Moneywise

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

105 snips
Nov 19, 2024
What happens when you're a millionaire at 18? Jacob Turner faced this challenge after signing a $7 million MLB contract. He shares how he navigated the pressures of wealth, avoided lifestyle inflation, and transitioned into entrepreneurship. By leveraging his experiences, he founded a financial advisory firm to help others manage wealth. The discussion highlights the emotional challenges athletes face post-sports, the significance of financial literacy, and the importance of purpose-driven wealth management.
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ANECDOTE

First Million-Dollar Check

  • Jacob Turner signed a $7 million contract with the Detroit Tigers at 18, receiving his first check of $1.2 million 30 days later.
  • He was surprised by the significant tax deductions, a new experience for him.
ADVICE

Importance of Education and Prudent Money Habits

  • Prioritize education for more life options, even if pursuing a professional sports career.
  • A background of financial prudence instilled by parents can significantly influence later financial decisions.
ANECDOTE

Life After Signing

  • Despite signing a $7 million contract at 18, Jacob Turner felt the same the next day.
  • The sudden wealth changed everything and nothing at the same time.
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