Financial influencers Rashad Bilal and Troy Millings are on a mission to promote financial literacy and entrepreneurship through their podcast “Earn Your Leisure.” The duo, a former financial advisor and a teacher, respectively, launched the podcast nearly five years ago and have since expanded to create multiple podcasts, host live events, and offer an online educational platform called EYL University. They currently have 1.4 million Instagram followers and 1.4 million YouTube subscribers. Additionally, they are developing a financial literacy curriculum for high schools.
Bilal and Millings believe that one of the biggest mistakes people make with their finances is not understanding the importance of investing and compound interest. They argue that investing is not just for the wealthy and can be started with smaller balances and through dollar-cost averaging. The key to financial freedom, they explain, is for money to grow without the individual having to work for it.
When it comes to achieving financial freedom, the duo suggests that the amount of money needed varies depending on the individual and their living expenses. They estimate that a net worth in the eight-figure range, around $10 million, would provide a level of comfort for those living in suburban or metropolitan areas. However, they also emphasize that financial freedom is about having enough resources to pay for one’s lifestyle, living expenses, and investments, regardless of the specific figure.
Bilal and Millings acknowledge that not everyone will reach the $10 million mark, but they believe that pursuing entrepreneurship and investing can still lead to financial improvement. They argue that even accumulating $1 million or $1.5 million can be a significant achievement compared to having very little saved up.
In terms of making financial education accessible and relatable, the duo aims to “make it cool to be educated” about money. They strive to present finance in a relatable, digestible manner and create a sense of inclusivity. By being authentic and wearing casual attire, they hope to show that financial education is not just for the elite but for everyone.
When it comes to wealthy individuals, Bilal and Millings point out that financial literacy is not necessarily correlated with how much money one has. They argue that even the rich and famous can struggle with financial understanding and decision-making. In their view, having money does not solve financial problems, but can instead exacerbate them.
Overall, Bilal and Millings are dedicated to empowering individuals providing financial education and promoting smart money habits. Through their podcast and various platforms, they aim to help people become more financially literate and navigate the world of finance with confidence.