$7 Million at 18 to $112 Million in Assets: How Jacob Turner Built a Business After the MLB

Moneywise

Hampton

Business, Entrepreneurship, Investing

4.8 • 674 Ratings

🗓️ 19 November 2024

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

What would you do if you became a millionaire at 18? For MLB pitcher Jacob Turner, the real question was: how do I make sure I don't lose it all? Jacob signed a $7 million contract with the Detroit Tigers as a teenager, and suddenly, his life changed overnight. While most of us can’t imagine dealing with that level of wealth so young, Jacob had to figure it out fast—and he didn’t want to be another cautionary tale of an athlete who blew it all. Jacob Turner isn’t just a former MLB pitcher—he’s a financial expert with a mission. After a decade in professional sports, he transitioned into the financial world to help athletes and entrepreneurs navigate wealth. In this episode, we’ll explore the psychology of sudden wealth and how Jacob handled becoming a millionaire overnight at just 18. He shares lessons learned from his time in professional sports, including navigating the pressures of wealth disparity and resisting lifestyle inflation. Plus, you’ll hear how he transitioned into entrepreneurship, grew his financial advisory firm, and why he believes balancing purpose with wealth is the key to long-term success. We’ll also step into the financial locker room of pro ball players, getting a glimpse at how they really get paid and where their money goes. This is Moneywise, a podcast where hosts Sam Parr and Harry Morton are joined by high-net-worth guests to explore exclusive insights into personal finance and lifestyle tailored for other high-net-worth people, or those on their way. They'll get radically transparent about the numbers, revealing things like their burn rates, portfolios, and spending habits. Who is Sam Parr? Sam is a serial entrepreneur and the co-founder of The Hustle, which he sold to HubSpot in 2021. He's also the co-host of one of the world's top podcasts for entrepreneurs, My First Million. Known for his insightful business acumen and candid communication style, Sam Parr continues to be a prominent figure in the world of media and entrepreneurship. Sam's newest and biggest venture yet is Hampton, which he co-founded in 2022. Who is Harry Morton? Harry Morton is the CEO of Lower Street, a company specializing in premium podcast production that he founded to transform brand narratives through audio storytelling. His expertise has made Lower Street a leader in the podcast industry, working with diverse clients from startups to Fortune 500 companies to enhance their market presence and audience engagement. This episode also features an interview conducted by Andrew Namanny. Check out his podcast Permission to Shine. This podcast was made for the Hampton community, a private, highly-vetted, peer membership community for founders and CEOs of fast-growing, tech-enabled startups. Chapters: Jacob's Early Financial Experiences (01:59) Realizing Professional Potential (06:01) Navigating Sudden Wealth (07:33) Learning from Teammates' Financial Decisions (11:07) The Condensed Financial Timeline of Athletes (15:52) The Reality of Post-Athlete Life (19:46) Finding New Purpose (21:04) Lessons from Financial Advising (30:12) New Attitudes Towards Investment (33:49) The Value of Purpose Over Wealth (38:17) Conclusion and Final Thoughts (40:06) This podcast was produced in partnership with Lower Street and distributed by Morning Brew.

Transcript

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0:00.0	I can still remember going to bed the night before I signed and thinking about the fact that
0:06.4	like, I'm going to sign this contract that's going to pay me millions of dollars.
0:09.2	I think it's almost impossible to feel financially prepared as an 18-year-old.
0:13.3	A lot of the people we talk about on MoneyWise made money young in their 20s and 30s maybe.
0:18.2	But Jacob Turner, he became a millionaire overnight as a teenager when he
0:22.5	signed his first contract with the MLB. Some wealth is crazy already, but it's a whole different
0:27.2	game when it's literally because of a game. Today's episode is a unique one. Jacob didn't come
0:32.4	into money because he was doing the business hustle, but he quickly realized that the business
0:36.7	and financial knowledge
0:37.8	would be necessary if you didn't want to follow the story of the millionaire athlete who loses
0:42.1	it all. Because as an athlete, that fountain of cash can run out at any moment.
0:47.2	And the reality is with professional sports, father time catches up to everybody, and nearly
0:51.8	everybody will end their career in a situation that they didn't
0:55.0	think that they would end it. In this episode, we'll also step into the financial locker
0:58.9	room of pro ball players, getting a glimpse at how they really get paid and where their money
1:03.1	goes. I'm Harry Morton and this is Money Wise. Scroll through Instagram for 30 seconds and you'll
1:08.3	see a whole ton of junk teaching you how to get rich but none that teaches you how to handle life after you've made a little bit of money.
1:14.2	I'm a member of Hampton, a community of CEOs and business owners.
1:17.5	The members of Hampton range from new startups with 10 employees to public companies with
1:21.4	hundreds of millions in revenue.
1:22.8	So we see all types of private conversations and believe that some of them should be made
1:26.1	public, hence this podcast. In MoneyWise, we provide advice by speaking to people who've made a lot of money
	...

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