← The Money Mondays
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- [00:00]
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Foreign.
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Ladies and gentlemen, welcome to a very special edition of the Money Mondays podcast. We cover three core topics. How to make money, how to invest money, how to give it away to charity. This gentleman will be able to cover all those topics and more because he has his own podcast, his own live events, his own university and everything. Between teaching people the way I passionately do as well, he does it on a grand scale he's been doing for many, many years. As you guys know, these podcasts are under 40 minutes because the average workout is 45 minutes. The average commute to work is 45 minutes. This episode will be between 35 and 38 minutes for your listening pleasure. We want to keep this podcast ranked super high and we have a 93% listen through rate because of you guys taking this content, sharing it with your friends, family and followers. Because we grew up thinking it's rude to talk about money. And I want to get rid of that mindset and that concept. We have to talk about money. Finances, accounting, taxes, debt, leverage, credit, all these things are part of your daily life. Paying for bills, paying for groceries, paying for your family. There's nothing evil about that a lot of people talk about. Money is the root of all evil. Money has function. Money is a tool to things all encompassing in your daily life. You need it, you want it, you have to have it. And we want to make sure that we can talk about it. Because over the course of time, you're going to need millions and millions and millions and millions of dollars. Not for flashy things, not for fun fancy cars, but to literally survive over the course of time for you, your family and the people in your downline for the rest of eternity. You need to have capital. It is a tool. And so without further ado, Rashad, give us a quick 2 minute bio so we get straight to the money.
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How you doing? Yeah. I'm one of the co founders of a company called Earn your leisure and we started seven years ago and it's grown into an online community. We have a network of podcasts, we have a very large event called Invest Fest. We wrote a book, which is a New York Times bestseller called you deserve to be rich. We have school curriculum and a variety of other different things, but it's all centered around teaching people about financing, highlighting entrepreneurs, talking about investing, and done in a way that's very digestible. And that started, as I said, seven years ago, online on social media. And that's kind of grown into multifaceted media company today.
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B
So you deserve to be rich. Where did that Title come from you.
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Deserve to be rich. It came two different ways, actually. So another partner of ours on a show market Mondays, and a strong part of what we built in, he has like a mantra where he says, you deserve to be rich. And that was like a seed that I guess is psychologically planted. But I didn't even think about that when he was coming up with the title. I felt like you deserve to be rich just kind of outlaws it from a psychological standpoint that most people don't think that they actually deserve wealth and that leads to self sabotaging, that leads to them not fulfilling the potential that they have. So you can give somebody all of the information, introduce them to people. They, if they don't deep down believe that they actually are worthy of success, are worthy of finances, then they're not going to actually go through with it. So the book is, is a, is kind of a blueprint when it comes to, you know, personal finance and goes through the whole journey from the start to finish. But the title of the book felt like, needed to actually catch people's attention, set the tone, and also kind of like, you know, make it different than just a regular book about money. Right? Like, it's not just about money, it's also about the mindset because that's vitally important. So just coming up with different ideas around that idea and you deserve to be rich was that was the, the go to.
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B
Similarly, you have another cool name, which is the actual main brand name, which is earn your leisure. How'd that story come about?
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That story came about. I was a financial advisor before this, and I have my own personal brand on social media that I was building before we started earning your leisure. And I was making content based around my life, based around finance tips, based around a variety of different things that, you know, was growing my own personal page. And at that time especially hashtags were like really big and like hashtag almost was like a slogan. So like, you know, you have an individual hashtag that's like unique to you and that's kind of become like your slogan. So I was looking for a hashtag that I could use for myself that had not been used before. And Troy, actually my partner, he came up with the name earn your leisure. He just came up with it. He was like, that's a good hashtag. That's, that's something that you should use. And I used it and right away it just got people's attention. Like I still, you know, I looked at the hashtag. You, you can see like if other People use it. And I saw other people was using the hashtag, like people would be like, somebody was in Cancun and they like, earn your leisure. I even know this person. So I'm like, it's catching leg. People were asking me, like if it was a multi level marketing firm. Like, people was asking me. And all I was doing was just putting it on my every. Everything I was. Every post that I did, I would put on your leisure hashtag, like, what is on your leisure? What is on your leisure? Like, you know, and I actually never did. I never really liked the name at first. I didn't like the name. I didn't really see like how it was going to catch on. It kind of seemed a little like cheesy to me. So I stopped using it for a while. And then another friend of mine, he had asked me, he's like, what happened to earn your leisure? Like, why'd you stop using it? I'm like, you like it like that? He's like, yeah, that was good. All right, cool. So we started using it again and once again it started to pick up traction. So when the time came for us to actually start a show, because that was the first thing that we did together as far as on the online side, started a podcast and actually if you want to be my partner in the podcast. Yeah. So we were coming up with different, different ideas for the name of the show. And I had, I had a name, I wanted to call it Money, power, respect.
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B
That's great.
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A
Troy had another name. We kind of went back and forth. But then we like, look, we already have earn your leisure. That's something that I've been using for a while. It's original, so we might as well just go with that. And that's what we named the show, Earn your leisure. And that started the whole earn your leisure brand.
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B
So at what point did it add in the live event side?
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Live event side came early. We probably 16 weeks into into us starting a show. We did a pop up event, okay. In Carson, California. And that was just a spur of the moment thing. We were in California, we were shooting some content. Like I said, it was 16 weeks in. So we was relatively still early in this show. And another one of our friends had did a networking event in Atlanta like a week before. And I saw it online and it looked pretty cool. Oh, this is a good idea. Networking event. So we just put online that we wanted to do an event in California. We was there. A restaurant owner hit us back like, look, I have a restaurant. I like you Guys, I would love to host you. You know, you don't have to pay anything. We're like, all right, cool. So we did that event. And the event, you know, it was a free networking event, but it was packed. Like, probably 200 people came. And people came from the IE. Some people came from San Diego. So that's when we knew, like, okay, we had some. Because spur of the moment thing. Carson, California, on like a. It was like a random Thursday or a Monday, something like that. And. And it was packed. So that led to us doing a series of networking events all over the country.
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Okay.
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We did one in Brooklyn. We did one in Atlanta. We did one in Houston. We did one in Chicago. We were just going around the country. We was doing free networking events. We was working out deals with the bars. We would play like a Thursday and we would sell merch. So he tried to make some money from it. We get a percentage of the bar. The idea was just to kind of COVID the cost of travel, but we wanted to just see how hot we actually were in person, but also, like, to gauge the interest of the people in different regions. And just taking a model also, like, from just music, you know, you see like, hip hop, people go on promotional tours, promo tours, like before the album comes out. So we was doing that, and every. Every stop it got bigger. Yep, every stop, it got bigger. I think the last stop that we did, I think it might have been Houston or Chicago, was like 600 people. It went from like 100 to 200, 300, 400, 500. And it just kept getting bigger and bigger and bigger. So at the time. So at that time, like, all right, we got a good gauge of, like, this now. Now we'll start to do paid events. So the first paid event that we did was in Atlanta, and it was a two day event. It was actually the day that Kobe died. Cause I remember we had made that announcement to the audience, and that was crazy. But we did that event and it sold out. I think we sold, like, probably 500 tickets. And it was a live podcast one day, then like an educational workshop the next day. And then we like, okay, now this is a model that we can replicate. So we started doing that model again. We went to D.C. we did the same thing that we did in Atlanta. We did it in D.C. then we. We were scheduled for Philadelphia, and that's when Covid hit. So, like, literally, like three days before our event. Because Covid, it kept building up. We kept hearing about it, but still Nobody was really 100% sure what was going on.
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B
Yeah, from March 19th. It became real.
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A
Yeah, yeah, yeah. So like three days before our event, that's when everything shut down and we had to cancel the event, like three days before the event. So that was a. That was kind of sucked because we put a lot of work into that. We was really, really looking forward to it. But we canceled the event in Philly and then we took a break, obviously. Cause Covid.
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B
Sure.
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And then actually Marcus, him 500 we went to his event. He had an event like probably like a year later during when people started to pick up events. He did an event in Miami and we saw his event and that was like real inspiring. So we knew we wanted to come back to the event space because that was something that we did before, but we wanted to see how we can do something different. And at the time, everybody, you know, a lot of people had business conferences, business symposiums in the world of business, but wanted to see how we could do something that had never really been done before. So I thought about having a festival and like, really, like, not just using the word festival, but like actually having a festival, but built around business. So that's where Invest Fest came in. And we kind of looked at what music festivals do and what other type of culturally relevant festivals do, the framework for it. And we took from that and added like the traditional business conference model and put them together, and then that was Invest Fest and then that. So that was a. That's how we got Invest Fest.
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B
How big was the first one?
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4, 4, 500 people.
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B
Wow, that's big.
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Yeah, yeah, yeah, it was. It was big off the gate, I mean, relatively. And we only had eight weeks to plan. So we started it. We had eight weeks to plan. We. We put together the whole thing in about a month and a half. And yeah. So, you know, Invest Festival out the gate was really good. And then from there the anticipation had just built. And then following that, we did a few different things and we did an interview with Steve Harvey and that interview went viral. And during that, after the interview, we spoke with Steve Harvey and he just took a liking everything that we had going on. He wanted to work with us. So he's like, come up with some ideas for us to work together. So we pitched him the idea of him coming on as a partner of Invest Fest.
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B
Nice.
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A
And he came on as a partner. And then the next year for Invest Fest year two, he was one of the. The headliners. And then he also got us Tyler Perry as a headliner. And then. Yeah, that went. That was like 14, 000 people. Then it's just 14,000. Yeah.
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B
Jesus.
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So then. And then it just. Yeah. Every year from there.
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B
So you get 25,000 at the recent one.
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Yeah.
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B
What's your plan for 2026?
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2026. Scale. Scale. And not just in the way of people. Every year we add to Invest Fest. So like the pitch comp. We added a pitch competition two years ago for $100,000. Last year we did a pitch competition. We actually gave away $250,000. Wow. $125,000 to each person. We added Friday programming two years ago. This year. Last year we. It was the first year we added like full day Friday programming. So now it's like a full day. It's three days. It's a real three day. Because at first it was just two days. Then we kind of dipped our toe in with the Friday to make it three days. But now it's all day on Friday workshops. So we added that aspect to it. So then the marketplace has grown. Every year we have around 400 small business to large business vendors inside of our vendor marketplace. So really that's, that's really the focus is to like how, how can we make the experience better and better every year for, you know, people coming to Invest Fest? So, you know, from speakers to, you know, the vendor marketplace, pitch competitions, different value adds. So that's definitely in the works for this year.
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B
Why should people go to Invest Fest and events like it?
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A
It's something that you really can't get online. As far as the online education is great. You can learn a lot online. But you know, the key to success. Well, one of the keys to success, one of the keys to our success is relationships. And so there's a few things I think that you get from a live event like Invest Festival. You get the education, that's one thing. Right. Like you actually get to sit in on panels. And I feel like if you can go, if, if you can't learn something in three days, you're not trying to learn right. Over 100 panels, workshops, I mean a variety of different things that's happening. So you're going to learn something in person, that's one thing. From an educational standpoint, you're going to get inspired. And that's not talked about enough either because like I said, Invest Fest comes from us being inspired. So we started something with tremendous amount of scale in a very short period of time because we saw something. If we didn't actually go to that event, right, we, we might not have gotten inspired to Do Invest Fest, right. So the inspiration I think is something that you get in person. The relationships, like that's probably the biggest part for me. It's like you're, you're in an atmosphere with 25,000 like minded people. It's not just 25,000 people. You could go to a basketball game with 25,000 people, not know one person and then leave.
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Right.
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But if people actually pay for a ticket, they pay for a hotel, they, they've taken time out of their weekend. A lot of people travel, sure. Not from Atlanta. So they got to get, you know, all the plane ticket, everything that goes in. These are serious people, right. So you're around 25,000 like minded people over the course of a weekend. If you don't make at least five very valuable relationships, you're like, you're going about it the wrong way. And these relationships can change your life. And I've heard stories of a change in life. People met their real estate partner, people who've met somebody that invested in their business. People have met their wife or their husband, right? So I feel like a lot of times people, they always say like, you are the greater sum of like your seven closest friends. But what if you don't have seven productive friends? What if you're in a place where nobody in your neighborhood or your environment is thinking how you think, right. Like, well, you have to get out of that environment. And it may not be like a permanent move, but it may be an intentional escape to establish different relationships, different friends and different levels of connection. So that to me is, is huge. Like, you know, it's, you never know who you're going to meet at Invest Fest. Everybody's there. And like I said, just from a vendor marketplace, VIP naichs walking down the halls, being, being in the, in the actual seminars. So that aspect of it I think is, is really big as well. So few different, few different reasons why people should go to events that you can't. Because that's some, some people say like, well, anything you can learn at an event, you can learn online. And that may be true from an educational standpoint, but if you're only going to an event for an educational standpoint, I think you're missing a lot of other key elements.
- [17:00]
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Sure, I'm obsessed with events. I throw 42 events a year. The experience is how we build memories and how we forge relationships. We'll remember if we went to a concert together, we'll remember if we went to Best Fest together. We'll remember those moments even years and years and years later, oftentimes we retain information for a while and only percentage of it stays in our minds. But those relationships last for hopefully for a lifetime. What about EYL University? Talk us through the online university and why is it important for someone to go there versus going through a traditional college or traditional online information?
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A
Yeah, I mean personally we, so we have the platform of earn your leisure is we have Instagram page, we have Tik tok, we have all the social media, we post content all day on that. Then we have three shows under the umbrella. We have a show earn your leisure where we interview entrepreneurs. We have a show called Market Mondays which is a stock investment show, happens every Monday. Then we have a show called Blackout which is like a late night opinion, opinion based show. You learn different things from different shows that you watch or the different content that we post. And you can definitely utilize that information to change your life because people have done it right. Like you can watch an episode about real estate and actually go and buy a multi family home. You can watch Market Mondays and actually start investing in the stock market and make you know, 50 on your money in one year potentially if you get the right stock. That's happened, that's, those are real stories that have actually happened. But I like to say like it's, it's similar to like a public school versus private school that what I just described. All of that is free and everybody, there's no barrier entry for it. Everybody's has access to wi fi, you can watch it. But some people want a more hands on learning approach. Some people want more of a hands on community. So how we built out EY University is not like just an online course, it's actually an institution. So we have regional groups in person, regional groups. So, so we have a DC group, we have a Chicago group, we have a South Florida group, we have LA group, we have a New York group. And these are regional chapters where people meet together with different people. That's part of EY University. And then they'll go out, they'll go out for bowling, they'll do community service. But once again the relationships, right, they get to build relationships with people that's close to them. We have classes that happen that we don't have the capacity to have on YouTube because it's just not enough time. So like Troy, he does stock options, he'll teach a two hour stock options class every month. Market Mondays is only a two hour show. It's not designed to actually sit, go through a chart, go through the fundamentals of a Company like it's, that's, it's not the framework for that. Right. So when you, you get that in depth. Teaching in Eyo University, I was a financial advisor for 14 years. So when I, one of the things I started when I went online I was offering people free consultations like you could book a 30 minute call with me but as I didn't have the capacity for that anymore obviously. But now with EY University I do monthly calls with people for your university and it's just like a free flowing session. Ask me any question you want about investing, about business, about marketing, about college savings, about retirement. And I'm literally just sitting down answering questions as so one on one in a group setting. Right. Like I don't have the capacity to do that on shows. We bring in experts in the field to actually you know, teach about real estate or teach about credit or different things of that nature. So we've, we've really jam packed the, the curriculum with anything that you want to learn about. There's a video for it and then there's ongoing lessons, tutorials, there's a community, we have an app. So there's a community that talks every single day, especially on the investing side. What are you looking at? I just found this company da da da da and they, they go, they go back and forth all the time. We have investment clubs inside of it where people actually, you know, learn about cryptocurrency and what's happening. So it's an extenuation, it's an extension of what we're already doing with the online YouTube, Apple, Spotify, Instagram, but it's just more in depth and like I said that's something that we don't have the capacity to do that on YouTube but we have the capacity to do it online but in a different version which is EY University. So that's for people that really want the hands on learning experience. People that are serious people that just want to cut directly through, get exactly what they want put together, you know them put themselves in places with people that's like minded to themselves in person, events, different things of that nature. So that's the framework behind you all university.
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B
What do you think is what holds people back from making more money? A lot of people get stuck at 40k and 60k, 80k a year and then they're complacent. What do you think holds them back from making more money and starting to invest.
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A
Scalability like I think at every level. Right. Like as far as how can you replicate yourself? Right. If you're an entrepreneur. It's like how if you're, whatever you're doing to make $40,000 and $50,000 a year, what is, what's the pathway to 10x that? And that's what. And sometimes you, you have to change industries almost to actually. Because me as a financial advisor, that's why I started this whole online thing. I saw a ceiling for myself of making, you know, six figures and I just sat down. I was young at that time, but I, I just looked at everything that was like, working against me, and I'm like, okay, like, in order to make money as a financial advisor, I got to talk to people, I got to close deals. I have to have either a tremendous amount of deal flow coming in, which that's difficult to get hundreds of clients on a monthly basis, or I got to work with less clients, but extremely wealthy clients. But I'm like, okay, I don't really have access to extremely wealthy people. So that's why my first idea was sports and entertainment. I wanted to build an online platform to become a celebrity financial advisor so I could work with athletes and entertainers, because I felt like that would be able to scale my business. But even that was kind of a still limited model. So I'm like, okay, well, I could still talk about the same things that I'm talking about as far as personal finance and retirement and investing and different things in insurance. But if you, if I could reach thousands, hundreds of thousands, potentially even millions of people, that's, that's, that's a way to scale my message. So I saw Instagram as that, as that way to actually, you know, be able to grow and scale without having me sitting down, booking appointments, somebody canceling at the last minute, traveling an hour and a half to tell somebody, for me, for somebody to tell me that they're not ready, they gotta talk to their wife, right? So it's like, you know, but that, but that required me to go to a different, a different industry, same framework, same idea. But I went from wealth management to media, but taking the, the, what I was talking about in wealth management and taking it over to media. So I think that that's something a lot of times, you know, you just have to realize like some, some industries or some. Sometimes in life, you're in, you're in circumstances that you, you've, you, you're up against, you know, bad odds as far as your scalability. But it doesn't necessarily mean you have to do something completely different. But you might have to look at different avenues to take what you're passionate about. Take your skill set and scale it.
- [24:48]
B
So someone starts to make more money. They get up to 100k a year, 120, 140, 160. To start growing in their career over the course of time. At what point should they be considering investing? Whether it's the stock market, real estate, cash flowing, businesses, etc, at what point do you think they should start at least researching or starting to invest from the capital they're earning from their core job?
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A
You should start investing as soon as you, as soon as you have enough money to pay your bills. You know, as soon as you have enough money to pay your bills, you have money left over, which is called discretionary income. That's when you really start to have to do something with that and think about it. So whether it's putting money in a 401k, whether it's having a life insurance policy, whether it's having a 529 plan for your kid, whether it's investing money into stocks, over and above any money that you absolutely have to have to live which is your rent, your mortgage, you know, groceries, your light bill, your cell phone bill, anything over and above that is all discretionary. Now you don't have to invest every single penny of that because you know, you do have some leisure that you're going to do. You're going to, you're going to go out, you're going to have to, you know, you're going to buy some clothes, you're going to, you know, take a trip every once in a while. But I think you should really take a strong look at how much money you have over and above what you actually need and put as much money of that as you can and start investing that.
- [26:08]
B
So I have this thing that I've been preaching about for many years, it's a very similar concept. Everything above six months in your piggy bank you are literally losing money on. If you don't invest it because of inflation. When you start to hit to 12 months, let's say your overhead is five grand a month for your family of three and you get to $60,000 saved up. Every dollar above 60, 000 you're literally losing money on because what people are thinking about is 9%. Inflation is very real, right? When it's 8%, 7%, 10%, etc, let's just call 9. Let's say you get up to 200,000 saved up but you only need 60,000, that 140 spends like 132,000 the next year. It spends like 123,000 the next year, spends like 114,000 next year. It still looks like it. You have 140,000 saved up in your bank account, but that 140 spends less because your Ford truck is 55 grand, not 51. Your bread is $4.40 instead of $4. Your gas is $5 instead of 450. And so if you don't invest it and at least fight with inflation, you're literally losing money by it sitting there. Even though you think that you've hit this goal of I'm ahead of most of America, which Sadly only has $5,500 saved up in their bank accounts. You've got 200k. You only actually need 60 to cover your rent and overhead for the year. I am passionate that people have to invest, even if it's just into a CD, something, just getting 4 or 5% a year just to battle with inflation. What are your thoughts on that?
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A
Yeah, no, 100%. I think that that goes back to the financial advising thing too. I used to say, like, you needed, at the bare minimum, three months.
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B
Yep.
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A
That's like a safety because anything can happen. So, you know, every, every dollar that you're not investing, you're. You're losing money on. But you know, you have what's called an emergency fund.
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B
Yep.
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A
So three months is an emergency fund. Like, that was a bare minimum six months if you really just wanted to be safe. Yep. Like, some jobs are more risky than others. And it's like, you know, if you really want to be safe, then six months. But yeah, anything over six months.
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B
Yep.
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A
Unless you're, you're, like, using it for a specific reason. Like, okay, I know I want to buy a home in two years and I can't really afford to lose it. So that's different. But for, yeah, the average person. Yeah. Six months savings, the maximum that you really need. Because even investing is a form of savings too. Like, you know, if worse comes to worse, you can pull money out of your stock portfolio. Right. But yeah, definitely inflation kills your money. And you don't want to just have money sitting and not doing anything. Because if it's not growing, then it's losing.
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B
Stock market, cash flow businesses, Bitcoin. There's so many different options for people to invest into. Angel investing, to their friend's restaurant or barbershop or nightclub or salon. Oh, my God, this company came over here. I got this pitch of this new fancy product and business. Like, people are bombarded with options, what they see on social media or they're hit up in real life. How do they decide for themselves? How do they protect themselves? What to finally invest into.
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A
Education is key. I think you should, you should always educate yourself before you invest in anything. But easy, some of the easy basic investments is like, you know, you could dollar cost average into index fund, stock market. That's like an easy barrier of entry and that's something that a lot of people are already doing with their 401k stuff like that. So you know, that's, that's something that you can definitely get into easily. And then when you start to look at, you know, cryptocurrency, bitcoin, that's something that you know, you have to, I think have some exposure to for sure. If you look at the future and where the world is going, especially you know, money and monetary, you know, systems. So you know, you might want to put, okay, I'm gonna put some money into bitcoin every, every single month, dollar cost average into that. And then as far as a business, I definitely think that if you're an entrepreneur, you, it's better to start low costing businesses that you can self fund. A lot of people kind of go into debt when they first start out and I think that puts them under pressure. You don't want to have to borrow money for your business, especially when you first start. Maybe when you get more seasoned, it's experienced, then it's like, okay. But I think that, you know, going into business without the pressure of making money to support yourself gives you a lot more clarity. You know, we first started, we both had our own careers and the business was, was relatively low costing. So it wasn't like we, we had to turn a profit on day one to support ourselves. Like when you, when you support, start doing that, then you do things that you might not necessarily do. You start to compromise on different things and it doesn't put you in a good, you know, mental space. So definitely you have to invest in your business. I think that if you are an entrepreneur, you want to self fund your business at first if you can, but also start a business that doesn't require a lot of self funding, right? Start with the MVP and then build it out from there as opposed to going into something that's going to be tremendously costly at the start.
- [31:16]
B
So overhead is the biggest killer of most businesses and most households. A lot of times people get that fourth bedroom even though there's only two of them living there. They get that third car even though there's only two of them. They get that third watch, you know, they become numb to the second and third watch. I've watched it happen and sure you've watched it happen. Over the years, a lot of friends make money, but at the end of the year, they have the exact same money saved up and they don't know why. They're like, wait a minute, I went from 100k to 160k. Why do I have the same amount of money? Well, it's because you went and got a four bedroom house instead of a two bedroom apartment. It's because you got a third car. Now you're paying 800 bucks a month, 600 bucks a month for these two extra cars. We don't realize all these extra things that go into our overhead is holding us back, that they could be investing that capital. What would you say to someone to try to not have to keep up with the Joneses and take the extra capital they're making from earning more in their career and putting into investing instead of putting into a third watch?
- [32:10]
A
Yeah, keep. You know, lifestyle creep is a real thing. The more money you make, the more money you spend usually. And that's why most people, you know, they stay broke no matter how much money they make. And I think that it's important to rethink the way that you think about money a lot. Most people would train to think about money as like kind of a voucher in a sense, where you get it and it's something that is exchanged for something else. So I work and then I get paid money, and then I use that money to pay my rent. I work, I get paid money, I use that money to pay for clothes. I work and I get paid money and I use that money to, you know, go to Miami. And that's like a continuous cycle of working, getting money, spending money. And like I said, no matter how much money you make, if you have that mindset, and that's what if you value, if you look at money as a voucher for a good only, then that's, that's, that's what you're going to continue to do. But I think when you start to rethink about it and you think of money as a tool that in, at its core is part of it is used as a voucher, but the other part of it is a tool to make more money, then you start to rethink your relationship with money. You start to value it more. You start to not necessarily just be overly, you know, frivolous with the decisions that you make because you look at the potential that it could cost you. So looking at money as a tool to make more money, that's something I think just really buying into that belief system, it changes it because it's not like every single dollar that you get, you're going to invest, but you're always thinking about investing. So you know, you're always going to think, okay, if I get a hundred thousand, I'm going to put $50,000 up. That's not even a question because I need to make and another a hundred thousand down the line off of this 50,000. Right. So without having that understanding, it's easy to blow a million, 10 million you can blow. Like you see this happens all the time with lottery, lottery winners and athletes. And people don't understand like how can somebody have a hundred million dollar contract and not have any money left? Because they didn't. They never looked at it as anything other than something that they should just spend. And eventually when you don't have money coming in or the money coming at the same rate anymore and you spent all your money, now you're broke.
- [34:46]
B
So recently in the podcast space and content space, we've been seeing some mega deals. In the last few weeks we saw Netflix buy 15 shows to put on there with Barstool Sports being three of those shows. We saw a friend of yours get a 200 million dollar five year deal in this, in the space in the category. What are your thoughts about the podcast and content creation space and now these mega deals that are occurring.
- [35:09]
A
It's interesting, I feel like Netflix kind of followed the same business model almost that Spotify did a few years ago. Remember, Spotify will spend a lot of money, Joe Rogan, everything like that. And Netflix, you know, they, they need inventory for videos. So it's, it's expensive to, to make a scripted show. It's even probably more scripted, expensive to make a movie, original movie. And Netflix spends so much money on content. They spend more money on content than anybody else probably combined. Probably. Yeah. So you know, the podcast is a, is a low costing show. Even if it's a good produced podcast, it's still low costing compared to like you know, scripted show or a movie.
- [35:54]
B
Right.
- [35:54]
A
So it's a way to get cheap, cheap, cheap content and fan base. Right. And people, you know, watch especially like a show that people like really like tune into, they watch it as part of their, like their ritual, weekly rituals like to watch the show. So from, from that standpoint I think it's interesting to see, I'm not 100 sure how that's going to play out as far as Netflix is concerned, honestly. Because I do feel like it does add a barrier that makes it harder because even I don't know if the Joe Rogan thing really worked out with Spotify when he took his videos off of YouTube. I don't know how many people actually watched his videos on Spotify. I don't think a lot did. And I think that Netflix could go either way, honestly, in my opinion, because it's like me personally, the Breakfast Club. I watch the Breakfast Club on my phone. I watch YouTube on my phone. I don't really watch YouTube on, on the television because I'm out all the time.
- [36:44]
B
Yep.
- [36:45]
A
And I only watch Netflix on the television. I don't watch Netflix on my phone. I watch Netflix at 11 o' clock at night and it's like, you know, I gotta, I gotta be at a certain point mentally to sit down and watch Netflix where I could just, at any point in time, I could just watch YouTube. So will I be watching the Breakfast Club at the same rate that I was before? No, I won't. Just. Just from, just from the barrier of interest behavior.
- [37:11]
B
Yeah.
- [37:12]
A
But Netflix has obviously extremely large base and they pushed and they control the algorithm too.
- [37:20]
B
Right.
- [37:21]
A
So, you know, they might push it to a new audience that never even watched it before. Exactly. So I think it's interesting to see how that's going to play out. But the overall, I think that the podcast space is in an interesting place because I do feel like it's kind of oversaturated a little bit. Like a lot of people are not original and they just copy what's already been done and it's a lot of the same content kind of getting regurgitated. There's a lot of celebrities that's coming in and they're doing similar content to each other. So it'll be interesting to see how this whole thing plays out. Obviously, people's attention spans, or attention for media is only growing. Their attention spans are getting smaller, but their appetite is getting bigger. So I don't think that that's going to go anywhere. But even like streaming. Right. I think streaming is. Has taken a large chunk of. Of new media.
- [38:17]
B
Yeah.
- [38:18]
A
Where people might, not necessarily young people might not watch a podcast, but they'll watch a streamer. Right.
- [38:22]
B
Because they can come in and out. They can just watch it for a little bit and exit.
- [38:25]
A
Exactly. So it's interesting, but I definitely think that it's only going to continue to revolutionize media and it's going to evolve over the course of Time even more than what it is now.
- [38:43]
B
So we talked about a bit. Making money, investing money. Let's talk about the charity side. Why do you think it's important for a household to have some type of charity for their kids, family and friends to see and be a part of?
- [38:55]
A
I feel like it's, you know, it's all reciprocal as far as, like, whatever you put out in the world comes back to. And I feel like it's just part of your karma. But I also feel like, you know, the more from a, like, even from a selfish standpoint, the more you help, the more you get. So that's something I don't think a lot of people fully understand either. Like, you know, it's. It's not meant to just have and just hoard everything for yourself. Like, I feel like you do have a certain level of responsibility if you're fortunate, to help people that are less fortunate, because why not? As long as it's not going to hurt you? And I think that in any level of charity, it never really is preached that you have to hurt yourself financially to give charity. Charity is something that you can afford to give, right? Like if you see somebody on the street and you give them $5, you have 300 in your pocket. The $5 is not hurting you, right? But it could actually really help somebody. So something that doesn't hurt you and could help somebody, why would you not do it? Right? And I feel like that's something that if everybody did that, then it just, it just makes, it makes the world a better place. Because ultimately every one person's problem is everybody's problem. Like, it's not like, you know, okay, I could just avoid this because it doesn't affect me. It is going to affect you one way or another. Like, you know what I mean? So I feel like helping people is beneficial for the person that you're helping, but it's also beneficial for yourself also. Right. From a variety of different standpoints. But the more, the more that. I think people really buy into that, understand that. The less that we'll have to rely on entities like the government, which we can't rely on the government. We don't know what's going to happen. So, you know, we gotta. We gotta really take the matters into our own hands. So encouraging that, showing that and really just, you know, having that level of compassion, I think is something that's important.
- [40:55]
B
Do you have children?
- [40:56]
A
Yeah. I'm sorry.
- [40:58]
B
So there's only one question that I ask on every single episode, and I've never gotten the same answer before. Many, many years from now when it's finally time for Rashad to pass away. But you've built up hundreds of millions dollars of net worth, built up a multi billion dollar company with earn your leisure. What percentage of your net worth do you leave to your son?
- [41:20]
A
To be honest, I have not fully thought about it yet, but I feel like he'll probably get a substantial amount as it stands now. I mean, if my life changes, you know. But as it stands now, he's my only child. So, you know, you leave money for your family, you leave money to charity. But as like my sole heir, you know, he probably, he'll probably get a substantial, substantial part of it.
- [41:52]
B
So talk to us your social, the business social. Talk us through all those things so people can find you and all the earn your leisure world.
- [41:58]
A
I appreciate it. Yeah, earn your leisure across all platforms. And then my, my page on Instagram. My, my, my name is Rashad Bilal. So that's my Instagram name. And yeah, appreciate it.
- [42:12]
B
It's awesome. So, as you guys know, this episode is important not just for yourself, but, but it could be for your friends, family and followers and not just for them. It could be from people from your past, present or future. Things that you hear on this episode might be relevant a month from now or a year from now to someone in your life. And so forward this to them. Make sure you're talking with your friends about money, credit, finances, because it's important for your daily life. I appreciate you guys. We'll see you guys here next Monday on the money Mondays.com.