Networth and Chill with Your Rich BFF: Designing Wealth – Bobby Berk's Blueprint to Millions

Episode Release Date: June 25, 2025
Host: Vivian Tu
Guest: Bobby Berk, Interior Designer, Writer, and Entrepreneur

Introduction

In this engaging episode of Networth and Chill with Your Rich BFF, host Vivian Tu delves into the intricate relationship between creativity and financial savvy with renowned interior designer and TV personality, Bobby Berk. The conversation spans Bobby's humble beginnings, his ascent in the design world, insights from his media career, and his prudent financial strategies. The dialogue is both informative and relatable, making complex financial and business concepts accessible to listeners.

Early Life and Financial Philosophy

Bobby Berk opens up about his challenging start in New York City, emphasizing the stark realities of living on a tight budget. Moving to NYC at 21 with only $100 after paying rent, Bobby recounts surviving on minimal expenses:

Bobby Berk [00:00]: "Living in New York City. I moved there at 21. I made $2,200 a month. That's what I brought home. And my rent was 2,100. So I was living off 100 bucks a month."

This period was a testament to his resilience and frugality. Despite financial constraints, Bobby found joy in simple pleasures, highlighting his early understanding that money isn't the sole determinant of a fulfilling life.

Bobby Berk [08:49]: "I made 2,200 a month. That's what I brought home. And my rent was 2,100. So I was living off 100 bucks a month."

During these formative years, his financial philosophy was centered around survival, with no room for savings or discretionary spending. This experience taught him the value of financial prudence and prioritizing essential experiences over material possessions.

Building a Design Empire from Scratch

Transitioning from survival mode, Bobby shares the turning point in his career when his design stores began to thrive. Balancing his professional growth with personal life, he reflects on the challenges of living in NYC and the eventual move to Los Angeles, which provided a more conducive environment for both his business and personal well-being.

Bobby Berk [10:00]: "In my mid-30s and my stores were successful... It wasn't until we moved to LA that I finally was like, oh, I had some breathing room."

Bobby emphasizes the importance of a supportive environment in fostering business success and personal happiness, illustrating the delicate balance between professional ambition and personal life.

Impact of Tariffs and Economic Insights

Vivian and Bobby delve into the repercussions of tariffs on the design industry, particularly focusing on furniture manufacturing. Bobby explains how tariffs have significantly increased costs for imported furniture, affecting both suppliers and consumers.

Bobby Berk [11:41]: "Almost all of Restoration Hardware furniture comes from Vietnam... it's 40% tariff."

He highlights the dependency on overseas manufacturing for quality materials and the scarcity of skilled artisans domestically, making a case for the economic implications of tariffs on the home furnishings market.

Financial Tips for Furnishing and Designing Homes

Bobby offers pragmatic advice for listeners navigating today's economic landscape when designing or furnishing their homes:

Bobby Berk [14:31]: "My advice is to stay within your budget. If you have to pivot because prices have went up for tariffs, if you don't have the money to increase the budget, don't be house poor."

He advocates for investing in durable, high-value items like appliances that retain or increase in value over time, rather than hollow luxury items that depreciate quickly.

Navigating a Media Career and Financial Realities

Discussing his stint on Queer Eye, Bobby reveals the financial challenges faced during the early seasons:

Bobby Berk [15:28]: "The first two seasons I definitely lost money being on the show... we made a single digit percentage."

Despite the financial strains, Bobby acknowledges the invaluable exposure and opportunities the show provided, leading to lucrative brand partnerships and expanding his business ventures.

Bobby Berk [16:49]: "I never regretted doing it. We got really, really lucky to find lightning in a bottle."

This segment underscores the balance between short-term financial sacrifices and long-term career gains through strategic exposure and brand building.

Investment Strategies and Diversification

Bobby shares his investment mindset, emphasizing diversification and self-management of finances to prevent past mistakes, such as embezzlement by a trusted CFO.

Bobby Berk [30:28]: "I've always done it myself... high yield dividend ETFs."

He advises maintaining a diversified portfolio across real estate, cash, and stocks, and even considering international diversification to safeguard against potential economic downturns in the U.S.

Bobby Berk [34:15]: "Set it aside somewhere else, just in case."

Bobby advocates for proactive financial planning and diversification as safeguards against unpredictable economic climates.

Personal Life and Financial Harmony

Bobby provides a candid look into his personal financial arrangements with his husband, emphasizing mutual trust and independence in managing finances.

Bobby Berk [40:34]: "We don't. I've pay for everything... it's always just been the bill."

This approach highlights a partnership based on mutual support without intermingling finances, an arrangement that has worked seamlessly for them over 22 years.

Redefining Wealth and Success

Concluding the episode, Bobby reflects on his evolved definition of wealth. Initially tied to material possessions and brand recognition, his perspective has shifted towards leveraging finances to enjoy meaningful experiences.

Bobby Berk [41:39]: "Success as what my finances allow me to enjoy with experiences... my money working for me and allowing me to not work."

This realization marks a mature understanding of wealth as a tool for personal fulfillment and freedom, rather than a mere indicator of status.

Conclusion and Future Endeavors

In the final moments, Bobby teases upcoming projects, including a lead role in a scripted show and further expansions of his design and hospitality ventures. His multifaceted career underscores the synergy between creative passion and financial intelligence.

Bobby Berk [42:38]: "I'm shooting a scripted show next year... a lot of fun things."

These future plans reflect Bobby's continuous growth and adaptation in both the creative and business realms, embodying the episode's central theme of designing wealth.

Key Takeaways

• Financial Resilience: Bobby's early struggles highlight the importance of budgeting and prioritizing essential needs over discretionary spending.
• Smart Investments: Emphasizing quality and value retention, Bobby advises investing in durable household items and diversifying investment portfolios.
• Balancing Career and Personal Life: Successful management of business growth alongside personal well-being is crucial for sustained success.
• Redefining Wealth: True wealth is the ability to enjoy meaningful experiences and financial freedom, beyond mere material possessions.
• Proactive Financial Planning: Diversifying assets internationally and maintaining independent financial accounts can safeguard against economic uncertainties.

Bobby Berk's journey from a frugal newcomer in New York City to a successful designer and media personality offers invaluable lessons in financial management, strategic investments, and the true essence of wealth. His story is a testament to the power of resilience, smart decision-making, and redefining success on one’s own terms.