'How To Money' Finds Out How To 'Earn Your Leisure'

It’s a meeting of financial minds on this episode of How To Money as Matt and Joel sit down with two other personal finance podcasters, Rashad Bilal and Troy Millings from the Earn Your Leisure podcast. They hear all about how the podcast grew from Rashad’s financial advice Instagram page and Troy’s summer intern program for the teenagers at his high school, the significance of the name, and the importance of teaching kids about money: Not only how to make it, but “how to spend it, save it, and share it.” Plus, some of their favorite advice from their own guests about real estate, investing, starting a business, and so much more.

Rashad says one of his favorite pieces of advice from one of their interviews was from a loan officer who talked about a “4-3-2-1” strategy for real estate. Normally, people purchase a single-family home for themselves and their family to live in; eventually they might be able to afford a new house, which is when they start to earn rental income from their first property. But that leaves a lot of Americans “house-poor,” where they own a home, but are frequently behind in their mortgage payments and just treading water for decades trying to pay it off. This guy’s strategy was to purchase a multi-family unit to start with, and work your way down. That way, you have rental income pouring in from multiple units, enabling you to afford the dream home you really want. Matt loves this strategy because it flips the script on home-buying by prioritizing investing first, and personal needs last. 

Troy’s favorite advice from a guest was someone who used basketball as an analogy for investment. Basically, we should look at investing as if we’re building an all-star team. You can invest in one star player, like LeBron James (or, in this case, Apple stock), and your team will do alright. But if you invest in an index fund with a lot of different stock allocations in it, “even if LeBron pulls his groin….you still got a great chance of winning the game,” Troy says. “I thought that was a great way to teach people.” They also bond over long-term investing, cryptocurrency, and the importance of being educated in your chosen field before starting a business. Hear all this great information, as well as Troy’s philosophy of turning “every dollar into a worker” (“We’re equal-opportunity employers,” he jokes), Rashad’s problem-solving strategies, and so much more on this episode of How To Money – and don’t forget to check out Earn Your Leisure as well!

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