You Deserve to Be Rich with Earn Your Leisure’s Rashad Bilal 🏝️ E155
Timestamps are as accurate as they can be but may be slightly off. We encourage you to listen to the full context.
Podcast Summary
Dan Fleyshman interviews Rashad Bilal, co-founder of Earn Your Leisure, exploring the evolution of one of the most influential finance media brands in culture. (01:43) Rashad shares his journey from financial advisor to building a multimedia empire that includes podcasts, a bestselling book, and Invest Fest—now the largest business festival in the country with 25,000 attendees. (12:30) The conversation covers the psychology of wealth through his book "You Deserve to Be Rich," practical investing advice for professionals at every income level, and the importance of viewing money as a tool rather than just a voucher for consumption. They also discuss the recent mega-deals in the podcast space and why giving back should be an integral part of building wealth.
- Core themes include the mindset shift required for wealth building, practical investment strategies for different income levels, and the power of live events for relationship building and business growth
Speakers
Rashad Bilal
Rashad Bilal is the co-founder of Earn Your Leisure, a multimedia finance education company that has grown into one of the most influential financial brands in culture. (01:43) He spent fourteen years as a financial advisor before transitioning to media and entrepreneurship, writing the New York Times bestseller "You Deserve to Be Rich" and building Invest Fest into a 25,000-person annual event. Under his leadership, Earn Your Leisure has expanded to include podcasts, an online university, school curriculum, and partnerships with major figures like Steve Harvey and Tyler Perry.
Dan Fleyshman
Dan Fleyshman is the host of The Money Mondays podcast and the youngest founder of a publicly traded company in history. He's a serial entrepreneur who throws 42 events annually and is passionate about financial education, focusing on teaching people how to make money, invest money, and give it away to charity through his platform.
Key Takeaways
Start Investing as Soon as You Have Discretionary Income
Rashad emphasizes that people should begin investing the moment they have money left over after covering essential bills. (25:10) This discretionary income should be allocated toward investments like 401(k)s, life insurance, stocks, or education savings plans rather than sitting idle. The key insight here is that waiting for the "perfect" amount of money or the "right" time often leads to never starting at all. Even small amounts invested consistently can compound over time, and the habit of investing is more important than the initial amount.
Money as a Tool, Not Just a Voucher
One of Rashad's most powerful concepts is reframing how we think about money—shifting from viewing it as merely something to exchange for goods to seeing it as a tool that can generate more money. (33:34) He explains that most people are trapped in a cycle of "work, get paid, spend money" without considering money's potential to create additional income streams. This mindset shift is crucial because it changes spending behavior and investment priorities, making people more intentional about their financial decisions and less likely to fall victim to lifestyle creep.
Maintain Six Months Maximum in Emergency Fund
Rashad recommends keeping no more than six months of expenses in cash savings, with anything beyond that amount being invested to fight inflation. (27:17) He acknowledges that three months is the bare minimum for an emergency fund, but six months provides adequate safety for most situations. Dan reinforces this point by highlighting how inflation literally decreases the purchasing power of idle cash—money sitting in savings accounts loses value every year when inflation exceeds the interest rate earned.
Education Must Precede Investment
Before investing in anything, whether stocks, cryptocurrency, or businesses, Rashad stresses the critical importance of education. (29:16) He suggests starting with low-barrier investments like index funds and dollar-cost averaging, which are accessible to most people and don't require extensive market knowledge. For more complex investments or business opportunities, thorough research and understanding are essential to avoid costly mistakes. This principle protects against falling for get-rich-quick schemes or making emotional investment decisions.
Relationships Are the Ultimate ROI from Live Events
While online education provides knowledge, Rashad argues that live events like Invest Fest offer something irreplaceable: the opportunity to build meaningful relationships with like-minded people. (14:09) He emphasizes that being around 25,000 serious individuals who have invested time and money to attend creates an environment ripe for life-changing connections. These relationships can lead to business partnerships, investment opportunities, mentorship, and even personal relationships, making the networking aspect often more valuable than the educational content itself.
Statistics & Facts
- Invest Fest has grown from 4,000-4,500 attendees in its first year to 25,000 people at the most recent event, with only 8 weeks of planning for the inaugural festival. (11:33) This demonstrates the massive appetite for financial education and networking in underserved communities.
- Rashad spent 14 years as a financial advisor before transitioning to media, and Earn Your Leisure was started 7 years ago as an online platform. (01:43) The company has since evolved into a multimedia empire including podcasts, events, and educational content.
- The average American household has only $5,500 saved in bank accounts, highlighting the widespread need for better financial literacy and planning that Rashad's content addresses. (27:18)
