173 - $1M ≠ Freedom; It’s a Mirage with Jacob Turner

🚨MY NEWSLETTER https://nikolas-newsletter-241a64.beehiiv.com/subscribe 🚨Join me, Nik ( https://x.com/CoFoundersNik ), as I interview Jacob Turner ( https://x.com/TheJacobTurner ), a former professional baseball player who transitioned from the mound to managing wealth.Jacob shares his incredible journey, from being a top draft pick to facing the humbling reality of getting sent down and ultimately pivoting to entrepreneurship with Moment Private Wealth.We dive into the powerful analogies between sports and business, discussing the vital role of humility, handling setbacks (getting "fired"), and the unexpected importance of craving feedback for growth.We also explore key financial considerations for entrepreneurs, including managing money, understanding risk, and navigating cashflow when your business starts generating excess capital.Questions This Episode Answers:What's the analogy between professional sports and entrepreneurship?How can getting 'fired' (or setbacks) be a valuable experience for an entrepreneur?Why is it important for entrepreneurs to accept and seek feedback?As an entrepreneur, how should you think about managing excess cashflow?When should an entrepreneur consider getting professional financial or wealth management help?Enjoy the conversation!__________________________Love it or hate it, I'd love your feedback.Please fill out this brief survey with your opinion or email me at [email protected] with your thoughts.__________________________MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 The Journey of a Young Athlete02:49 Transitioning from Sports to Business06:11 The Reality of Professional Sports09:05 Mindset: The Key to Resilience12:00 The Importance of Self-Awareness14:50 Navigating Financial Success17:47 Risk Management in Entrepreneurship24:25 Taking a Break After Success25:54 Exploring New Opportunities26:54 Investing in Healthcare and AI27:53 Allocating Wealth Wisely29:19 Starting with the End in Mind30:47 Understanding Wealth Management32:11 The Reality of Wealth34:38 The Psychological Aspect of Wealth Management39:28 Advice for Entrepreneurs40:54 The Importance of Cash Reserves43:41 When to Seek Professional Help