Re-Run: Why Someone Worth $150M Liquid Only Spends $5K Monthly

Moneywise

Hampton

Business, Entrepreneurship, Investing

4.8 • 674 Ratings

🗓️ 10 December 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

RE-RUN Imagine being worth $150 million. Liquid. Now imagine being worth that much, and only spending $5,000 a month. That’s the reality for this episode’s guest. “Cam” is going to share a lot of financial details with us, so he’s asked to remain anonymous. What we can tell you, is that he made most of his money when a business he started went public at a valuation of around a billion dollars. That happened in his late 30s. In his early 30s, Cam was still only worth a couple grand. There’re a lot of crazy stories in between that we’ll hear about in this episode. Including how his first million was almost accidental. We’ll also explore why Cam’s monthly spend is so low, how his value of privacy and the impact money has on relationships plays into that, and where that $5k goes every month. On top of that, we’ll get into the nitty gritty about how he’s saving and investing the rest of his money, as well as the kind of spending that brings Cam genuine joy. 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: Cam’s early family life (2:28) Moving to LA and “city camping” (4:23) Pissing off casting companies (6:14) His accidental first million (8:37) Net worth timeline breakdown and investments (10:04) Why he doesn’t tell his family or friends his net worth (20:09) Cam’s favorite way to spend his money (28:04) The story of his dog (34:03) Making his money later in life (36:44) This podcast was produced in partnership with Lower Street and distributed by Morning Brew.

Transcript

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0:00.0	I was like, I need to prepare for this because I know you're going to ask this.
0:05.1	That's insane, if that's true.
0:06.6	A lot of people would call me crazy for this, but...
0:08.8	A couple of episodes ago, we talked to my buddy, Neil Patel, and we talked mostly about his crazy monthly burn, which is...
0:17.9	Probably 200 grand, if I had a guess.
0:22.6	Yeah, it's a lot. But he's still making substantially more than he's spending, and plus he feels good about where his money is going.
0:27.6	So all power to him.
0:29.6	However, I wanted to do a follow-up on this, because shortly after speaking to Neil, I spoke
0:34.6	to a friend of mine who's a member of Hampton.
0:36.6	His name's Cam. That name is made up because he wanted to say anonymous and you'll understand why.
0:41.5	And the reason I wanted to have him on money-wise is because if you thought $200,000 a month
0:46.2	and expenses is crazy, get this. Cam only spends $5,000 a month. Now, why is that crazy?
0:56.0	Well, here's why. What do you think your net worth is roughly right now?
0:58.0	Like, try to be conservative with the private companies' valuations, mostly liquidy, or just the principal.
1:05.0	Yeah, I would say 100 to 150.
1:07.0	And just to clarify, we're talking about $150 million.
1:10.0	That's why he has liquid, and he still only spends $5,000 a month.
1:15.1	This is a bit of the opposite of what Neil is doing, and I thought it would be an interesting
1:19.1	topic.
1:20.0	As we'll learn more shortly, one of the main drivers for him not spending his insane amount
1:23.9	of money is that he loves his privacy, which now you understand why we're going
1:28.2	to be using an anonymous name, and we're going to call him Cam in this episode. We're going to get
	...

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