Rashad Bilal and Troy Millings: Promoting Financial Literacy and Empowerment
Rashad Bilal and Troy Millings, the hosts of the “Earn Your Leisure” podcast, are part of a growing group of financial influencers aiming to educate people about money. Their mission is to promote financial literacy and entrepreneurship through their podcast, live events, and online educational platform, EYL University.
A study by the National Financial Educators Council found that 1 in 7 people lost over $10,000 in 2022 due to a lack of financial literacy. Bilal and Millings recognized that financial education was not adequately taught in schools, which inspired them to create Earn Your Leisure.
Investing: Not Just for the Wealthy
Bilal emphasized that one of the biggest mistakes people make with their finances is not understanding the importance of investing. Many believe investing is only for the wealthy, but it is accessible to everyone. Starting with smaller balances and dollar-cost averaging can help individuals begin their investment journey.
Millings added that people often struggle with their relationship with money because they lack knowledge on how to save and manage it. These basic concepts are not taught in schools, leading to mistakes such as overspending.
The Power of Investing and Compound Interest
Investing is crucial for achieving financial freedom because it allows money to grow without actively working for it. Bilal explained that while saving money in a bank will only maintain its value, investing can double or multiply it. Retirement plans are a common example of investing, where money is invested with the expectation of having a nest egg in old age.
The Pathway to Financial Freedom
Financial freedom differs for each individual based on their lifestyle and living expenses. Bilal suggested that around $10 million in net worth would provide comfort in suburban or metropolitan areas. Millings defined financial freedom as having enough resources to pay for one’s lifestyle, living expenses, and investments, creating generational wealth.
While some may find the idea of amassing seven or eight figures daunting, Bilal acknowledged that not everyone will reach that level of wealth. However, by following the pathway of entrepreneurship and investing, individuals can still significantly improve their financial situation compared to those who do not strive for financial goals.
Making Finance Education Relatable and Accessible
When it comes to investing, Millings advised starting aggressively when young and gradually becoming more conservative with age. He recommended investing in index funds or sector-specific exchange-traded funds to mitigate risk.
Bilal and Millings emphasized the importance of making finance education relatable and accessible to everyone. They believe in being authentic and relatable themselves, breaking down complex concepts into digestible information. They aim to create an inclusive space where finance is not seen as exclusive to the elite but is relatable to a broader audience.
The Universality of Financial Challenges
Contrary to popular belief, Bilal pointed out that even wealthy individuals often lack a full understanding of finance. Having money does not solve financial problems; it can exacerbate them. Financial literacy is an issue that affects people across all income levels.
Bilal and Millings highlighted the importance of continuous learning and bringing on experts to educate themselves and their audience. They admitted that they do not know everything about finance but are committed to sharing knowledge and empowering others through their platform.
Hot Take: Empowering People Through Financial Literacy
Rashad Bilal and Troy Millings, the hosts of the “Earn Your Leisure” podcast, are on a mission to promote financial literacy and empowerment. They believe that investing is not limited to the wealthy and emphasize the power of compound interest for wealth accumulation. Bilal and Millings stress the importance of financial education from a young age to avoid common mistakes related to money management.
They encourage individuals to start investing early and make finance education relatable and accessible to everyone. While financial freedom may seem unattainable for some, Bilal and Millings advocate for setting goals, investing, and starting businesses as pathways to improved financial situations. They recognize that financial challenges exist across all income levels and aim to provide a platform for continuous learning and empowerment.
Through their podcast, live events, and online educational platform, Bilal and Millings have amassed a large following and strive to create an inclusive space where finance is not seen as exclusive but relatable to all.
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