Why Someone Worth $150M Liquid Only Spends $5K Monthly

87 snips

Apr 2, 2024

Imagine being worth $150 million and living on just $5,000 a month. A guest shares his incredible journey from struggling in his early 30s to achieving tech success. He reveals his minimalist approach to spending and the reasons behind his focus on privacy. Surprisingly, they also explore the psychological effects of wealth on relationships and personal happiness. The conversation dives into conscious spending, emphasizing how financial choices can create genuine joy and foster meaningful connections.

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ANECDOTE

Cam's LA Arrival

Cam moved to LA with no job or home, sleeping in his truck.
He didn't view this as a hardship, but a choice driven by his ambition.

ANECDOTE

Disrupting Casting Calls

Cam developed a disruptive app that aggregated casting calls, angering established companies.
One threatened to sue him, demonstrating his early disruptive approach.

ANECDOTE

Accidental Bitcoin Millionaire

Cam accidentally made his first million mining Bitcoin and forgetting about it.
He rediscovered the hard drives years later during media cataloging.

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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.