The Power of Financial Literacy: What Every Family Needs to Hear w/ Troy Millings 📋 EP153
Timestamps are as accurate as they can be but may be slightly off. We encourage you to listen to the full context.
Podcast Summary
In this episode of Money Mondays, Dan Fleyshman sits down with Troy Millings, co-founder of Earn Your Leisure and Invest Fest, for an insightful conversation about building businesses, investing, and creating generational wealth. Troy shares his journey from teaching in the Bronx to building a multi-million dollar financial education brand, emphasizing the importance of financial literacy and live events. (04:02) The conversation explores overcoming fear in entrepreneurship, making strategic investment decisions, and the critical role of education in financial empowerment. Troy reveals his approach to teaching his own children about money and discusses why live events like Invest Fest are essential for community building and networking.
- Main themes include financial education, overcoming entrepreneurial fear, building community through live events, and creating sustainable generational wealth
Speakers
Troy Millings
Troy Millings is an entrepreneur, educator, and co-founder of Earn Your Leisure, a multi-million-dollar brand focused on financial literacy, investing, and entrepreneurship. He started his career as a teacher in The Bronx, where he recognized the critical gap in financial education for youth. (01:38) Troy hosts the Market Mondays podcast and produces Invest Fest, a large-scale live event connecting investors, entrepreneurs, and creators. He is known for helping people build wealth, make informed financial decisions, and create lasting impact through education and community building.
Dan Fleyshman
Dan Fleyshman is a serial entrepreneur and the host of Money Mondays podcast, known as the youngest founder of a publicly traded company in history. He focuses on teaching people how to make money, invest money, and donate money by featuring successful individuals across various industries.
Key Takeaways
Fear is Only Conquered by Education
Troy identifies fear as the primary factor holding people back from financial growth and entrepreneurship. (09:42) He explains that people become complacent at certain income levels due to irrational fears about what might happen if they take risks. The solution is education - understanding the mechanics of investing, business, and wealth building removes the mystery and reduces fear. Troy emphasizes that we're often closer to zero than we think, making the risk of trying something new less significant than we imagine.
Lead by Example in Financial Education
Troy demonstrates the power of normalizing money conversations by teaching his children practical financial lessons. (05:15) He has his kids count money when preparing charity envelopes, watch him write mortgage checks, and own shares of companies like Nvidia. By making money visible and discussable rather than taboo, he ensures his children will have bigger ambitions and better financial understanding than previous generations.
Live Events Create Irreplaceable Networking Opportunities
Despite the convenience of digital platforms, Troy emphasizes the unique value of in-person events like Invest Fest. (14:55) He explains that live events eliminate communication barriers and create serendipitous encounters that can change lives. When people invest time, money, and energy to attend events, they're more likely to act on what they learn and form meaningful business relationships that wouldn't happen through social media alone.
Focus on Tech-Forward Investment Opportunities
When evaluating investment opportunities, Troy prioritizes companies with strong technology components and future-facing potential. (19:47) He specifically looks for tech elements in any business proposition because technology enables scalability and efficiency. Combined with strong leadership and proven track records, the tech component serves as a key differentiator in his investment decisions, whether in e-commerce platforms or electric vehicles.
Always Seek Counsel Before Partnership Deals
Troy strongly advises getting legal counsel before entering any partnership, regardless of how well you know the person. (21:42) He warns against handshake deals that can lead to ugly situations years later when memories fade and circumstances change. Professional guidance from attorneys and experienced individuals in your field is essential to structure deals properly and avoid future conflicts.
Statistics & Facts
- Troy's teaching salary reached $115,000 per year in New York before he transitioned to entrepreneurship full-time. (10:44) This context is important because it shows the significant financial sacrifice he made to pursue Earn Your Leisure, demonstrating his commitment to the bigger vision.
- Invest Fest has grown from 4,000 attendees to over 25,000 people, representing massive scale in the financial education space. (13:18) This growth demonstrates the hunger for financial education content delivered in an engaging, festival-style format.
- Troy gives his children 1,000 shares of Nvidia each, which at $181 per share represents substantial early investment exposure for young people. (06:57) This practical example shows how he's implementing generational wealth building strategies with his own family.
