Rashad Bilal and Troy Millings bring a wealth of information to the world of private finance.
They’re the intense minds behind Earn Your Leisure — a revolutionary media platform that approaches financial literacy in a way that may be grasped by all. Their down-to-earth style often showcases celebrity interviews with huge names reminiscent of Steve Harvey getting candid about their very own high-profile economics.
Last yr, I used to be proud to be a guest on their powerhouse podcast of the identical name, which we recorded inside a classroom of the Jalen Rose Leadership Academy in Detroit, Michigan. Now, it’s time to have these financial gurus on “Renaissance Man.”
We went full Jim Cramer on the show this week, talking about how athletes and celebrities can lose their big bucks — and who should actually be taking the blame for. However the duo also explained the importance of understanding the responsibility everyone has on the subject of their money.
It doesn’t matter how little or much they might have.
Rashad and Troy broke down among the biggest money myths that may trap someone into losing control of their fiscal situation. We’re all fortunate to be beneficiaries of this advice. Here’s the largest falsehoods holding people back from economic independence.
“Certainly one of them is certainly ‘The harder you’re employed, the more money you’re going to make’ — that’s not necessarily true,” Rashad told me, calling the thought process a “middle-class mindset.”
“Just working as much as possible, night shift, day shift, two, three jobs, that’s not a recipe for financial freedom … You’re [only] making enough money to pay your bills, you’re never going to have the opportunity to be financially free.”
What it really takes to shift out of that cycle is a few respiratory room and a break from the work beat. It’s crucial to make use of that point to research what essentially the most financially viable move can be for an individual’s long-term future.
“The slower you progress, you really add a greater advantage,” Rashad concluded.
Each Rashad and Troy also stressed the importance that investing isn’t only a practice for the hyperwealthy.
![Rashad Bilal and Troy Millings spoke to Jalen Rose about the keys to financial success.](https://nypost.com/wp-content/uploads/sites/2/2023/08/GettyImages-1430457072.jpg?w=1024)
“I had this conversation with a 26-year-old the opposite day. I used to be like, ‘Are you investing within the stock market?’ [They said,] ‘I don’t have any money,’” Troy recalled. “That’s normally the reply … There may be money somewhere that you just are spending that could possibly be invested. I don’t care if you’ve gotten $100, if you’ve gotten $500, $2,000. That’s enough so that you can create a brokerage account and spend money on an organization.”
You won’t change into a millionaire overnight, but you’re looking at an actual legitimate difference over time.
“Will you make $1 million within the stock market? No, but for those who make $10,000, $5,000, that’s greater than you had the yr prior,” he added.
On this topic, the Earn Your Leisure squad puts their money where their mouths are.
They’re running InvestFest — certainly one of the world’s largest conferences on personal finance and find out how to navigate the stock market — in Atlanta, Georgia, on Aug. 25 to 27.
It’s events like this that exemplify the endgame Rashad and Troy are advocating.
The conversation around money needs should be had in another way, especially in communities and economic situations where each investing and saving aren’t something easily spoken about.
“We’ve to vary the narrative and that’s certainly one of the powerful things with media,” Rashad said. “For thus long, the narrative was being shaped for us, but now we get to reshape things and paint a special picture than the one which has been provided for us.”
Detroit native Jalen Rose is a member of the University of Michigan’s iconoclastic Fab Five, who shook up the school hoops world within the early ’90s. He played 13 seasons within the NBA before transitioning right into a media personality. Rose executive-produced “The Fab Five” for ESPN’s “30 for 30” series, is the creator of the best-selling book “Got To Give the People What They Want,” a fashion tastemaker and co-founded the Jalen Rose Leadership Academy, a public charter school in his hometown.