1 in 6 NFL players declares bankruptcy 12 yrs after retiring; ex-player shares story in new book

The unwritten rules come with the new money. Every young pro knows them, and when the Raiders drafted Phillip Buchanon from Miami in 2002, he knew that the first is to buy your mother a house.

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“An uncle who was my father figure — he taught me how to hit in baseball; he was the first person I hit in pads (in football) — he said if I didn’t give him $10,000, he was going to rob that much from me,” Buchanon said.

And childhood friends? They’re the third unwritten rule. You’re expected to bring one or two into the good life with you. And choose wisely. Because if you don’t, you might be invaded at 3 a.m. by four or five men wearing ski masks, made to strip naked and have a gun stuck in your mouth if you don’t hand over $20,000.

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This is what the 10-year pro talked about recently at an NFL rookie symposium. It’s the cautionary lesson behind his book, “New Money: Staying Rich.” It’s why a half-dozen teams have discussed bringing in the retired cornerback to talk with players. He talks about ideas he wishes someone mentioned to him as a young pro.

http://www.sfgate.com/sports/article/Ex-Raider-Phillip-Buchanon-shares-lessons-learned-6400458.php

Speaking of which, anyone watching "Ballers" on HBO? Dwayne Johnson plays a former linebacker whose second career is in financial management -- pretty much dealing with exactly what Buchanon writes about. Decent show, IMO.