Episode of My First Million with Sam Parr and Shaan Puri.
Transcript
Note: This transcript was auto-generated from YouTube captions. It may contain errors and lacks speaker identification. A full Gemini audio transcript will replace this.
Kind: captions Language: en [Music] is it easy for you to keep your burn rate down because like uh i i was telling sam this i spend like i don’t know 25 000 a month now just like and i’m not i don’t even feel like i’m dude i think sean you might spend i think you might spend more than that now if i bet you add it up because i know how you spend i bet you it’s more than 25. it might be it might be a little more uh but it’s not more than 30 i would say i don’t think it’s more than 30. so i but like it’s yeah i got two little kids but i got two little kids but they’re like babies like like you know like they don’t they don’t eat food you know so so you know there’s diapers sure but like it’s not them it’s meat so you said it’s a steep burn rate or it’s a good burn rate i would take it i’ll trade with you okay gotcha so when you say you don’t spend much what do you say is your monthly burner because i think for most people listening right they like most people don’t talk about how much they make or how much they spend all right how much you make sometimes that’s sensitive how much you spend how much well but but neil you actually wrote this in a blog post you said uh you said i spend this is i don’t know if you’re i actually i have no idea if you’re single or if you have a family and you can avoid that right now but you used to say in your blog post that you go 15 000 a month is all i need i’m happy that was like 10 years ago i think but that’s but you used to say 15 000. single and no kids is easy right now if i had a guess on my burn rate 120 to 180 a month what that’s insane so what is how does that break down so what what’s the like what’s the bulk of it whether so house probably is the biggest one no i have no mortgage okay so you’re spending 120 180 k without spending anything on your home uh property tax property tax uh for both my homes and hoa dues is probably close to 200 a year okay great we’ve got 12 000 of the way there where all right yeah yeah so there’s okay life insurance is 25 grand a month what my whole life policy yeah that’s 25 to 300 a year uh no no wait wait what what the hell is a 25 000 a month life insurance policy what can you explain that this is just a benefit like if i die my wife and kids get money like a life insurance policy yeah well i get that but is that normal i’ve never heard uh like either i’m dumb or you’re dumb who’s dumb here am i dumb because i’ve never heard of anybody spending that much on their life insurance it’s like an investment account it builds over time so it’s not like it goes away right most life insurance policies are for call it 10 years then you buy another one mine just keep going and you can borrow against it just think of it as like a investment vehicle so that’s 25 a month okay now i understand staff cleaners nannies driver we have a full-time driver i think that ends up being around 57 a month um fifty seven hundred fifty seven thousand thousand uh you know a driver uber what why are you more affordable so i optimize for convenience in vegas i go through this company they charge a hefty premium i go through this company and i have decals on my car so if i do a meeting in front of a casino the car can just stay in front of the casino it doesn’t have to move if i’m going to the airport you can straight up pull up into the plane or whatever you want to do and you don’t have to go through terminals or anything like that so that makes it like so part of your strategy as i’m picking this up is that you live the best lifestyle you want and it’s all expensible the way you do it uh i don’t know if it’s all expensive isn’t that what you meant with the decal like it’s a company it’s like marketing it’s like a like a marketing vehicle for you so there there’s a limo company if i have their own windows i pay them i can end up parking wherever i want in theory not literally wherever i want but in most cases i can park wherever i want the car can just sit there and wait for me so all right so what else anything else do you fly private he’s like i buy a daily disneyland fast pass just in case i decide to go that day yeah yeah that’s like you have a convenience of time um what’s been what’s been the number one uh like kind of like where you feel like most people don’t most people think this is too expensive and not worth it but for me i get way more value i’ll give you an example in my life right so i i thought i had burned right till we started talking so this is great i’m feeling so much better about myself but the one thing i did was i hired a private chef so i was like all right that i think i i always thought that’s the lifestyle of the rich and famous and i thought wow that’s cool cause you eat healthy and it tastes great you don’t have to fuss with time and you know cooking and dishes and groceries and all that stuff and so to me it’s like a no-brainer i’m like dude anybody with any kind of money you should be like that should be one of the first like fancy car later private chef now like because i’m like to me the value the reward way outweigh the cost i think most people don’t typically make that trade sounds like you’ve experimented with many ways of spending money what has been a good reward for for cost uh trade that you’re like this one is is great that most people don’t do i i don’t know i mean i’m in a bubble because i have a lot of friends who are like me sadly uh in which we spend a lot we don’t know what’s reality i know that sounds bad to say but it’s true right uh cook is not bad uh housekeepers and best you don’t have to do your own dishes and stuff although funny enough i enjoy doing that and ironing because it’s uh it’s kind of like meditative for me it’s relaxing i don’t know why watching tv and ironing nanny’s help so you get the freedom and you can watch your kids when you want to but you can also do meetings and stuff like that probably the the best expense i ever spend on is private planes not because i like it it’s uh i don’t mind playing commercial not really any difference for me but it helps me optimize for time so that way i can see my kids more i have to sometimes do a lot of meetings for work and just going and coming back the same day just really in and out really quickly like sometimes i’ll be home quick enough like go from vegas to utah for a conference speak come back and i’ll be home quick enough to pick up my kid from school i like to meet really well valuable that’s worth money are you saving any money then or i mean are you just taking a fat draw from the agency in order to pay for this or are you able to expense a lot of it to the agency how does that work i don’t expense any of it to my company i just personally paid so you’re just the agency’s just that profitable of a business it’s doing that well or investments or savings i’ve done well enough in life where i’m okay can we turn the ship around we need to circle back business term