If you land a wealthy career like former NFL star Phillip Buchanon did when he was drafted by the Oakland Raiders in 2002, you would think that financial efficiency would be a number one priority. Hell, for us regular folks, you would think money management would be a priority.
But Buchanon knows that most people dont quite know how to manage their money, especially if youre new to wealth. In fact, he was guilty of blowing millions of dollars at one point. Thats why he created New Money: Staying Rich, an interactive board game. The game is based on Buchanons book of the same name, and is designed to teach players useful lessons about the importance of financial literacy.
In this JET exclusive, Buchanon shares what he hopes to achieve with the game and why more people should pay better attention to their finances.
JET: Lets talk about New Money: Staying Rich. What inspired the board game?
Phillip Buchanon: I have personal experiences I share in my book, New Money: Staying Rich that motivated me to create the board game. Some of the lessons set forth in my book are incorporated into the board game, and I wanted it to be very realistic and true to life. New Money will be the modern monopoly that educates families about the importance of good financial habits.
JET: What lessons will players learn about finance and how?
Buchanon: Players will learn [how to navigate] real-life issues that come with getting a lot of money. [Theyll encounter several situations] from dealing with family issues, loaning money, baby mama drama, and reckless spending to learning how to intelligently manage your money. Like life, the game is unpredictable, so your success in this game will depend on the luck of the dice and the cards you are dealt.
JET: Financial literacy seems like a must in order to survive in life, yet many people dont prioritize it.
Buchanon: Very few people are born into a family where parents teach their children the fundamental tenets of financial literacy and how to manage and invest money wisely. A lot of people, like myself, had to learn the hard way by the school of hard knocks. And some people never learn, which is sad, but true. Thats why I created the New Money: Staying Rich board game to educate and entertain people at the same time.
JET: Any last thoughts on the game and the importance of financial literacy?
Buchanon: This aint Monopoly Money! This is New Money! I learned the hard way managing money is no easy task. This project is very important to me because it hits so close to home. Not everyone has access to a proper financial education or mentor. Players learn the consequences of a lack of prudent financial decision-making. Kanye West said hes $50 million in debt. How does that happen? Well, play this game and you will find out how it can happen. Youll also learn how not to let this happen to you once you get your millions.
The book, New Money: Staying Rich is available now. For more information and to donate to the games Kickstarter campaign click here.