July Book Of The Month Review: New Money Staying Rich
Every month we will provide a recommended read to help you on your way to take the next steps in becoming A Frugal Athlete. Our hope is that the books provided will help you make the prudent decisions both financially and career wise to help with your own personal playbook. Starting with the book and description, throughout the month we will engage you with questions and points made in the book. Ultimately leaving you with our key takeaways hoping to create open dialogue and discussion on different ways to ultimately become a frugal athlete.
New Money Staying Rich is a book by former NFL veteran, Phillip Buchanon. In the book, he divulges in the different circumstances a professional athlete may go through during their career and how to navigate around that to make sure you avoid the pitfalls of going broke. He uses his own personal stories to really engage with the readers and shares his teachings of how to manage coming into newfound wealth. Here are some of our Frugal Athlete takeaways from the book:
Type of mentors
The type of mentor you have can make all the difference in whether you end up broke or keep your wealth. It’s important to know what type of mentor you have because you can led down the wrong path otherwise. Whether you have Helium mentor or a Platinum mentor or another type of mentor in the book as Buchanon states, it’s important to understand who is there for ulterior motives and who is looking after your best interest.
Staying In Your Lane
Not all professionals are on the same pay scale. That’s just the way it is in sports and business That doesn’t mean you should try to show you can hang with the big dogs because that’s what you are supposed to do. It’s best to understand your financial situation be grateful that you are blessed to play your sport for a living and do what’s best for your own financial situation.
Friends Or Foes
"Show me who your friends are and I'll show you who you are." This quote rings true for what Buchanon stressed in his book. Whether it’s your day 1 homies or significant other or newly acquired friendships you have to set boundaries because if not you can end up on the wrong side of the financial tree because you let your friends influence you or even take advantage of you.
Street Approach v Wall Street
As a professional athlete you will soon realize why you need to get everything in writing. You can no longer take the "street approach" and hand out cash without the proper paperwork or lend money banking on somebody’s word….because when it’s time to collect you can’t use the "street approach." Understand you are now a business so you have to treat yourself like one and get everything done by the book.
Your idea of success at 19 shouldn’t be your idea of success at 32. As a professional athlete you have to continue to find ways to evolve and improve on your skills. If you are consistently being an innovator you will be better for it in the long run. You don't want to box yourself strictly as an athlete. always continue to find ways to innovate both on the field and off the field ...it will help you in the long run in all aspects of life