E14: Step Up to the Plate: Navigating Finances from The Baseball Diamond to Boardroom with Jacob Turner

Beyond the Game: Wealth Mastery for Athletes

Dig this: A Sports Illustrated article reported that 78% of NFL players become broke within 3 years of exiting the league. In today’s episode, Kris Benson and Alec Ogletree sit down with former MLB pitcher Jacob Turner, who shares his playbook for financial mastery.

Jacob's nine-year MLB career across the majors has given him a wealth of experience to draw from. Today, Jacob discusses financial lessons learned from his professional sports career and how athletes can build a foundation for long-term financial success.

Here are some power takeaways from today’s conversation:

[01:34] The danger of costly habits

[07:24] The business side of professional sports

[10:11] The differences in contract guarantees between NFL and MLB

[17:01] The idea of delayed gratification in investing

[22:54] Lessons from Jacob’s early investment decisions

[24:26] Financial management for athletes

[31:28] Tools for financial visibility

[38:53] How Moment Private Wealth helps professional athletes and entrepreneurs

Episode Highlights:

[01:34] Habits That Lead to Financial Trouble

Immediately upgrading lifestyles without restraint allows costs to compound over time. Additionally, pressures to keep up appearances by flaunting wealth encourage overspending beyond means. Perhaps most importantly, athletes often do not understand the unpredictable nature of sports careers and do not build a strong financial foundation that can sustain their lifestyle long after playing days are over. Without curbing spending and preparing for what's ahead, costly habits can lead athletes astray financially.

[17:01] The Idea of Delayed Gratification in Investing

Delayed gratification means forgoing instant pleasure for future benefit. In investing, it requires discipline to commit funds long-term through volatility as compound returns accrue. While easy to chase short-term gains, delaying gratification with consistent, long-term investing is crucial to building wealth over decades. Jacob stressed the value of having a mindset that embraces delayed gratification, being willing to make moves today that may not pay off for 5, 10 or more years into the future when the rewards can be substantial.

[24:26] Financial Management for Athletes

1. Taxes represent athletes' largest lifetime expense, so it's crucial to take advantage of tax planning strategies when first earning money in order to maximize how much can be kept. Specialized knowledge in this area can go a long way.
2. General financial advice is often not tailored enough for unique situations like professional athletes. Finding advisors specialized in the sports industry leads to much better outcomes. Their expertise addresses complexities generalists may overlook, and it allows athletes to make optimal financial decisions for their circumstances

Resources Mentioned:

Moment Private Wealth

Follow Jacob on X, Instagram, and LinkedIn

Rebellious CEO by Ralph Nader

Monarch Money

Quicken

QuickBooks