paid for electricity. This is a corollary of an old cliche that I've heard many times, that your kids won't turn out the lights when leaving a room until they grow up and have to pay their own utility bills. It used to refer to kids, but in my case it fit right in as applicable to my family of Adult Abusers.

Anger built up inside me as my mother collected rent from our old house and never offered a cent to offset the expenses. It got to a point that I had to kick her boyfriend out. She accused me of messing up her life. What she didn't see was that her boyfriend was pimping her and me out. He wasn't bringing anything to the table, just taking.

When I told my mother she would have to take care of the maintenance after I paid off the mortgage on her house, she told me she would not be able to afford the upkeep on a house that big. In fact, she made it seem like it was my fault for picking out a house that big. In part, she was right. I bought her a house with my luxury taste and no real wisdom behind it. It was an uneducated purchase. Many NFL players choose a wiser route: they buy a reasonably sized home, pay for it in cash, keep it in their name, but gift it to their mother.

I tried giving my mother that option the second time around. I offered to buy her a comfortable house in my name for her to live in. This way she wouldn't have to take out any loans or put my little sister and brothers in a situation where the roof over their heads could be taken away. She'd move out of the house that was too big for her and into this new one. Instead, she opted for $15,000 cash. She told me that if the new house didn't have space for two living room sets, she didn't want it.

Here's what she really meant: She did not want to be embarrassed by downsizing from the home I'd originally bought for her. She was stubborn (a trait I get from her) and decided to take the cash despite my advice. I told her that if I gave her the $15,000, not to come calling when she got into trouble. Needless to say, she ended up calling. And, what's worse, she lost the house.

I found it ironic that my mother thought she could manage my finances better than I could, yet she could not provide proof of making any money from the schemes she had set up. One day I let my anger get the better of me and asked her, "If you're so smart, why haven't you put together a plan to make money off of the money that you are saving from the expenses you aren't paying?" The year I became a New Money Millionaire, I took every expense off of her hands except for food and fun money. This led her to challenge me to a money-making contest. "Oh, so you think you Phillip f*****g Buchanon? Since you think you're smarter than your mother, we're going to have a competition," she said. "You give me a certain amount of money and you budget yourself a certain amount, and we will see who makes the most money from it." I laughed, giving her credit for another attempt (a creative one at that), but she tried to fool me again. She even played upon my weaknesses because she knew that I rarely turned down a competition. Of course, I never went for this little scheme because I knew there was no way I could win. My mother would never win either because she'd simply go through the cash in a hurry. Then she'd need another clever idea to get another check. I wasn't going to make the same mistake again.

I eventually learned how to deal with the numerous "family emergencies." Early on, I found myself in too many situations where some relative would come to me and claim they needed something fixed. So I'd write them a check; of course, the problem never got fixed. The check, however, always got cashed. By trying to fix a problem, I created an additional one for myself.

I finally learned how to cope with this type of request. I paid the bills directly to the company or handyman doing the work. It was amazing to see how my family responded when I told them I would take care of it. They tried to lay the heaviest guilt number on me. I can still hear their muttering tones with tinges of disgust: "Nah, man, I'm cool. Forget about it." This response meant they knew I was on to what they were up to. I had caught them red-handed, committing an act of adult abuse.

It took hundreds of thousands of dollars, far more than the cost of an Ivy League education, to learn this lesson. I can at least attribute it to my mother. It's true; mothers have a way of making you learn the most important lessons in life.

You can purchase the book here, and be sure to follow Phillip Buchanon on Twitter @PhillipBuchanon.

Follow Aaron Torres on Twitter @Aaron_Torres