$7 Million at 18 to $112 Million in Assets: How Jacob Turner Built a Business After the MLB
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I can still remember going to bed that night before I signed and thinking about the fact like i'm going to sign this contract is going to pay me millions of dollars. I think it's almost impossible to feel financially prepared as .

A A lot of the people we talk about on moneywise made money Young and twenty and thirties maybe but Jacobson a he became a million a overnight as a teenager when he signed his first contract with the MLB. Some wealth is crazy already, but it's a whole different game when it's literally because of a game. Today's episode is a unique one. Jacket didn't come into money because he was doing the business hostel, but he quickly realized that the business and financial knowledge would be necessary if you didn't want to follow the story of the millionaire e athlete who loses IT, all because, as an athlete, that fountain of cash can run out at any moment.

And the reality is, with professional sports, father time catches up to everybody, and nearly everybody will end their career in a situation that they didn't think .

that they would end do in this episode. Will also step into the financial locker room of proper players. Can you glimmer IT how they really get paid and where their money goes?

I'm parry molton, and this is money's go through in scram for thirty seconds and you will see a whole ton of junk teaching you had to get rich, but none that teaches you had to handle life after you've made a little bit of money. I'm a member of hampton, a community of CEO and business owners. The members of hampton ranged from new startups with ten employees to public companies with hundreds of millions in revenue.

So we see all types of private conversations and believe that some of them should be made public. Hence this podcast. In mony's SE, we provided vice by speaking to people who made a lot of money, and they get radically transparent about what they earn, how they spend, how they invest.

But more importantly, they talk about the impacts that money has on their lives and how they manage those impacts. And so of course, if you're the sea of a start up gotta, check out john hampton dot com, you'll be a part of the group of up to eight people who are similar to you. You'll have access to thousands of members.

Loads of in person events is amazing. Go check out john hamp ton dog on. All right. So before we get into today's story, let's wrap our heads around these numbers. For Jacob IT all started with a seven million dollar contract with the detroit tigers, but it's not like that money dropped into his account all at once.

So the seven million dollars was roughly a guaranteed amount, and I was split over a certain period in time. I believe the very first check I got was thirty days after I signed that contractors for one point two million dollars. The biggest thing I remember about IT was how much came out from taxes, because as an eighteen year old, i'd never been paid taxes before, never follow the tax turn.

I didn't understand how taxes work. And when somebody shows you a percentage of what you're going to pay, IT doesn't quite a quit in your mind of what the dollar amount that you onna pay is. So seeing hundreds of thousands of dollars come out for taxes was pretty eyes opening. That was my biggest takeaway from that first checked came in.

I mean, that checks out. Remember who you are, eighteen, how small the world felt. But now this money was opening new horizons for the next decade. Jacobo cashes checks .

in terms of what the peak payout was in a given year. I peak, I was a little over two million dollars in a given year.

He play baseball and in his downtime, live as a regular twenty something. Well, except for the meets with this financial advice, most of us don't do that so early. But Jacobs spent a decade learning to grow this money. And by the end of his career.

my liquid that worth in terms like assets I was spending was between ten and fifteen million dollars. So if you think about that in terms of I made around fifteen, I didn't spend a ton of IT. I invested IT early on to me. I think that's a great example of the opportunity that anybody has that comes into sun wealth, whether it's an athlete, whether it's a business owner, whether it's inheritance. I looked at pretty good life and I was playing, but I ended my career and really a little more spots how much money I earned.

Yeah, and you were twenty nine at that point is correct, twenty nine. So when jack had left the baseball field, his financials were looking really healthy. Thrown away is shot.

And that's because the whole time he was looking further down the line. So to explain how we turn this vision into reality, we need to go back to the very stop. Jacket grow up, instant Lewis, missouri, with a family who had a pretty sensible .

attitude towards money, a where we come from dict ates. A lot of what our financial decisions are later in life. So my dad is a small business.

I mean, they did a couple hundred thousand dollars in revenue a year. My mom had an accounting background, so SHE understood numbers. I always love to understand how people made money, how people spend money.

I can still remember as a kid driving on the street by our house that has a bunch of small businesses still there today. I still living in Lewis and thinking, I wonder what these businesses do like. They have to be doing well.

They have these buildings, have these big parking lots. All these people are coming here. So even from the time that I was growing up, that influence of my life ended up being huge because they were able to talk about money, and we understood what saving was. And when I say we, my two brothers and I so I think I had a huge impact on how I thought about money in the early stages, for sure.

When they strict around money as kid, do you feel that you had a good foundation? know? Did you feel confident about money before you made any of IT? I think they were print .

around money as well, I would say. And I can remember to give you an example, I can remember in two thousand and seven and two thousand eight, when the economies turn here in the united states, remember, we used have a cash draw and in the cash dry, but he was cash and IT was for discussion spending. So my dad, do you go to eat? And if there isn't any money on there, on friday, at night, we were going to go. That was my mom's way of essentially budgeting without us really having a budget. But the prettiest that they instill in me was this idea of just Frankly, living below your means that we don't have to spend everything that we make and that we should be saving some of IT for the future.

See, the thing is, before he became a millionaire, Jacob already had a very healthy philosophy around saving. And I kind of set the tone for the rest of his life, which is good, because, well, you know, things are about to take a turn. A really incredible time growing up.

I never thought that I was to be a professional baseball play. There was my dream, right? But i'm also relatively of realist to understand that the odds of that happening, we're pretty low. I started playing baseball because I love baseball, and I had the god given ability to do IT at a really high level for me, the that we thought about that my parents were very big on school. I understood that if I went to school, I was going to have more options later on in my life.

Then if I didn't go to school and I signed out of high school, I would say I was probably sixteen or seventeen when I realized that my talent level dictated that there was an opportunity for me to employed the professional level. But to be honest with you, Harry, I wasn't until I was probably six to twelve months before the mb draft that I realized quite the level that I could get drafts to that I think the financial component was a huge component of IT. Like, I will not sugar go that if I designed for what I would consider a life changing about the money I want to school.

Yeah, I mean, I just can't imagine, like what does IT feel like to be signed for seven million dollars at the age of eighteen? I mean, that's kind of a crazy thing to wrap my head around. As such a Young kid.

they were in negotiation with my agent and citing that contract. I can still remember going to bed that night on someone of this incredible high, I think is almost like a naive high or eighteen years old. I didn't really know anything about money.

I had a couple hundred dollars in my bank account at the time. But then to be asked with you is changed everything. But I also changed nothing, because I comer waking up the next day and remember thinking what I feel the exact .

same yeah and I guess he just went to practice and god started. So yes, for all intensive purposes, Jacob was the same guy. But it's not so simple because at eighteen, Jacob didn't know a ton about wealth management and he didn't want to mess things up.

I went from making sure I head enough money, my bank account t to build, to pay for gas, to go hang out with my friends, to there's millions of dollars coming in. And yes, my mom had this accounting background, and yes, my dad on a small business. But even if you think about a financial team, cpa and financial advisors in the state, winning attorneys, my parents had never done any of that.

So this was an entirely new world to me to understand. Okay, I can hire somebody to help me with this. And what does that person even do? And who should I hire? And what question should I ask? And freely IT gave me more anxiety than he gave me excitement at the time, because I knew the basics of, if I don't mess this up, this could be really good.

And i'll never forget a conversation my mom had with me. And he said, jack, we will help you find the right team of people around you. But at the end of the day, this money is your responsibility, and you need to be a good student of IT. And I think that was her way of saying, we've raised you the right way for you to understand that you need to able to make these decisions on your own life. We will help you every step of the way.

And this is something that I think is really important for people understand with money, no matter who you hire, no matter what parents you have, no matter what your experiences is, is at the end of the day, the money is still your responsibility, your responsibility to understand the basics of what's happening and why you're doing things the way you're doing and what you're spending money on and what you're saving money for. Yes, you can hire great people. Yes, we will help you with that.

But at the end of day, you need to understand what's going on. So I really LED me to have what I would call a third for knowledge around making sure, how do other, other people do this? How should I do IT? And am I doing this right?

Ultimately, that conversation was the catalyst for everything that followed the early money placements, a decades worth of savings, launching his own business. And we're gonna get to that in a moment. But first, let's hear how Jacob navigated his earlier that right after quick outbreak.

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So okay, the year two thousand and nine, japs, eighteen, and he's off to play major leake baseball into roy go tigers. He has pocketed his first one point two million dollar check. And now we're all thinking the same thing, right? That could be a recipe for disaster.

I mean, you're an eighteen year old mail with a giant cash. Jackson, literally overnight. But actually I .

didn't make any big purchases for about a year and half. And I was spending probably around a thousand dollars a month on just Normal living expenses, directionally living expenses, essentially spending nothing a thousand .

dollars a month. You heard that, right? Jacob had millions in the bank, and he was paying himself one whole thousand.

That's pretty astonishing. Self control at the age of a team. And what's more, he didn't give himself big pocket money either.

The biggest purchase that I made was I bought a new computer. I think I was like fifteen hundred box that was a new apple macbook pro, but not buying something that was a massive purchase, whether was a house or rather was a new car, was the best thing that I ever did.

And I didn't really understand the ins and outs of my money, or the ins and outs of how taxes worked, the ins and outs of my investment portfolio, the ins and out of really anything with my financial life. And I don't think there's a time frame on when people should do this. But when I think about people that are navigating, when I will call sudden wealth and certainly getting seven million dollars and eighteen years old as sudden wealth, yeah, I fell into the best outcome that I could have, which was not buying anything big early.

And they gave me time to process, even as an eighteen year old, what was important to me, what did I actually need versus what did I not need? And I think the benefits of doing that, I still see compounding. To this day.

i've got to imagine some of your teammates were not as wealth grounded as you and did not display the same level of patients, let's call IT. I just wonder what I was like to kind of watch your teammates, girl, and maybe use that money slightly differently. Was any desire to go at all?

There were certainly desire to do IT people talk about keeping up with the Jones is going to comes to money. And there is no greater gap in a professional sports locker. So play out the scenario of on one side you could get drafted, have signed for essentially a plane ticket and maybe ten thousand dollars, and be in the same locker room and spring training for baseball as.

Guy across the way that's making twenty five million dollars. So you have no money. This guy is making twenty five million dollars per year and you're in the same workroom. You're experiencing the same sort of life for that time here in spring training. And I can't think of a bigger gap that happens on a data day basis.

If you think about a CEO of a probably traded company, they're not sitting ten feet away from the person that is has the entry level role or the internet, the company and in a professional sports. Docker, am, you're seeing that every day. I saw guys by Mercedes s bends because mercy's bends brought the cars to the deal ship, and they said, I want that one.

And I remember thinking in my mind like i've I mean, surely there was no negotiation. There was just they brought him here. You picked the one you wanted IT was the s.

Five fifty. That's the one that you drove home that day. I've seen people spend tens of thousands of dollars at the mall after a check came in.

Because if you think about professional sports, you're getting paid even in the short period in time to a it's not over the course of the whole year, might just be during the playing season. So for a baseball player, I could be twelve checks in the year. So you break down to twenty four million doors contract. You're getting paid two million dollars every two weeks during season.

Yeah, it's kind hard to fat him.

See, the thing is Jacob s has always been someone who thinks about money critically. I'm sure you've picked that up already early on when there's a wealth disparity on his team. He examines all the players habits. He pays attention to how their spending and crucially, he identifies the risks that come with the sudden everything at once, financial freedom.

I think there's a lot of naive ness around money when IT comes to professional sports. And I think a lot of IT stamps from the same confidence as you have to have to be able to play sports at the highest level, can also be your biggest detachment when IT comes to money.

Because what I saw, a lot of guys that were making millions of dollars, and they thought I will always be making millions of dollars because i'm the best player, my sport, or I believe in myself so much. And the reality is that they didn't have that belief. They would have never gotten to the situation they were in today. But sometimes when to come to the financial side of IT, that can be the biggest detriment. So the confidence that got you to wear you're at is also the biggest hindrance when IT comes to your money.

Is there middle ground? You think other people that display healthy kind of relationships to money know in the active parts of their career? Professional sports people.

they're definitely are. But I I firmly believe that IT takes time. When I think about one of the biggest benefits that you get as a professional athlete coming into money outside of just the financial component that you're getting this money to really Young age, you have all the time to compound all that sort of tactical stuff.

The biggest benefit is you got to go through essentially the entire cycle that somebody else gets to go through for their entire life. So let me give an example. If you graduate college and you get a point, quote, Normal job, you're going to make a significant amount of money in your forties, fifties and sixties, but typically in your twenties and thirties, you're building up your well, you're building up your skills, you're building up your sale, you're building up your income base. And over the course that entire time, you typically don't have enough money to make some of the really silly decisions that you might made if you have that money.

What jacket is not saying here? For those who become wealthy at, say, thirty, there's usually a transition period where you know may be you start indulging yourself, making some spared the moment purchases .

versus as a professional lathy, you have all the money upfront, know your peak earning years are from eighteen to twenty five, and you get this really cool life experience to be able to see. Maybe I made some silly decisions. Maybe I bought this really fancy car.

I'm not even a car guy, but I thought this would make me happy. But now by the time i'm thirty, I realized, you know what, i'm not really a car guy as opposed to somebody else. IT might take them three to four decades to go through that cycle.

You can go through that cycle on six, seven years. So the key is making sure that you're fighting that the the ground, if you want to be able to spend the money without spending all of IT. So then you can go through the entire cycle. And by the time you're on the of IT, you understand what's actually important to me, because what's important to me can be different than what's important, somebody else. And hopefully, you still have a lot of that snowball left to be able to use on the things that are important.

You so sports careers refit the script on a typical path to financial growth. You get the chance to make your mistakes and outgrow them, which is great. But then there's the other side of the coin.

You're a really condense timeline. You've got like ten years and then after that, well, there's no guarantees. So IT doesn't matter how you play. I J K, spent a lot of his baseball .

career thinking about that. My biggest fear was that I don't remember what year came out, but E S P N had a documentation called thirty for thirty broke. And I went over all these different athletes that came into significant sums of money.

And then when they ve got done playing, the money was gone. We think that my career will go on forever. So if i'm making twenty million dollars a year as a professional athlete, my checks around two million dollars every time they are coming in.

And I spent a million dollars of that check on something really silly. It's okay. I'm going to get another one in two weeks, and the next i'm going to sign another contract.

And the reality is, with professional sports, father time catches up to everybody, and nearly everybody will end their career in a situation that they didn't think that they would end do. And I had a ton of anxiety that at some point I would do something silly and I would go out. And I think IT was a little bit unfounded because a lot of the decisions I was making, we're relatively good.

But at the same time, I had this fear that, like, I could all go away tomorrow. At the beginning, IT provided a little bit of a healthy baLance for me because IT allowed me to not make some of those silly decisions early on. I felt like by the time I was a nineteen year old, so one year in a professional sports, I was really doing a lot of IT on my own.

But on on the flip side of IT, there was a lot of unfounded anxiety around the money thinking through OK. This needs to last me the rest of my life. And if I don't have another scale that i'm going to be doing, what i'm done with baseball, how much money would I actually need to make to be able to live my lives off the next lord bowing sixty years?

So we use saving pretty aggressively at this point. We are investing that cash.

Like what were you doing with that? I was investing almost all of that. And I think this is one of those things that what we talk about, what is that healthy relationship with money?

When I first signed, a lot of the thoughts I had around money were really internalized. I never, I never really brought them out. I just knew that if I didn't spend a lot of money, that would mean that I would still have some of them in the future.

And I can remember always going to the individual I was using as my financial adviser at the time and and asking, like, how am I doing? And you would always say, what what you're doing great. And I was doing great because I was saving everything.

I started investing money in two thousand and nine so on the world's greatest marketing mer. But the question that I was really asking wasn't how i'm doing IT, was how could I Better utilize this money? And I didn't quite understand that I was the question that I was asking at the time. But now as I look back on my life and I look back on my relationship with money that I have today, the goal of money is that we actually do use IT, but just using IT in a thoughtful manner and using in a way where you can still sleep at night, nobody gets award for dying with the most amount of money.

Jaco throats in that comment pretty casually, but don't be full here. IT took him years to reach that conclusion. I mean, personally, the whole question of spending well is something I think about everyday anyone who's unna business can relay, i'm sure this is for you could have this really great, healthy company.

But back your mind, this is nagging, feeling like maybe your one step away from making a really bad decision or investing in the wrong thing, and then it's done. The way around that is to put your fear to use, in Jacobs's case, getting wealthy so suddenly and made him look at his career pragmatically. He doesn't shook to this.

Most athletes don't get to end their career on the terms that they wanted to. You might see a tour around the country for a guy, director or David R. T baseball players out at the top of their game.

But there in the point zero zero, zero zero one percent of athletes that out there, most people think an athlete retires, that they have all these people calling them where you're professional as there's a bunch of people that probably want to use you for your name, image like this, skills that whatever in their business. Well, the reality is, unless you are a really big baseball fan, you're not going to know who jacket Turner is a month a week after he gets done playing. And that's that's true for most professional athletes, right? So when you think about that concept, a lot of athletes get done playing and the phone stops ringing.

So that's compounding the fact of you're trying to figure out what's nex. You might have some transferable skills, but if you think about any business, they're not gonna ire. You just because you are really cool professional lately, they want to hit you because you can do something to advances their business.

So at twenty nine, on the egyed retirement, Jacob has two things on his mind. First.

how do I start spending off of this money that i've saved this entire time for the last ten plus years? I've been seeing this account baLance go up because every single year i'm making money i'm saving towards IT. I'm investing IT. When you don't have that steady income anymore, you're richer on paper than you've ever been yet. For me, I felt poor than i've ever been because I didn't have a page coming in.

The second thing Jacob was thinking about was the unknown part of the equation.

What am I gonna do? The first two questions that somebody ask you is, what is your name? And then they ask you, what do you do yeah and when you're a professional athlete, you say, like your name, you say your professional athlete and and people tend to think that's relatively cool.

And then when you get done, what do you say? You say your name and you say, well, I used to be a professional athlete, and I got some really good advice from your friends when I got done playing, and he brought, does he realize how impactful this message was for me? But he said, you know, my goal is that I always want to be the guy that's round the fire pit or hanging out with friends that's always talking about what he's going to do next.

What am I working on next? You don't want to be the guy that's talking about what you did ten or fifteen years ago. And that's been my guiding light. Ince, I got done playing. I always want to be the guy talking about what i'm working on today and what i'm driving for next.

How do you think that .

through to me? The answer, first and foremost, a starts with what do I really want? And the analogy I always use, the example, is there's a movie called the italian job.

And in the italian job they do a bank eyes. They, they robb the bank, they get bunch of gold bricks. And everybody got these cool ideas of what they want to do, whether it's a speaker system or house in spain. And there's one guy that hasn't thought at all about how he once suspended, and he says, well, i'll just do one of each one of those. And I think that's how society lives a lot.

We see what somebody else has and we say, well, just if I get enough money, i'll just take one of those, i'll take the big house and i'll take the fancy trips and i'll take the fancy car because that's what you do with IT, right? So my encouragement to people is, first and foremost, you really need to spend time and consider what do you really want? What do the things that bring you the greatest joy in your life, that really have an impact on you?

That goes back to what we were saying earlier. The life cycle of a sports career gives you the opportunity to come full circle, experiment, figure out what you good at, and then get on your next path. Because without that path, life can be pretty unfulfilling.

I've made a bunch of people who have successfully reached the goal of retiring to a tropical island, kicking back by the pool with a cocktail in their hand. At thirty eight years old, i've dream of doing the same. That sounds pretty great, but all I can say is, having spoken to a bunch of them, there's very few of them that is still doing that by age forty.

as long as they can keep the snowball in place, they can circle back in seven to ten years. And i've had almost twenty to forty years of life experience, and just that one decade when IT comes to money and understanding what is important to me, what do I actually want to spend IT on? So for me here, IT always starts with what is actually important totally.

That's funny. At the beginning of my career, that wasn't clear to me at all, really. The dream was to put my feet up and chill and is great.

I got all money to do anything, but I am increasingly learning as time goes on. How important is to have, like, executes you say, some purpose. What was that transition into, like, quote, regular life like for you and what was that transition decision making process into kind of starting .

your the middle stretch of my baseball career from years, let's call IT three to eight. I used to think if I could get enough money where I could just join a country club and I could play golf every day and I could hang out my family, that I would be. That's what I want to do, much to your point, like I just wanted kick back.

And then I just realized that I started to get towards the end of my career. I would go crazy if I was doing that. But what I started doing was I started reaching out to everybody that was in my network that would go for a walk and talk with me around the park, that will go get coffee with me, that would go to lunch with me. And I just asked them how they got to wear them out. So these were all people that were going, quote, successful people that I wanted to be like in the next stage of my life.

J. K. Met up with twenty to thirty people during that time, and he was very open about not having IT all figured out through his experience.

J. K. Knew a bit about finance, money management. He'd always been interested in the business world, but that was as far as his ideas, when there was still some digg to do so. Whenever he met up with successful people whose careers inspired him, he'd say.

if you could do IT all over again, would you do the same thing that you're doing? And it's the same question that I think anybody that is working in any business can ask himself. If you look down at the corner office, the most successful person at your business, do you want their lifestyle? Because it's most likely to take their lifestyle to get whatever success they've had.

So a more specific example. When I got done with baseball, I think I want to go to investment banking. I melt with an investment banker.

He told me what the route was to get there. I had the ability to take those steps if I want to take those steps. But one thing he said was, just to be clear, there's no shortcut.

You're still gonna to work fifteen hour days, probably six days a week for a significant period in time to get to the stage that you wanted get to. And there's going to be no way to shortcut that. I thought what I don't really need to do that from a financial standpoint.

And I to me, I don't want to sacrifice the things I would have to give up, which would be time with my family, which would be watching my kids grow up in order to do that. So IT really redirected my path to say, yeah, I thought I wanted to do that because I, I love how the world works. I love understanding how businesses make money.

I love how understanding how people spend money. But when I met with those people, I learned quickly there was a lot of people. I met what that we're successful that would say, well, if I had to do IT all over again, I don't know. I would go this.

See, the thing about knowing what you want is what makes you consider your priorities. In his next life, Jacob wanted to dedicate time to his career and his family. He didn't need to launch head first into his next thing, so he narrated his options down to a couple of different avenues and spent time in the field.

Things out. I reached out to somebody who was a friend of mine that had started a financial adviser firm here in sank Louis, missouri. And I essentially said, I don't know if you have a role, and I don't really need to make any money. I just want to understand the inside of this business. At that point my life, I really was doing a lot of the financial suffer myself on my own, and i've been doing IT somewhat on my own for a little bit of time, still like people around me helping me.

But what I wanted understand was, what does the inside of this business look? And is this something that I want to spend the next twenty, thirty, forty years or blowing in my life? Doing so for six months, I learned the skills and I learned the ins and out of the business, and I did not make very much money. I wanted make probably more money being a dominos pizza driver. But I learned an incredibly valuable amount of skills, and that was probably the most valuable six months i've had since I got done with baseball.

Getting experiences of financial adviser IT touched something in jaco, juggling assets, making sustainable financial plans. It's what have been doing for a decade. So that turned into his second life jacket, went on to found his own firm moment, private wealth, a financial services provider for athletes and entrepreneurs. Jacobs focus is to educate the talent he works with, to fix the gaps in the wealth management he'd seen in the rocker room all these years. And the interesting thing is the business got him to improve his own relationships to money that in a minute afterward from our sponsor.

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You want to know the numbers behind all of these things that we're talking about, how much money people make, how much money people spend, how much money businesses make. You want to know all of this people's not worth all of IT. Well, i've got good news for you.

So my company, hampton, were a private community for CEO. We do the thing where survey our members and we ask them all types of information, like how much money they're paying themselves, how much money they're paying, a lot of their employees, what their team I bonuses are, what their network is, what their portfolio looks like. We asked all these questions, but we do IT anonymous ly, and so people are willing to reveal all types of amazing information.

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You're gonna ve. This stuff. Check IT out. Now back to the pot.

Tell me about the business. Like how did you start to what was the capital that you just play your own money into this thing? Like what was that start up process?

Like for me, how I started the business was a little bit out of the necessity. At the end of that six months, I realized I do love personal finance. I like being up to help people with out and understand that and navigate a lot of the same complexes that i'd navigated for the previous decade.

But I also realized that from a financial standpoint, trading my time for money probably didn't make sense. So working more as a team member in a ploy e and that sort of setting IT wasn't something that was going to give me that same purpose that I was craving. So I thought about what are the opportunities that I have. And I think this is one of the things that I did differently because I had the financial capital I had versus if I didn't have any money, what I would have done. I wanted to do something in business, but I wanted to do something that if IT blew up, IT didn't ruin my financial situation.

So with that business, Jacobin, his wife, took a calculated risk, and in time, IT paid off. Now they manage over one hundred and twelve million dollars of client assets. But building up that client base on that revenue, it's a patients.

The business is worth a few million dollars today. IT allows us to serve a lot of the people that are navigating a lot of the same questions that we're talking about here today. And to me, that gives me a ton of purpose.

The tagline that I told people, as we work with people at bet on themselves, the athlete, the entrepreneur r, the business owner that they've like, i'm going to put my chips on me. And now I need to figure out how I went to maximize all the sacrifices that I made. So it's been an incredibly rewarding process. And I think for me, as I think about purpose, even at the next stage of these businesses, we have the opportunity, in my opinion, and take the business as big as we wanted. Take IT the same conversations that I have with our clients of how big they want to take their business and what those sacrifices look like and what the person in the corner office looks like is the same questions that I asked myself today.

Another question Jacobs still asks himself is, what does affordability really mean?

Just because you can buy something does not mean that you can afford something. So the example that I always use is a house. If you could buy a house, you could put a dow payment on a house and you could afford the monthly payment. That doesn't mean that you can actually afford that to continue on forever. And I think this is one of the biggest struggles that athletes or really anybody is coming to a lot of money, whether it's entrepreneur selling a business, if you build your lifestyle too fast and your lifestyle becomes too big in the future and there is too many recurring expenses that go on with that, you have to be able to ask yourself, yes, I bought this lifestyle, but can I continue to afford this lifestyle?

yeah. How does your current salary from the business compare to what you're learning in the ml? Bm, what's that? How does that feel like right now.

we are enough money for me to available to live my lifestyle today? And the thing that I would say about the money that we earn now, and when I say we, I mean my wife and I would, I couldn't do what I do without her, is IT is incredibly rewarding, almost more rewarding for me to build income and wealth in this business outside of baseball, as I was with baseball, because there is a sense of me with baseball where I worked really hard to get drafted.

Where I got drafted, I put in all the time and effort, I made the sacrifices that a lot of people weren't win to make as a sixteen, seventeen year old kid to be in that. But I also had an incredible amount of god given ability. If I did not have that god given ability, I could not have done the things I did.

The analogy that I use is with an athlete to you, go from base camp to the top of the mountain in two, three years, right for me. I, I went there almost overnight. I was this unknown kid.

I get drafted super high. I felt like I was at the top amount at first. And then when I got done playing, I had so many struggles, I felt like I was below base camp in the business that, I mean, today, a lot of IT was just let's started ground zero. And it's been really fun to be able to slowly build something that's completely outside of baseball that has chAllenged me almost in more ways than professional sports to chAllenge me because there's been more problems that i've had to solve that I just didn't know, or even a problem until they were a fire that you couldn't.

这个 after his baseball career， Jacobis also, again, control security. Sure, when he was playing baseball, he did have some level of financial. He could pays bills without question. He could treat himself to nice things. There was an emotional benefit to that, but long term vision, the confidence that you will stay financially secure, that was an erl presume to feel more in control of this now then you did in your career, right? Because like your one injury away from that paycheck just disappearing, right?

I do feel like the anxiety has reduced one because there's income coming in. But two, to your point, Harry, I feel like there's a little bit more control in professional sports. I felt financially secure in the sense that I knew my bills from a data basis we're gonna paid for. But in terms of feeling financially secure or for the rest of my life, I would say that took an incredible amount of time. There are so many things that were outside in my controller, and there's certainly a lot of things there are still outside of my controller that comes to the business world. But to me, I certainly feel like there's lovers that I can pull, there's things there's dials that I can turn that if I want to go more all in certain aspects, it's going to create a higher level of wealth or income in the future that in baseball, I didn't have the same control over some of those dials.

With this fresh sense of empowers comes a new attitude to investment.

My investment thesis is really simple. I want to try to earn the greatest return I can for the longer time period possible. And if i'm willing to earn a little bit less return to be able to stay in the game longer, i'm willing to do that.

I look much more and focus much more on what the downside of the investment is as opposed the upside. The other thing that changed for me with investing is I invest in things that I understand. I've come across a lot of people that have been successful investing a million different ways in the reality is you can invest million different ways.

You could invest in the stock market. You can invest in real state, you could invest in privily help businesses, you could be a eventually capital investor or you could invest in art, and you could have success in all those different aspects. But the people that have the most success investing understand what they're investing in and why they are investing that way.

So my investing journey started out in a very boring fashion. I owned a lot of very diversified investments, mostly in the stock market. But the more i've gotten into the business world, there's been more and more investments that have shifted into privately held businesses.

Now to give a comparing contrast, I don't invest in at all in venture capital. It's not because it's not a good investment. I don't understand IT.

And if I don't understand IT, i'm not going to able to make the right decision when the opportunity comes to me. But if somebody puts A, A cash flowing small business in front of me, I can understand what that P N O looks like. I can understand what the risk are of that. I understand what that business is.

Since launching his own invention jacket gets an insider look into other people's finances, which you on brand for this pocket. Except the difference with Jacobs clients is they share more of their personal finance situation with him and his team than anybody. Really, i'm not joking.

Sometimes jacor knows more about his clients lives than their spouse, and most more, he to see what's coming next. He learns a lot through the process. And you know, there's one thing .

that keeps coming back. I saw time and time again, people that are later on in life, sixty, seventy, eighty years old, they've spent their entire life saving. We've done a great job being a diligent savor.

And maybe theyve built up a million dollar. Next take a five million dollar. Next take a ten million dolla hundred million dollar, whatever number IT is enough money for them to live their lifestyle comfortable. Ly, and time and time again, I think for people that are in that situation, the common frame I here is, I wish I would have done this sooner.

This is the vacation with their family, the golf membership, the car they ve always wanted to buy. And to tell the truth, hearing that from other people who are so successful, it's changed. Jacobs start on money. Remember in the early years how Jacobs, paying himself a thousand dollars a months to live on the way, was so reluctant to spend for fear of ruining his chances.

Well, i've spent more money in the past two years then i'd ever spent previously. I've gotten comfortable knowing what's important me and what I want our money to do to impact the people that are around me, my family, the things that I care about, because I would certainly like to see any of the money that I have go to good use while i'm still here, while I can use IT, while I could pass and onto the next generation as opposed to somebody getting a big check when i'm not there to able to see the impact that that makes in their life.

Yeah I I understand the idea of legacy and why that can be important to folks, but like I just seems like such a waste to not see the benefit of IT.

even inherited ance. You think about IT, the average person that's getting an inheritance that passing on of the next generation. If we do the math on IT, let's say that the average life expectancy around eighty years old don't hold that number, but it's around eighty years old.

But I would mean that the next generation is probably somewhere between forty years old and sixty years old. So chances are that person is relatively financially stable at that point. And if I were to pass away eighty years old, I pass them on whatever inherits that would be what impact would that have on their life? IT might have an impact on their networks. But I can tell you that the nominal impact would be far less then if I would have been able to give even of a quarter or tent of that money when they were coming out of school and they were putting in a downpayment on their first tiles or they were putting a security posit down on their first department.

I think that's a really important point. What they could be saying here is it's not just about having or losing at all. It's about being able to do something with the assets you have while you have them. You grow your money sustainably to witness its impact. If you're not here to see the benefits, what's the point?

That's what Jacobs is that now I wouldn't say i'm quite in the camp of wanting to die with zero, but if you gave me the option of saying Jacob U. K. Either die with twenty million dollars or you could die with five hundred thousand dollars. Which one of those is a Better outcome? Without a doubt, I would say dying with five hundred thousand .

dollars is a Better outcome.

Big, bold statement, right? But he goes to show Jacobs gone a long way is that then two thousand and nineteen when he first got signed, I just think the restraint he was able to show when he was eighteen years old, there's pretty rare on esty, like I can't imagine that I wouldn't have spent so much money on stupid crap when I was eighteen years old to think of the the discipline and the focus that he had so Young.

I think that's something we can all learn from. I mean, I personally think that there is space to be a little frivolous with money, especially early on. I think it's important, kind gain new experiences and get to know yourself in other ways.

But jack of story is just arable. He's built amazing wealth and incredible life for him and his family. I got so much respect for its awesome and his focus on purpose as a primary driver of versus accumulation. That's the thing that I really took away from this conversation.

What is wealth but the result of pursuing a goal that you really believe in? I think if you focus on your purpose rather than wealth as the end goal, ironically, odds of success go up and not only that, but you you're enjoying the entire journey is not just dependent upon getting to the final and go. And okay, now I can be happy you're doing something that you believe in and that you're enjoying and and you can enjoy that entire process, and the outcome actually matters less.

So that's something that I found really, really valuable from from speaking to Jacob. So if you also enjoy this conversation, you've GTA check out joint. Hampton docomo is an amazing community of ceos and founders conversations, exactly like this.

One that we've had would take up happening all the time inside of there. If you're growing a company is the best place to hang out, you'd to check IT out john hamp ton 点 com， and sam gave you permission to do this. If you like the sound of this podcast and you think of yourself, I really want a podcast that sounds just like IT.

You got to check out my companies called in lower street. We are a pocard producer with the makers of mony's SE. And we have a new service is called authorities designed specifically for founder ceos, busy business people who one a really talk quality show like money wise, but they don't have a ton of time to do IT.

You're got to check us out lower street docker slash authority, you going to find all the information there and you can reach out. We can have a chat about podcasting, low street doc co slash authority. See next tuesday.

Sea, next tuesday isn't not like C. N. T. I'll see, see next week.