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516: Are You an Asset or Liability to Those in Your Life? w/ Earn Your Leisure

Oct 10, 2021

Guest

Troy Millings

Guest

Rashad Bilal

Rashad Bilal and Troy Millings, co-hosts of Earn Your Leisure, are advocates for financial literacy and have built a media empire focused on educating others. They discuss the critical importance of teaching kids about money to empower them for life. The duo distinguishes between financial assets and liabilities, even extending this concept to personal relationships. Listeners will find inspiring insights about blending practical education with engaging methods, as well as the impact of mentoring and community support on financial success.

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ANECDOTE

From Classroom to Empire

Rashad Bilal and Troy Millings started teaching financial literacy to kids in a classroom setting.
This evolved into a summer program, online content, and eventually the Earn Your Leisure podcast.

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ANECDOTE

Six-Week Program

Troy Millings, a former teacher, saw a need for financial education for young people.
Their six-week program included internships, teaching 14-year-olds about money management and investing.

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ADVICE

Financial Literacy for Kids

Teach children about credit, stocks, student loans, real estate, and basic budgeting.
Make learning about finances engaging through group activities and rewards.

Get the Snipd Podcast app to discover more snips from this episode

Wealth Building Principles for Everyone

04:03 • 2min

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Engaging Minds: Financial Literacy for the Next Generation

05:48 • 14min

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Lessons from Basketball to Business

19:57 • 12min

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Impactful Giving and Strategic Investing

31:51 • 4min

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Relationships: Assets vs. Liabilities

36:03 • 11min

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Navigating Investments: From Stocks to Real Estate and Beyond

46:51 • 2min

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Innovative Business Model: Trucking as Advertising

48:22 • 2min

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Community-Driven Success

50:13 • 15min

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Adapting Wealth Strategies and Embracing Failure

01:05:28 • 7min

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Simplifying Real Estate Success: Finding the Right Professionals

In 'Contagious: Why Things Catch On,' Jonah Berger explains that the popularity of products, ideas, and behaviors is driven by six key principles: social currency, triggers, emotion, public visibility, practical value, and stories. Berger argues that word of mouth, rather than traditional advertising, is the primary force behind making things popular. He provides case studies, real-world examples, and research findings to support these principles, which can be applied to various fields including marketing, social causes, and political campaigns. The book emphasizes that contagious content can spread through everyday conversations rather than relying on socially influential individuals.

Who Moved My Cheese?

Spencer Johnson

The book tells the story of four characters—two mice named Sniff and Scurry, and two 'Littlepeople' named Hem and Haw—living in a maze and searching for their favorite cheese. When the cheese at their usual spot, Cheese Station C, disappears, the mice adapt quickly and find new cheese at Cheese Station N. However, the Littlepeople struggle with change, with Hem refusing to move and Haw eventually embracing the need to adapt. The story serves as a cautionary tale about the dangers of complacency and the importance of embracing change to succeed in both personal and professional life.

How to Win Friends and Influence People

Dale Carnegie

First published in 1936, 'How to Win Friends and Influence People' by Dale Carnegie is a timeless guide to improving interpersonal skills. The book is divided into four main sections: Six Ways to Make People Like You, Twelve Ways to Win People to Your Way of Thinking, and Nine Ways to Change People Without Giving Offense or Arousing Resentment. Carnegie's principles emphasize the importance of genuine interest in others, active listening, and avoiding criticism and argument. The book offers practical advice on how to build strong relationships, communicate effectively, and influence others by aligning their self-interest with yours. It has been a cornerstone of personal development and business success for generations.

MONEY Master the Game

7 Simple Steps to Financial Freedom

Tony Robbins

In 'MONEY Master the Game: 7 Simple Steps to Financial Freedom,' Tony Robbins provides a comprehensive blueprint for securing financial freedom. The book is based on extensive research and interviews with legendary investors such as Warren Buffett, Ray Dalio, Carl Icahn, and John Bogle. It outlines seven steps: making the most important financial decision of your life, becoming an insider by knowing the financial rules, making the game winnable, making the most important investment decision, creating a lifetime income plan, investing like the top 0. 1%, and taking action. The book emphasizes the importance of education, diversification, and developing the right financial strategies to achieve long-term financial security and freedom.

Rich Dad Poor Dad

What the Rich Teach Their Kids about Money - That the Poor and the Middle Class Do Not

C.P.A. Sharon L. Lechter

Robert Kiyosaki

The book tells the story of Robert Kiyosaki's two fathers: his 'poor dad,' a highly educated but fiscally poor man, and his 'rich dad,' the father of his best friend who was a successful entrepreneur. It emphasizes the importance of financial education, distinguishing between assets and liabilities, and building wealth through investing in assets such as real estate and businesses. Kiyosaki argues that a good education and a secure job are not guarantees for financial success and provides practical lessons on how to make money work for you rather than working for money.

The 12 Week Year challenges the traditional annual goal-setting approach, which is often ineffective for many individuals and organizations. The book introduces a 12-week execution cycle that captures the energy and urgency of year-end goals, avoiding the pitfalls of low productivity associated with annualized thinking. It provides a step-by-step system to improve execution effectiveness, creating focus, clarity, and a sense of urgency to achieve more in a shorter period.

Everyone knows that financial education is one of the most crucial things to teach children at a young age. It doesn't just set them up to be wealthy, but it gives them the tools to be confident, choose delayed gratification, and hopefully, impact another young person’s life one day. This is understood wholeheartedly by Rashad Bilal and Troy Millings, former financial advisor and school teacher.

What had started as a small classroom experiment in teaching children financial literacy turned into a media empire. Rashad and Troy shared their class teachings online, which pushed them to create a course for the kids, and later into the Earn Your Leisure podcast, where they talk about everything ranging from high-value financial concepts to sports to entertainment and more.

What keeps Rashad and Troy going is knowing that their work is allowing thousands of people to improve their life situations, whether children or adults. The duo not only talks extensively about the difference between financial assets and liabilities but about relationship assets and liabilities. This helps answer the question: who’s helping bring you up and who’s trying to keep you down?

In This Episode We Cover:

The importance of spurring on financial literacy for young kids

How to teach your children about money and examples you can use

The role that playing sports had in Rashad and Troy’s lives

Assets over liabilities and why you need to invest in relationship assets as well

Stocks, ETFs, multifamily, and cryptocurrency investments

Staying committed to your goals and following through

And So Much More!

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