How Neil Patel Spends $200K a Month

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Dec 24, 2024

In this discussion, Neil Patel, a digital marketing mogul and founder of Neil Patel Digital, reveals the staggering evolution of his finances, from a $15k to a $200k monthly burn rate. He candidly shares where his money goes, his aversion to budgeting, and how he derives joy from spending. Neil dives into the balance of luxury versus responsible living, his investment strategies amidst changing interest rates, and the importance of instilling work values in his children. He emphasizes redefining happiness through charitable contributions and sustainable finances.

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ANECDOTE

Bedsheet Splurge

Neil Patel recounted spending $35,000 on bedsheets without much thought.
He prioritizes comfort, especially for sleep, over small savings.

INSIGHT

Spending Evolution

Neil Patel's monthly spending increased significantly over the years.
This episode explores the reasons behind this change and offers spending advice.

ANECDOTE

Lifestyle Marketing Experiment

Neil Patel experimented with "lifestyle marketing," buying luxury items to attract business connections.
He found that being around luxury attracted attention even without ownership.

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RE-RUN

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.