‘What’s the Point of Having Money…’: The Strong Advice That Helped $300M Worth Phil Mickelson ‘Protect His Family’

Phil Mickelson has been in the sport of golf for nearly three decades. He has been one of the highest earners in the sport. And similar to many folks in the world of golf, Mickelson too had the desire of purchasing a private jet during his initial days. Throwback to 2009, when Lefty shared the advice given to him by his friend Steve Taylor, on saving money for the long term and buying private jets.

In 2009, Mickelson had a Q&A session with Golf Digest. During the interview, the golfer gave the fans an insight into his life. Along with many topics, the 6 time Major winner shared advice Steve Taylor gave him during his rookie years.

What advice on private jets did Phil Mickelson receive?

In 2009, Phil purchased a new private jet worth $40 million to replace the old one. During the Q&A session, Lefty was asked if he enjoyed his golf money more than other golfers. Mickelson in response shared a story about a piece of advice.

“When I first came out on tour, a very smart gentleman by the name of Steve Taylor gave me some great advice”, said Phil. The Hall of Famer then told Taylor that he wishes to purchase a private jet while he still is in his 20s. Steve Taylor then told Mickelson, “OK, you want to have a $1 million airplane — but it’s really a $10 million airplane.”

Confused with the advice, the six time major winner then asked for a much clearer explanation. Taylor said, “If you take that $1 million and put it away and save it and invest it, it’ll wind up being $10 million. So, it’s important in your first 10 years out here to make your money work for you”.

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Mickelson adhered to the advice of his fellow friend. Years later, the 52-year-old sold his private jet and has been traveling in VistaJet. “The greatest decision I made after owning a plane for twenty years was selling it and going with VistaJet because it has reduced my stress levels exponentially”, said Phil Mickelson.

Apart from the Private Jet advice, Steve Taylor also guided Phil on spending habits that will be effective for maintaining the family. Let’s take a look at what he shared with the 6 time Major winner.

Mickelson told to spend a third

Following a conversation on private jets, both golfers then got on to talk about their spending habits. Taylor taught Mickelson to learn the pattern of spending a third. Mickelson said, “A third, a third, a third. Spend a third”.

He further added, “What’s the point of having money if you don’t spend it? Then put a third in safe investments, and a third in higher-risk, higher-reward stuff”. Lefty ended by claiming he waited for the right time to get a plane and was able to ‘protect his family’. After all those years, Phil Mickelson is still one of the highest earners in the sporting world and the highest-paid golfer of 2022, according to Forbes.

Mickelson’s right calls when it comes to investing have been very much vital. Now with his $200 million worth move to LIV Golf, Lefty has been enjoying a new phase of his professional life. Little do the fans know, he might as well purchase a new private jet with his earnings on the Saudi-funded Tour.

What do you think of Taylor’s advice? Share your thoughts in the comments section below.

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