Episode

39

Jacob Turner explains the MLB lifestyle disparity and manages sudden wealth of clients

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Jacob Turner

Jacob Turner was one of the highest paid draft picks in MLB history, making appearances with the Detroit Tigers, Miami Marlins, Chicago Cubs, Chicago White Sox, Washington Nationals, and more.

Episode Description

Jacob Turner was one of the highest paid draft picks in MLB history, making appearances with the Detroit Tigers, Miami Marlins, Chicago Cubs, Chicago White Sox, Washington Nationals, and more. His experience of accumulating sudden wealth was complex. He was successful by all measures, but his career ended shorter than he would of liked. This was key to Jacob developing his foundation as a financial advisor, as he is now the Founding Partner at JLS Wealth, helping 7-8 figure clients manage the complexities of their financial needs. We chat about the financial pillars Jacob takes his clients through, the complexities of working with ultra high net-worth individuals, and the differences of lifestyle spending in an MLB clubhouse.


Episode Breakdown

0:00- Intro

1:30- Going to Monaco is OK

3:10- Jacob's experience is why you should trust him

7:20- The 5 pillars: Cash Flow, Tax Planning, Risk Management, Estate Planning, Investment Portfolio

8:50- The best state to live in to keep the most of your earnings...

11:25- Working with non-athlete entrepreneurs

14:30- 'Knowing' is different from 'executing'

15:20- The client needs to be engaged

16:55- New trend: Family offices building out lifestyle services arm

20:10- The story of Jacob and his MLB peer

22:15- Lifestyle FOMO in the clubhouse

23:07- Outro

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