How Neil Patel Spends $200K a Month

Moneywise

Hampton

Business, Entrepreneurship, Investing

4.8 • 674 Ratings

🗓️ 26 March 2024

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

There was a time when Neil Patel said a $15k/month burn rate was all he needed. But now his monthly burn is $200k. Roughly. He’s not completely certain… because he doesn’t budget. So what changed in his life to make his burn rate increase nearly 14 fold? That’s what this episode is going to find out. Neil Patel is a household name (for marketers). He’s an entrepreneur and blogger known for his expertise in digital marketing and SEO. He co-founded companies like Crazy Egg, Hello Bar, and KISSmetrics, but his biggest company is his namesake, Neil Patel Digital. In this episode, Neil not only explains how and why his spending has evolved to the point where he’s burning $2.4 million a year, he’ll also break down where that money is going, how it compares to his income, investments, and savings, and why he doesn’t feel the need to set a budget. He’ll also get candid about how he uses his money to bring joy to his life, and he’ll share how soon he plans on being a billionaire. This is MoneyWise, a podcast where host Sam Parr is joined by high-net-worth guests to explore exclusive insights into personal finance and lifestyle tailored for other high-net-worth people, or those on their way. They'll get radically transparent about the numbers, revealing things like their burn rates, portfolios, and spending habits. Who is Sam Parr? Sam is a serial entrepreneur and the co-founder of The Hustle, which he sold to HubSpot in 2021. He's also the co-host of one of the world's top podcasts for entrepreneurs, My First Million. Known for his insightful business acumen and candid communication style, Sam Parr continues to be a prominent figure in the world of media and entrepreneurship. Sam's newest and biggest venture yet is Hampton, which he co-founded in 2022. This podcast was made for the Hampton community, a private, highly-vetted, peer membership community for founders and CEOs of fast-growing, tech-enabled startups. Chapters: How rich Neil actually is and how he made it (1:58) When he said $15k/month was enough (4:12) What changed (6:34) Extravagant living in Las Vegas (7:57) How he spends his money quickfire (10:51) Why he doesn’t budget (14:40) How kids changed his spending (18:22) What he won’t give up (20:12) Neil’s friends that spend more (23:44) What a $50k/month budget would look like (26:39) His billionaire goal (27:56) This podcast was produced in partnership with Lower Street and distributed by Morning Brew.

Transcript

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0:00.0	I didn't realize I spent $35,000 on bed sheets.
0:09.4	Sometimes you just spend money and I don't really think about it.
0:14.1	That's coming from a guy who spends around $200,000 a month.
0:17.6	That's the ballpark.
0:18.5	And the reason I say that's the ballpark is because even Neil doesn't know exactly how much he spends.
0:23.6	I don't keep track of my expenses every month.
0:30.3	All right, everyone, so that is my friend Neil Patel. He's a really popular entrepreneur and marketer and $200,000 is a lot of money.
0:39.1	But Neil's spending wasn't always like this. In fact, years ago, something like 10 years ago,
0:43.6	he had a blog post that I remember reading when I was just starting out my business career.
0:47.2	And he said something like he only needs to spend around $15,000 a month to be happy.
0:52.0	And so it begs the question, what changed? So in this episode of
0:56.0	MoneyWise, we're going to learn why it's changed, how it's changed, and we're going to get some
0:59.3	valuable takeaways on how you should approach your monthly spending. What's happening, everyone?
1:03.7	I'm Sam Parr, and this is MoneyWise. There's a ton of podcasts out there and resources that
1:08.0	teach you how to be wealthy and how to make money. But there aren't that many resources that try to teach you how to handle life changes that wealth brings.
1:14.8	I'm the co-founder of Hampton, a private, highly vetted community for CEOs, business owners, those
1:19.4	types of people. Most of the people do on average around $25 million a year in revenue.
1:24.2	And so I'm able to see tons of conversations about wealth, how to handle all the changes that come with it, how to spend, how to save, all these types of questions that typically
1:31.6	aren't happening out in public. And by the way, if you are a CEO of a company, you own a business
1:36.1	that does at least $2 million in revenue, check it out. Joinhampton.com. In this podcast,
1:40.5	money-wise, we talk about real numbers from real people who are doing things that typically are only spoken about behind closed doors.
1:47.2	The people who come on, they're going to be radically transparent about numbers. Sometimes they're anonymous, sometimes they're not.
	...

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