How Neil Patel Spends $200K a Month

47 snips

Mar 26, 2024

Neil Patel, a digital marketing guru and co-founder of companies like Crazy Egg, dives into his jaw-dropping $200K monthly spend. He reflects on how his financial habits and priorities have shifted, revealing the psychology behind extravagance and the importance of investing over indulgence. Neil also discusses raising children amidst wealth, emphasizing values like hard work and gratitude. Plus, he shares his vision for philanthropy and financial responsibility, painting a picture of a balanced life beyond just luxury.

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ANECDOTE

Neil Patel's Bootstrap Success

Neil Patel built his wealth primarily through bootstrapped companies, not venture-backed ones.
His most successful ventures are Neil Patel Digital, an SEO agency, and Crazy Egg, a website analytics tool.

INSIGHT

Shift in Spending

Neil Patel's spending increased significantly due to lifestyle changes, primarily marriage and having children.
His past frugal habits contrast with his current spending, reflecting a shift in mindset.

ADVICE

Embrace Spending Wisely

Make money to enjoy nice things and buy them smartly.
Understand your wealth, accept it, and recognize that the fear of losing it is mostly irrational.

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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.