"I didn't have any idea what I was spending:" Nearly Burning Through a $13M Exit

Moneywise

Hampton

Business, Entrepreneurship, Investing

4.8 • 674 Ratings

🗓️ 10 September 2024

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

13 million dollars is a lot. But is it enough to retire on? For pre-epiphany Ryan Begelman, the answer is no. Ryan built his wealth working in the corporate world, then decided to risk it all and bought into Bisnow. That risk paid off, and Ryan made a huge profit. But despite his successes, he found himself grappling with lifestyle inflation, misguided investments, and financial uncertainty. In this episode, Ryan opens up about his struggles with managing wealth after a big exit, how flashy spending left him unprepared, and why life coaching became the tool that helped him find real security. We dive deep into his financial epiphany, his coaching career, and how he halved his spending while learning to respect money in a whole new way. 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: Ryan's Early Career and BizNow Success (02:32) Financial Mismanagement and Realizations (06:09) Family Influence and Flashy Spending (09:37) Life Coaching and Personal Epiphany (12:38) The Start of a Coaching Journey (20:05) Financial Success and Security (20:45) Existential Financial Concerns (22:44) Modeling for Financial Future (23:17) Spending Adjustments and Reflections (26:56) Endurance and Self-Care in Business (32:38) Final Thoughts and Reflections (38:24) 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 have any idea what I was spending.
0:08.8	In 2016, Ryan Beagleman made about $13 million.
0:13.8	With that amount, he was sure that his days of worrying about money were over.
0:19.6	But he wasn't as comfortable as he thought.
0:22.3	I think I suffered from thinking I knew everything. A few years back, Ryan set out on a self-improvement
0:29.7	journey that also meant a financial improvement journey. And he quickly learned something that
0:35.0	changed his view on money completely. In that process, I learned, oh, they use these software models.
0:40.5	And there's a bunch of things I'm not taking into account that I really should be taking into account.
0:45.2	In today's episode, we're going to get into how much he was spending on different stuff
0:49.2	and what his models were showing and all of his financial stuff.
0:53.1	We're also going to talk about how he got into life coaching and how it changed his life. Hey, we're showing and all of his financial stuff, we're also going to talk about how he got
0:54.6	into life coaching and how it changed his life.
1:00.0	I'm Sam Parr and this is Money Wise.
1:06.1	You can scroll through Instagram for just a few minutes and you're going to see so much content
1:09.9	on how to make money, but there's not a lot of stuff on what going to see so much content on how to make money,
1:11.1	but there's not a lot of stuff on what to do, how to live, how to think after you've already
1:16.6	made a little bit of wealth. And the reason I know this is I'm the co-founder of a company called
1:20.6	Hampton. You can check it out at joinhampton.com. It's a community for CEOs and business owners
1:25.6	and people like that. And I'm able to see all these amazing conversations about money that typically only happen
1:31.6	in private.
1:32.5	And these are conversations with high net worth people.
1:35.6	And I thought, you know what?
	...

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