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 listening to the entertaining and enlightening stories in the book, and learn how to live a sustainable life as a New Money Millionaire!
©2015 Two Harbors Press (P)2015 Red Planet Audiobooks
I like the author who was very candid about his life and the issues he faced. It is advice but also a story about life.
A person can change their life it just doesn't happen very often. A good book to read and reread.
Professional librarian type, amateur historian.
This audiobook has those little extras that I gather appeal to a slightly younger and male portion of the demographic (Black) that I'm in. Chapters would have some music or sound effects that I found a little irritating, the same way one may find a Tyler Perry movie irritating.
It is a good story, and I would recommend it to any young sports minded man or any one who may come into a large amount of money for a short amount of time. There is this belief that everyone is supposed to rise up, but the problem with it (as the author illustrates) is only so many people can ride someone coat strings and the height they reach can never be anywhere equal to the rising star's. Unfortunately for Mr. Buchanon too many people wanted too much and they weren't the ones risking physical injury and lifelong pain.
The "Staying Rich" part of the book is a little thin. A bulk is about the emotional blackmailers called family, fun friends, stupid financial wrong turns, and all the mistakes waiting to separate the suddenly rich from their money. That in itself was interesting. His plans for staying wealthy was towards the end and hopeful, with not a whole lot of proof that those will work out for him to keep him wealthy. But he's still young.
Phil does a great job at being transparent and helping others understand and relate to his money management plight. I have often wondered what obligations pro athletes have to family and friends once they have made it. I now see that it's quite complex.
It doesn't appear that New Money Millionaires want, need or can in good conscious turn a blind eye to request for financial assistance. Therefore, I'd like to see the NMM gift responsibly by using their money and influence to teach young ppl money management skills. Giving meaningful gifts can help the young person understand the basics to make better informed decisions and change their life. I own a company that does it everyday, so I know you can engage young people in financial literacy if you connect their money to their interest.
Thanks for telling your story. I hope it helps other pro athletes and entertainers move from a start-up to a kick starter for others.
I read the entire book in less than three days. The advice in the book would be great for people from all walks of life!!! The author was open and honest about his mistakes in hopes of preventing his readers from the making the same mistakes. I loved the book!!!
I'm s finance person and this book reminded me of how we need to live under our means and save for the future. Also I think every new money millionaire should read this. The take away I got is the new money millionaire should for sure not borrow and pay cash. And I would make family work for money. It's good to show money comes from work. Ok that's my review
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