The Biggest Financial Mistakes to Avoid in 2025

Summary

Earn Your Leisure Podcast: "The Biggest Financial Mistakes to Avoid in 2025"

Release Date: February 12, 2025
Host/Author: EYL Network
Hosts: Rashad Bilal and Troy Millings

---

Introduction

In this episode of Earn Your Leisure, hosts Rashad Bilal and Troy Millings delve into the crucial financial pitfalls that individuals should steer clear of in 2025. The discussion centers around strategic investment decisions, the importance of financial discipline, and the hazards of overextending oneself financially, particularly in real estate.

---

1. Overextending Financial Commitments

Key Discussion:
Ian Dunlap opens the conversation by highlighting one of the most significant financial mistakes individuals make: purchasing homes that are either unaffordable or not suited to their financial situation.

Notable Quote:
Ian Dunlap emphasizes, “[...] buying a home that they're not prepared for. That's, that's the one that nobody not prepared for. Yes, that's, that's gonna hurt you more than anything in life for sure.” ([07:24])

Insights:

• Affordability: Many people are enticed to buy extravagant homes, often exceeding their financial capacity, which can lead to long-term financial strain.
• Preparation: Understanding the full scope of homeownership, including hidden costs and long-term commitments, is essential to avoid future financial distress.
• Real-life Examples: Dunlap references Cash Doll’s financial woes after purchasing an overpriced mansion, illustrating the tangible consequences of such decisions.

---

2. The Importance of Staying Focused and Disciplined

Key Discussion:
David Shands continues by stressing the importance of eliminating distractions and maintaining focus on financial goals. He criticizes the tendency to get side-tracked by fleeting trends and emphasizes steadfast investment strategies.

Notable Quote:
Shands advises, “Pick an asset class and invest into it in perpetuity. People, you know how you work so hard. Yo, if you're actually a responsible dad, you're going to put in work every day to provide for your family.” ([08:32])

Insights:

• Consistency in Investing: Choosing a reliable asset class and committing to it helps build sustainable wealth over time.
• Avoiding Distractions: Engaging in trends like meme coins or speculative investments can derail financial progress.
• Long-term Perspective: Shands advocates for a long-term approach, ensuring investments align with one’s life responsibilities and goals.

---

3. Avoiding Financial Manipulation and Market Tricks

Key Discussion:
Rashad Bilal discusses the dangers of allowing others to manipulate one’s financial decisions. He warns against listening to unreliable sources that may have ulterior motives to disrupt personal financial stability.

Notable Quote:
Bilal states, “Don’t let people trick you out of your position. The people that are in your ear [...] they want to be in your position.” ([09:00])

Insights:

• Vigilance Against Manipulation: Staying alert to misinformation and manipulation attempts in the market is crucial.
• Protecting Investments: Individuals should guard their investment positions against schemes designed to destabilize their portfolios.
• Strategic Decision-Making: Bilal encourages making informed decisions based on personal research rather than succumbing to external pressures.

---

4. The Pitfalls of Over-Leveraging and Rapid Financial Growth

Key Discussion:
Shands highlights the risks associated with rapid financial growth, particularly when fueled by over-leveraging or speculative investments. He underscores the importance of measured and sustainable financial strategies.

Notable Quote:
Shands remarks, “If three years ago I would have told you that the White House will have a crypto czar, you would have called me crazy.” ([10:08])

Insights:

• Skepticism of Rapid Trends: Not all financial innovations or trends are beneficial; some may lead to instability or loss.
• Importance of Due Diligence: Thorough research and understanding are necessary before diving into new investment arenas.
• Long-Term Stability: Emphasizing investments that offer long-term stability over those promising quick but uncertain returns.

---

5. Lessons from Market Volatility and Regulatory Changes

Key Discussion:
Both hosts reflect on the dynamic nature of financial markets and the impact of regulatory changes. They discuss the recent appointment of a crypto czar and the subsequent effects on the crypto community.

Notable Quote:
Rashad Bilal shares, “We've been here for it all. It's crazy. Like we've been here when it was that 20...people who took advantage of that information.” ([11:01])

Insights:

• Adaptability: Financial strategies must be adaptable to changing market conditions and regulatory landscapes.
• Expert Guidance: Leveraging expert insights and staying informed can help navigate through volatile periods.
• Community Support: Being part of a knowledgeable community can provide support and shared learning opportunities during market shifts.

---

Conclusion

In this episode, Earn Your Leisure provides a comprehensive guide on avoiding major financial mistakes in 2025. By focusing on sustainable investment practices, maintaining financial discipline, and staying vigilant against market manipulation, listeners are equipped with the knowledge to secure a stable financial future. The hosts emphasize the importance of long-term planning and informed decision-making as cornerstones of financial success.

---

Final Thoughts

Rashad Bilal and David Shands conclude the discussion by reiterating the significance of staying focused and continuously educating oneself about financial matters. They encourage listeners to remain proactive and disciplined in their financial endeavors, ensuring that their actions today contribute positively to their long-term goals.

Notable Quote:
Bilal encapsulates the episode's message with, “Stay hungry and stay like we always hunting. Never let your achievements block your vision. Right. Never be satisfied with what's happened.” ([09:01])

This episode serves as a valuable resource for anyone looking to navigate the complexities of modern finance, offering actionable insights and strategies to avoid common financial pitfalls in the year ahead.

Transcript

[Rashad Bilal]

Earners.

[Troy Millings]

What's up? Look, life's expensive. Whether it's extra fees at the movies, hidden airline charges, or surprise concert ticket fees, it feels like every step forward comes with a setback. But what if your bank actually helped you move forward? That's where Chime comes in. With a Chime checking account, you get tools designed to make financial progress easier. Like no maintenance fees, fee free overdraft up to $200 with spotme. And even early direct deposit up to 2 days early. Imagine how much smoother things could be with extra breathing room like that. Now, let me tell you about SpotMe. We've all been there. Checking your balance, realizing you're short, and then getting hit with an overdraft fee. I've had it happen and it is frustrating. But with Chime overdrawing your account doesn't come with a penalty. You can overdraft up to $200 and Chime will spot you. No fees, no stress. Your next deposit automatically covers the negative balance. Chime's not just a bank, it's a community. You can give or receive boosts from friends to temporarily increase your Spot me limit when you're in a pinch. And with over 50,000 fee free ATMs, accessing your money won't cost extra either. Here's the best part. Chime has already spotted its members over 30 billion in financial support helping millions of people make progress. So why not join them? Make progress towards a better financial future with Chime. Open your account in just two minutes at Chime.com earn that's Chime.com earn banking services and debit card provided by the Bancorp Bank NA or Stride Bank NA members. FDIC SpotMe eligibility requirements and overdraft limits apply. Boosts are available to eligible CHIME members enrolled in Spotmen and are subject to monthly limits. Timing depends on the submission of the payment file. Fees apply at out of network ATMs. Chime feels like progress earners. What's up? Look, you know how every new year we set these big goals like saving more money, but somehow life just gets in the way. I mean, how many times have I told myself I'll stick to a budget only to see random delivery fees and subscription services eating away in my wallet. It's like the world is designed to spend our money. That's why I love Acorns. It makes saving and investing automatic so you can stick to your financial goals without even thinking about it. This episode of Earn your Leisure is sponsored by acorns. You've probably heard me talk about Acorns before and I'm excited to share more about how it can help you too. Acorns makes it easy to start automatically saving and investing so your money has a chance to grow for you, your kids and your retirement. Here's the best part. You don't need to be an expert. Acorns will recommend a diversified portfolio that fits you and your money goals. You don't need to be rich. Acorns lets you invest with the same spare money you've got right now. You can start with $5 or even just your spare change. You don't need a ton of time. You can create your own Acorns account and start start investing in just five minutes. Basically, Acorns does the hard part so you can give your money a chance to grow. For me, Acorns has been a game changer. I remember looking at my bank statements and realizing I wasn't making any progress toward my long term financial goals. With Acorns, it was like flipping a switch. Now every little bit of spare change I spend is automatically invested over time. Those small steps have really added up and it feels good knowing I'm working toward a better future without stressing about it every day. So head to acorns.com eyl or download the Acorns app to start saving and investing for your future today. Paid Client Endorsement Compensation provides incentive to positively promote Acorns tier 2 compensations provided investing involves risk acquisitions. Acorns Advisors LLC and SEC registered investment advisor view important [e-mail] UIL what's the.

[Ian Dunlap]

Biggest financial mistake that people should avoid in 2025?

[David Shands]

You alluded to it earlier, but I think even like some of the conversations I have on social, I can tell the people who are really locked in and investing and I know some like I got a message from a guy yesterday who commented about yo Kendrick destroyed your man Drake on the super bowl. And his last comment to me in DM was 2021. And I'm like, you joined stock club in 2021? Let me see the games. Oh, I quit executing. You know, I didn't have time for it. How do you not have time to get rich to take care of your family? Regardless of what y'all think, y'all use that glazing word too heavy and you gotta glaze over that net worth first for you have some of these conversations, but Kendrick and Drake are good. The boy may be a little bit sensitive, but PG Lang and everybody I talk to over y'all, they good focus on you like eliminate all distractions and focus like my kid just turned 10. Like I remember what I wore when he was born. We're halfway into the decade. Some of you are going to look up and it's going to be 20, 28 and you're going to be like, I don't know what I did what eight years in my life. Lock the in all of these wars and rat beefs and that's a distraction from your real life. I don't care what you invest in. Bitcoin, palantir, jail stool, coin, shot, the old boy from barstool. Getting that meme coin off. Trump coin and pick an asset class and invest into it in perpetuity. People, you know how you work so hard. Yo, if you're actually a responsible dad, you're going to put in work every day to provide for your family. I don't care what asset class it is. Crypto, equities, private equity, real estate, your business. Pick something and invest into it forever. And if you're not doing that, I know people love to tell you money is not everything. And those would be the same people. When you need something, won't give you a dime to help you and your family. Cost of living is going up. Crazy people. Eleven dollar eggs. Okay. Then the car and jewelry conversation and even buying into startups. All of those costs are. The cost of the super bowl ad was 8 million. I remember when 2.5 was a big number. In four years they have that number being at $12 million. What so much so the Starlink and T Mobile had to partner together, which they already had for that ad to help drum up. What so lock in. Lock in. It's the reason why we do the show every week to give you this information which other networks don't do. I think we've made investing the easiest for anybody in the world because other networks are not giving you the companies where they were going to fall to and where to exit. So but for you, for 2025, for both of you, what is the biggest lesson?

[Ian Dunlap]

The biggest lesson? Well, the biggest mistake I think that people could make is buying a home that they can't afford or just buying a home that they're not prepared for. That's, that's, that's the one that nobody not prepared for. Yes, that's, that's gonna hurt you more than anything in life for sure. Seen it happen a lot of different places. I just saw Cash Doll on Shannon Sharp show.

[David Shands]

Yes.

[Ian Dunlap]

Her worst financial decision ever was buying a home. Two million dollar mansion. I think it was in Atlanta. I'M not sure. So that's, That's a tricky one because you think that you're doing something productive. You think that you're actually doing something beneficial when you're buying a home. And. And if you're not, that's how we did the episode with Keanu Watson. You should definitely watch it. Things to know before buying a home.

[David Shands]

Yeah.

[Ian Dunlap]

You don't fully know what you're getting yourself into. What you think. What you think is actually productive is actually extremely harmful for you in your future.

[David Shands]

Yeah. There's a lot of hidden costs. There's a lot of hidden costs.

[Rashad Bilal]

Yeah. Definitely go watch that episode. Are we speaking from experience? Like, like, we're like, that's one of the things that we get to actually live these things, learn from these things, and then teach these things. Whereas most people won't even tell you that it happen, and then you'll just see the outcomes of it. So it's like, hey, hold it down. So hopefully you have to go through that. Like, we've always lived by that. I think the biggest mistake is, and this goes into investing, this goes in life. Don't let people trick you out of your position.

[David Shands]

Yep.

[Rashad Bilal]

The people that are in your ear, the people that are feeding you information, the people that are doing things, they want to be in your position. And a lot of times, hello. Right. And that goes in business, like I said, in investing. Right. Let. Let's move the market down. Let's pull the rug. If it's crypto to get better positions for bigger people with bigger pockets to get in, invest and make more money. And when we see it, we leave positions and we say we're never going back. And then we wonder what happened in two years. I was invested, so never let anyone trick you out of your position. And I wrote this quote and it kind of fits what we were talking about earlier when we talk about, like, stay hungry and stay like we always hunting. Never let your achievements block your vision. Right. Never be satisfied with what's happened. Right. Made a few deals, but there's no parading. Like, it's one thing to say it, it's another thing to live it.

[David Shands]

Yeah, yeah.

[Rashad Bilal]

Those would be my.

[Ian Dunlap]

Yeah, yeah.

[David Shands]

Oh, yeah.

[Ian Dunlap]

There you have it. There you have it.

[David Shands]

Because I think as we have a desire to. And that's why I always bring up the bank and the crypto point. If three years ago I would have told you that the White House will have a crypto czar, you would have called me crazy. Kudos to Sachs for making that move. And on entrepreneurship level. But we just saw an entire retail community of crypto advocates get tricked out of their spot by the banking elite in one year. I never thought like I, I knew the little, you know, takeover is going to happen with J.P. morgan. I didn't think at scale that this would happen. Stay locked in. Stay locked in. But what do I know? You don't know nothing about crypto. I knew that part and I knew 20k.

[Rashad Bilal]

We've been here for it all. It's crazy. Like we've been here when it was that 20. We was here when it was 16. So like people who took advantage of that information and actually was like, all right, what they saying kind of makes sense. Or here comes a pullback. This might be a good time to invest. Like the people who took advantage of that. Oh my God, like they're out of here. You're out of here.

[David Shands]

I'll ask you guys, you guys, have you met one billionaire who came to you and said, I can't wait to sell off these group of assets?

[Rashad Bilal]

Never.

[David Shands]

And they do it in the contract in perpetuity. Shout out the talent side for those who sound talent contracts. You got to look for those terms in perpetuity. That means that is a whole time frame.

[Troy Millings]

Forever.

[David Shands]

Forever.

[Unknown]

You just realized your business needed to hire someone yesterday. How can you find amazing candidates fast? Easy. Just use Indeed. Stop struggling to get your job posts seen on other job sites with Indeed sponsored jobs. Your post jumps to the top of the page for your relevant candidates so you can reach the people you want faster. According to Indeed data, sponsored jobs posted directly on indeed have 45% more applications than non sponsored jobs. Don't wait any longer. Speed up your hiring right now with Indeed and listeners of this show will get a $75 sponsored job credit to get your jobs more visibility@ Indeed.com podkatz12 just go to Indeed.com podkatz12 right now and support our show by saying you heard about Indeed on this podcast. Terms and conditions apply. Hiring Indeed is all you need.