Tags: phillip buchanon | draft

Phillip Buchanon Draft by NFL Prompted Mom to Ask for $1M

Image: Phillip Buchanon Draft by NFL Prompted Mom to Ask for $1M
(NFL via Getty Images, 2011 file)

By    |   Monday, 13 Apr 2015 08:23 AM

Retired football player Phillip Buchanon wrote in his new book about personal finance that after being drafted by the NFL in 2002 and receiving a multimillion dollar contract, his mother said he owed her a million dollars for raising him.

"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," Buchanon wrote in his book, "New Money: Staying Rich," reported the San Jose Mercury News.

Buchanon, the 17th overall pick in the draft, received a reported $12 million when he signed with the Oakland Raiders. He would go on to play for the Texans, Buccaneers, Lions, and Redskins before retiring in 2011.

"When I got to the NFL, I was all dollars and no sense," Buchanon told Fox Sports about why he felt compelled to write a personal finance book. "I want to make sure the next generation of athletes doesn't make the same mistakes."

In the book, Buchanon goes on to calculate that his mother was essentially charging him $55,555.55 a year to raise him.

"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," he states.

He soon bought his mother a house instead, but it was too big.

"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," he explained.

When Buchanon tried to get his mother to downsize to a smaller house, he had to negotiate further.

"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."



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Retired footballer Phillip Buchanon wrote in his new book about personal finance that after being drafted by the NFL in 2002 and receiving a multimillion dollar contract, his mother said he owed her a million dollars for raising him.
phillip buchanon, draft
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2015-23-13
Monday, 13 Apr 2015 08:23 AM
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