Does Getting Married Help You Earn More Money? Earn Your Leisure's Troy and Rashad on the Marital Minimum Wage, Tariffs, Financial Trauma and "F U Numbers"

Speaker 1 Here's one piece of advice that I've given for years: build an emergency fund. Aim to stash away enough to cover at least three months of expenses in case your income suddenly drops.

Speaker 1 Sounds simple, right? But let's be honest, it's not. Saving even one month's worth of living costs can feel impossible.

Speaker 1 Just when you're making progress, that check engine light blinks on and derails your plans. Life already throws enough curveballs.
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Speaker 1 Here's one piece of advice that I've given for years. Build an emergency fund.
Aim to stash away enough to cover at least three months of expenses in case your income suddenly drops.

Speaker 1 Sounds simple, right? But let's be honest, it's not. Saving even one month's worth of living costs can feel impossible.

Speaker 1 Just when you're making progress, that check engine light blinks on and derails your plans. Life already throws enough curveballs.
You don't need your bank adding to the chaos.

Speaker 1 That's why it's so important to choose one that makes savings easy and doesn't nibble away at your hard-earned money with ridiculous fees. Chime understands that every dollar counts.

Speaker 1 That's why when you set up direct deposit through QIIME, you get access to fee-free features like free overdraft coverage, getting paid up to two days early with direct deposit, and more.

Speaker 1 With qualifying direct deposits, you're eligible for free overdraft up to $200 on debit card purchases and cash withdrawals. To date, QIIME has spotted members over $30 billion.

Speaker 1 Work on your financial goals through QIIME today. Open an account in just two minutes at chime.com slash MNN.
That's chime.com slash MNN. Chime feels like progress.

Speaker 2 Chime is a financial technology company, not a bank. Banking services and debit card provided by the Bank Corporate Bank NA or Stripe Bank NA, members of FDIC.

Speaker 2 Spot me eligibility requirements and overdraft limits apply. Timing depends on submission of payment file.
Fees apply at Auto Network ATMs, bank ranking, and number of ATMs, according to U.S.

Speaker 2 News and World Report 2023. Chime, checking account required.

Speaker 3 I live in LA now, but lately I have been craving the seasons. Snow, hot cocoa, the whole thing.

Speaker 3 I don't even ski, but I have been daydreaming about working remotely from somewhere really cozy on the East Coast, like a cute little ski town for a little bit.

Speaker 3 And whenever I know I'm going to be gone for a while, I always remind myself that my home can actually be working for me while I'm away because I host my space on Airbnb.

Speaker 3 It is one of the easiest ways to earn passive income from something you already have and that extra income feels particularly helpful this time of year as we approach the holidays.

Speaker 3 A lot of my friends say, that sounds amazing, but where do you find the time to manage guests and bookings? And that's when I tell them about Airbnb's co-host network.

Speaker 3 Through Airbnb, you can find a local co-host who can help you set up your listing, handle reservations, communicate with guests, provide on-site support, even help with design and styling.

Speaker 3 I like to give a personal touch when I'm hosting on Airbnb. So I make a list of my favorite restaurants in the area and I hand-write a note welcoming my guests to the property.

Speaker 3 My guests love it, but I also know that some of those little personal touches can take a lot of extra time. So this is the exact kind of thing that you would want your co-host to help you with.

Speaker 3 Whether you're traveling for work or chasing the snow or escaping it, or you've got a second place that just sits there empty more often than you'd like, your home doesn't have to just sit there.

Speaker 3 You can make extra money from it without taking on extra work. Find a co-host at airbnb.com slash host.

Speaker 4 I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab.

Speaker 3 Well, well, well, this is the crossover episode we have all been waiting for. Today I'm joined by the Trailblazers behind Earn Your Leisure, Troy Millings, and Rashad Bilal.

Speaker 3 If you don't already already know, Earn Your Leisure isn't just a financial literacy podcast, it is a full-on empire.

Speaker 3 Troy and Rashad have been hosting their show for years and bringing on guests to share advice on building wealth.

Speaker 3 And so when their team reached out to us and asked if they could be guests on Money Rehab, it was a fast hell yes. And the conversation was just awesome, nerdy, and actionable as I knew it would be.

Speaker 3 We dig into a lot, so get ready. We talk about their predictions on the U.S.-China trade war and what it means for your portfolio.

Speaker 3 We also talk about the insider trading mess in Washington and whether finance can really be democratized.

Speaker 3 Also, we go pretty deep talking about financial trauma, money dysmorphia, and the push-pull of relationships and money and what it actually means to feel like you have enough.

Speaker 3 Oh, and if you have a crush on Rashad, you will get the answer on whether or not he is single.

Speaker 3 Kind of.

Speaker 4 Welcome to Money Rehab.

Speaker 5 Thank you for having us, Nicoles. Pleasure to be here.

Speaker 4 So I've been such a fan for such a long time. Got to throw some financial flowers your way in the beginning.
Appreciate it. I've been such a big fan of what you do.

Speaker 4 We're all in the financial literacy party. I think what really struck me is you're so calm.

Speaker 3 I love your voice in a crisis.

Speaker 4 It even makes me calm.

Speaker 5 Everyone relax.

Speaker 4 Appreciate it. Thank you.
Have you always been chill?

Speaker 6 No, no, no, you got to keep your composure. I think that we've always had like a calm demeanor.
He's a little bit more outgoing than I am.

Speaker 6 Like I'm very like chill, laid back reserved person but i feel like um in the day and age where everybody's trying to be somebody that they're not and like i feel like a lot of times when you get online or get on social media it's almost like wrestling you have to adapt to a personality so you have to like change your name and you got to change the way that you dress and change the way that you talk so i think it's refreshing for people to just really feel like it's an organic vibe and that's what we did we haven't changed our personas or changed our name or changed too much about ourselves.

Speaker 6 We're just the same people that we were before.

Speaker 6 So even if people don't know us or haven't knew us for 20, 30 years, they can feel like it's an authentic person that they actually grew up with as opposed to a celebrity or a talking head that they're listening to.

Speaker 4 Maybe with some fancier stuff. A couple of trinkets.
With the tariffs going on, not.

Speaker 4 necessarily on my bingo card, although it probably should have been because with Trump, he tells us what he's going to do. It just wasn't on the bingo card with how aggressive it was.

Speaker 4 So everybody's freaking out. Your audience is freaking out.
How do you tell people to stay calm?

Speaker 5 The beautiful thing about our audience is that they grew with us through the pandemic.

Speaker 5 And so they've seen crisis before and they've seen a bull market and they've seen a bear market and they've seen catalyst events that have the market appreciate and they've seen catalyst events have the market depreciate.

Speaker 5 And so when this happened, it was kind of that preparation of there's some uncertainty, which has always been the number one thing in the market that we can't control.

Speaker 5 And you can reference 2020 March of what uncertainty looked like. And we can reference.

Speaker 4 Circuit breakers. It was crazy.

Speaker 5 Exactly, right? Like, this is the end. Like, how far can this thing fall? And so when you see something like the tariff announcement happen in early April, it was like, oh, okay.

Speaker 5 We've seen something like this before. There's a lot of uncertainty.
But this is an opportunity, right?

Speaker 5 Every time there's a crisis, we always tell people there's an opportunity for people to really take advantage of it. And so our audience was prepared.
It wasn't like I'm selling everything.

Speaker 5 It was like, we know what to do, right? When these prices get to points that we like inside of good companies, we're investing. And so they did that.

Speaker 5 And they're going to slowly but surely they're starting to see the benefits of that discipline when it comes to investing.

Speaker 4 Yeah, because with that opportunity, we saw 1,500-point gains, three of them, I think, record-breaking highs. And you can only participate in that if you don't sell.

Speaker 4 I mean, retail investors, I think studies have shown, and you'll know this, tend to do 4% to 5% worse than the SP 500 because they get so scared during these times.

Speaker 4 And Google shows that sell stocks, that search rises anytime we see a short-term dip. But that opportunity means that your investment portfolio is up.
Do you guys know how much yours is up right now?

Speaker 6 Well, I'll say this. We're still down from the highs that we were at in February.
We haven't recovered fully yet.

Speaker 6 But we spoke with the head of brokerage at Robinhood, and he says they had a record inflow of money that flew in over the last month and a half.

Speaker 6 So now I think that people are starting to go away from what they used to do as far as panic and sell.

Speaker 6 There's still some panic selling that happens, but now people are really buying the dip and that's become a term in urban vernacular is buy the dip, right?

Speaker 6 So I think that more and more people are looking at these downturns as an opportunity as opposed to being scared.

Speaker 6 and that goes to the work that everybody like yourself has been doing and championing as far as financial literacy teaching people about investing teaching people about index funds teaching people about dollar cost averaging so they used to call retail investors dumb money because they were not educated so they were liquidity they were opportunities for smart money which is whales and institutions and hedge funds to make money off of.

Speaker 6 But now I think they're starting to change.

Speaker 6 I think more and more regular people that might have $5,000 or $10,000 or $1,000 invested, they're still educated and they're not getting taken advantage of at the same level that it might have been at previous times in history.

Speaker 6 So I think that current is starting to change a little bit.

Speaker 5 He said something important. The title sophisticated investor really doesn't have a monetary amount attached to it anymore.

Speaker 5 You could have $10,000 and be a sophisticated investor because you have the education.

Speaker 4 Whereas in the past, a sophisticated investor was somebody that had over $250,000 in their brokerage because they had the capital and people giving them information then they were making better decisions but now with the wealth of resources obviously shows and books people can make their own decisions and become sophisticated with the amount of money that they had and can grow portfolios i mean the best emotion to have when you're investing is no emotion which is really really hard and that's where a lot of the financial demons come into play and you guys talk about in the book you deserve to be rich some of your financial trauma so troy can you talk to me about when your parents lost your house and how that impacted you and how that still impacts you today?

Speaker 5 Yeah, it's interesting. I still live in the neighborhood where that house is, which is pretty interesting.
So when we were writing the book, I drove past it just as a moment to see how far we've come.

Speaker 5 But yeah, my parents from Jamaica, they moved to the Bronx and we were living in the South Bronx in the 80s and they bought a house in Greenberg, New York.

Speaker 5 And at the time, I remember them trying to get as much money as they could for the down payment, borrowing money from family members. And we finally got the house and it was great.

Speaker 5 It felt like, yeah, we're moving on up. And within three short years, everything turned around.

Speaker 5 We lost the house and ended up moving twice and ending up in somebody's basement, one of my dad's friends, his basement. And it was humbling, the embarrassment of it.

Speaker 5 You have a house in the neighborhood and everybody's looking at you like, yo, you guys, you're doing well. And then you're in somebody's basements, roach infested, rat infested.

Speaker 5 And you're just like, how did this happen?

Speaker 5 As time goes on, you realize that the financial education wasn't there. What happened to them was they signed an adjustable rate mortgage in 1988

Speaker 5 and they didn't know what a fixed rate mortgage was and so when they could afford it in 1988 it was great but by 1990 91 that interest rate almost doubled and so now it wasn't something that they could afford anymore and it was moving on down but what it did do is it showed me what coming together looks like because even in the midst of that We never felt like we didn't have.

Speaker 5 I grew tight relationships with my parents. I grew tight relationships with my brother because we were experiencing that at the same time.
And so financial discipline became the thing.

Speaker 5 I was going to school in Westchester, but living in the Bronx and getting bus money and trying to figure out how am I going to have the bus money and lunch money to get home every day.

Speaker 5 And these are the things I'm thinking about, like, how am I going to do this? I didn't have a TV at the time. I remember we, I used to just listen to the radio and read the newspaper.

Speaker 5 But inside that, that's where I got a love for reading, especially like I was reading the sports section, but then I'd go to the business section and then I would read the news in the front.

Speaker 5 So I I always read the daily news back to front. I love sports and I was like, all right, I'll get a little business in the middle and then I'll get to whatever's happening in the world.

Speaker 5 And so that discipline helped me later in life. When it was time to learn about finance, I didn't go to school for economics.
I didn't go to school for business. It was self-taught.

Speaker 5 And so that reading came back into it. It was business week.
It was CNBC.

Speaker 5 It was anything I can get my hands on that would help increase my knowledge base around the world that I wasn't familiar with because my parents didn't come for it.

Speaker 5 A lot of my family didn't come for it. I did have some friends who have some financial knowledge, but I wanted to be part of their conversations.

Speaker 5 Like I was around and they would have financial conversations. I was like, man, I can't really contribute.

Speaker 4 I don't know what they're talking about.

Speaker 5 And so I took on the liberty to say, all right, I got to go educate myself. So the next time they have a conversation about money and finance and real estate, yeah, I'm well in depth.

Speaker 5 In fact, I'm going to add to this conversation. So it was like a challenge for me from that point on.
But that all happened because of losing a house and figuring out.

Speaker 5 How you're going to move on as a teen and how you're going to correct those mistakes in the future for your family.

Speaker 4 And you own a house now?

Speaker 5 I own a house. I own two homes.
Yeah. So I own my parents, we live in a home now.
And that's interesting.

Speaker 5 During the pandemic, when the interest rates were really low, and I remember like, hey, we got to refinance this house. And my parents were like, we can't do it.
We co-own it.

Speaker 4 And they were like,

Speaker 5 psychologically. Just going through the process of interest rates, that trigger word again, they couldn't do it.
I'm like, look, it's 2.75. We may not get to this point again.

Speaker 5 Right now we're at four and a half. That's two points on your interest.
And just the fear and the process of them going through something like that again, they didn't do it.

Speaker 5 And so we stayed at that four and a quarter, four and a half. And now you see your interest rates up at 7%.

Speaker 5 So we missed a moment where they could have saved money on a mortgage, but that fear kicked in again. So I owned that home with them.
And then I just completed a home that I just built with my wife.

Speaker 5 So that was a process too.

Speaker 4 Yeah, I remember my family's house being foreclosed on when I was little. And no matter what I know still about finances, it's always going to be an emotional conversation.

Speaker 4 And I think a house is a home. It's not actually a great investment over time compared to the stock market.
But I think it's hard to divorce yourself from those early emotions and that early trauma.

Speaker 4 Rashad, do you have an early story that has affected the way you look at money?

Speaker 6 For me, it's just a matter of understanding entrepreneurship at a high level. Because my dad was an entrepreneur.
My mom was a school teacher, she's always from a standpoint of like security,

Speaker 6 and he was on a standpoint of making risk. As an entrepreneur, you take risks.

Speaker 6 You know, when you're a kid, you're not really privy to a lot of conversations, but if you're an observant person, you can pick up things.

Speaker 6 You don't have to actually have a conversation with somebody to know what's actually happening. It's like a puzzle.
You can put pieces together.

Speaker 6 There's a lot of times where, as an entrepreneur, you might not get paid for a week or a month or whatever, right? And that it's an inflow of cash that's not always stable.

Speaker 6 So that can cause a lot of issues. When one person has a stable income, the other person doesn't have a stable income.

Speaker 6 That causes problems.

Speaker 4 You know what I'm saying?

Speaker 6 Like, that causes problems. So you see things like that and you understand, like, okay, like, this is the dynamics of a family that when you're dealing with finances and it could lead to issues.
And

Speaker 6 that's something that you pick up early on. So you got to figure out, like, is this something that I want for myself? Or do I want to subject somebody else to that?

Speaker 6 Or you start to think about those type of things because a lot of issues in relationships come down to finances. I think that's one of the major cause for divorces, actually, in America.

Speaker 6 There's a lot of different things that you just pick up on as a child that shapes who you are as an adult. But for me personally, I always wanted to be an entrepreneur.

Speaker 6 So you see the ups and downs, and you know that it's not easy, but that's giving you some level of foresight of what you need to avoid and different mistakes that you could potentially stay away from.

Speaker 6 Keep your overhead low. Don't overexpend yourself when times are good.
Make sure you hoard money as opposed to spending money when times are good. Then you don't have money when times are not good.

Speaker 6 So these are all things that you pick up if you're around people that actually are in business. And you can learn from their mistakes just by observing.

Speaker 6 And you can learn from things that they're doing good by observing. Like sometimes you don't always have to actually get mentored to learn.

Speaker 6 Like I said, if you're an observing person, you can actually learn just by being in close proximity.

Speaker 4 So, you wanted to be an entrepreneur, but you also want to be married. Huh?

Speaker 6 You said I wanted to be married?

Speaker 4 You want to be married. Is that right?

Speaker 6 Marriage, if it happens, it happens.

Speaker 4 Haven't you recently said that the best thing you can do in this economy is get married?

Speaker 6 For sure. Nothing more.
Two incomes is better than one.

Speaker 6 So it's been proven that married couple's financial trajectory is better than a single person.

Speaker 4 That's been proven.

Speaker 6 So

Speaker 6 I think that it's beneficial if you find somebody that, you know, you really connect with to have a family unit, even if you need taxes.

Speaker 6 Like there's so many different things that you get benefits for from being married. But it's also a thing that can actually really hurt somebody financially also if you find the wrong person.

Speaker 6 That's for sure. So it's not something that you enter into ill-advised prematurely.
So you have to find the right person and you have to have proper guidance and education before you enter that union.

Speaker 4 Wow, that's very professor.

Speaker 5 This is a message sponsored by the Married Men of America.

Speaker 6 If you could find love,

Speaker 6 I congratulate you.

Speaker 4 Have you found love?

Speaker 6 Me? I'm not married.

Speaker 4 Are you dating? That wasn't the question, man.

Speaker 6 I'm just day by day. I'm just living, it one day at a time.

Speaker 4 So that's a nope.

Speaker 5 Yes, Nicole, I am married and I am in love. We recently celebrated 13 years.
Congratulations.

Speaker 5 And what he's saying is true. And before I was married, he was my financial advisor.
And so that was some of the advice. It was like two incomes are better than one.

Speaker 5 But there's a certain level of stability that you have when you're in a marriage. If you look at the wealthiest people in the world, they have something in common.

Speaker 5 They either are married or they were married or they've been divorced and got remarried because there is a sense of stability there and there's a sense of ordinance in your life right there's a certain level of discipline when it comes to being in a marriage so there are benefits for it which is what prompted that statement that you read because being outside and being around a lot of my friends who are single i'm listening to the stories and i'm hearing the feedback and i'm watching the relationships that they're having and there's a common theme and it's imbalance, right?

Speaker 5 There's a lack of stability. There's a lack of knowing what I want and what I'm looking for.

Speaker 5 And so that led to the prompting of like, you know what, the best thing to be in this space right now is find somebody that you can really rely on, count on, and build with.

Speaker 4 How do you feel about it?

Speaker 6 What's your thoughts on that?

Speaker 4 Well, I actually learned from you guys about the marital minimum wage. So that basically is that married men make on average more than single men.

Speaker 4 I just wonder if what's the chicken and what's the egg? Do married men become more successful or do more successful men get married?

Speaker 6 Well, what's your personal experience?

Speaker 4 My personal experience is having a happy marriage, which I have. And there's a difference, I think, between being married and being happily married.
You're absolutely a partnership and a team.

Speaker 4 And the day we mushed our brokerages together,

Speaker 4 that was such a great experience because you talk about compound interest. That was a compounding effect of two

Speaker 4 investment portfolios becoming one. And that number doubled.

Speaker 6 Do you think that you being married has helped you, not just from a brokerage standpoint? Do you feel like you're more successful because you're married?

Speaker 4 I think that I have more time to focus on it because we actually met on Riot. On what? On a dating app.
Okay, okay. Are you on dating apps?

Speaker 6 No, I'm not on dating apps.

Speaker 4 I had more time because I wasn't on the dating app anymore. Now we talk about the app

Speaker 4 being like Zillow.

Speaker 6 Social media is a dating app. Instagram is a dating app now.
Like every, every time.

Speaker 4 Is that how you're starting to date?

Speaker 6 No, I just,

Speaker 4 I'm not going to let you go.

Speaker 4 No,

Speaker 4 I don't know

Speaker 4 about what's going on with you. we don't know we never really got the answer on that

Speaker 4 you're such a politician so most i'll get us back to financial news but the people want to know what are you looking for good energy is extremely important that's the number one key in life you got to have good energy

Speaker 6 good financial hygiene yeah you know i'm not really a person that really checks somebody i'm not one of those people that's like on the first date what's your credit score that's not cool or sexy but some people like in the like some people in the financial literacy community, they're like, that's the first question you should know.

Speaker 4 No, but you should know that. You should pick up on cues for how responsible somebody is.
For sure.

Speaker 6 Definitely.

Speaker 5 That's important.

Speaker 6 I think positive cash flow is important. You don't want to be with somebody that's a liability.
You need assets. More assets than liabilities, for sure.

Speaker 5 She's 10 for 10 right now. Nicole.

Speaker 4 I'm loving this.

Speaker 5 You're amazing. She's a Pisces, by the way.
Are you?

Speaker 4 Yeah. When's your birthday? March 7th.

Speaker 4 Wow. You thought I was you did some due diligence

Speaker 4 I know your birthday I know your social security number that's next we'll later on okay Rashad we're just trying to get you married here

Speaker 4 we're trying to do money rehab and appreciate it

Speaker 6 should I get a prenump

Speaker 4 mandatory Mando oh man

Speaker 4 it's money rehab

Speaker 5 in on

Speaker 4 So you're ready with your prenup and you want good energy. Yes.
That's the crazy thing.

Speaker 6 You know what I saw on social media? People with a prenump are less likely to get divorced than people without a prenup.

Speaker 4 Is that true? That's what that's what I saw.

Speaker 6 A divorce lawyer. He said he's done thousands of prenumps and only had five divorces.

Speaker 4 Because I think it's about good communication, right? Like you're going to have a prenup regardless.

Speaker 4 The state's going to decide what happens if, God forbid, you get divorced, but it's having that hard adult conversation. I'm going to let you go on this one for today.

Speaker 4 No, communication is key. It's key.
I like that you said that 100% key, but he's answering questions now like a politician.

Speaker 4 And so I'm curious, with all of the chaos happening in Washington, would you ever run for office?

Speaker 6 I put on my Instagram last year that I was thinking about running for governor of New York. And so I have political friends.
So one of my friends was actually a Congress person.

Speaker 6 And they're like, are you serious about this? I'm like, look, nah, I'm not serious about it. Don't worry.
But I do think that

Speaker 6 I'm 50-50 on the politics thing. Half of me would be very interested in being in office.

Speaker 6 The other half of me just feels like it's so fake and you got to make everybody happy and you can't be who you really are, which now I guess that's not.

Speaker 4 Maybe you could be, right? Maybe you can't.

Speaker 4 The flip gates have opened.

Speaker 5 Kick down the doors.

Speaker 6 For sure. So, I don't know.
Politics is interesting, man. It's just a dirty game.
Politics.

Speaker 5 Do we like his chances if he does?

Speaker 4 I love those chances. I vote for you.
What I'm worried about in Washington is all of this insider trading.

Speaker 4 When we were checking our portfolios, there was a report that Nancy Pelosi made like 5 million bucks, which is 26 times her salary, by the way, in the market. It's on both sides of the aisle.

Speaker 4 The only thing they can agree on is the trading. Insider trading.
Yeah.

Speaker 5 I actually did a study on Nancy Pelosi's trading. It was interesting how she was doing options.
And so a lot of her options were deep in the money. And so that was even a strategy.

Speaker 4 Explain what deep in the money means.

Speaker 5 So deep in the money. So options are you're predicting the appreciation of an equity, right? So there's a strike price, which is where you want to reach.

Speaker 5 but if you've passed that on the way up then you're out the money right because it hasn't gotten to that point but it let's give a number like 150 right when you're deep in the money you're going below 150 right so you might be at 100 meaning the equity is already passed by far where the current equity is trading in other words you're not buying it unless you know something it's yeah you know something and you know that there's potential for growth inside of that equity.

Speaker 5 And so I looked at the companies she was invested in. A lot of them had to do with technology, which was interesting.

Speaker 5 I'm like, all right, we know technology runs the economy, but where she was buying these calls at was really interesting.

Speaker 5 So if a company like NVIDIA was trading at 120, she was buying like $60 calls, right? It's meaning it's far surpassed $60,

Speaker 5 but there's potential growth for it to go up.

Speaker 5 And the depreciation, the percentage going down is a lot less because for NVIDIA, a company like that, a trillion-dollar company to go from 120 back down to 60 is highly unlikely.

Speaker 5 so there's a little bit of certainty there. So, it was interesting.
I was watching that.

Speaker 5 Margie Green is another one, and I actually listened to your episode about it when you were talking about the ETFs that track both Democratic and Republican moves.

Speaker 5 And it was like, it's funny that none of it's illegal, but it feels very

Speaker 4 allegedly, it feels like there

Speaker 5 got to be some legalities that are not being checked.

Speaker 4 We had Senator Jill Brown on the show, just saying, from New York, from New York, and senators actually, I think it's it's all congress beats the s p 500 by 17

Speaker 4 that's unless somebody is like

Speaker 6 warren buffett in disguise yeah in washington it has to be knowledge it's like covet they all sold their stocks two weeks before the official lockdown happened because they got briefed that we was going to get a lockdown it's human nature if you know something you're going to act on it and it's not illegal it's not sec chair gary kensler came out and said it's not illegal to act on non-public information if you're in Congress.

Speaker 4 Yet, even when you're a senator,

Speaker 6 they know who's getting contracts. They know who's about to get under investigation.
They know when, and they know everything. They get briefed on things that we're not privy to.

Speaker 6 So, of course, if they're smart, they're going to use that information to make money. And now we've seen it even go a step further with meme coins.

Speaker 4 Yeah.

Speaker 6 President has a meme coin, right? So now you actually have political people that's actually endorsing

Speaker 4 their own

Speaker 6 coin investment yeah to push to the public marketed from the bully pulpit that they've been provided from being elected officials that's unprecedented pretty much yeah and it's enterprising there too you think about trump coin because i think it was like 58 people made a ton of money and 10 million yeah and then everybody else lost everything yeah it's a scam any of those coins are scams they're not tied to anything the whole point of that is just to pump it up real quick get a few people rich and then it's gonna fall apart so that's happened with anybody that's done that with celebrities when they've endorsed the coin we just never seen a president do that before but there's a lot of things that we've never seen happen or a first lady she got a coin yeah everybody gets a coin your granddaughter is gonna get a coin next i don't know I think what worries me, and you guys do such great work on democratizing financial literacy, and I try to do the same work.

Speaker 4 But when you have this going on in Washington can it ever actually be democratized when there's such an unfair advantage when you see you know I think it came out that a hundred members of Congress are trading stocks that they have bills on with this playing field can it ever be leveled no it's never gonna be level the idea of there's no democracy like democracy is everybody's equal that's not true we know that if you're Elon Musk you're not the same as a school teacher in Nebraska you can literally put $200 million into an election.

Speaker 6 How are you equal? Right. If that was the case, then it would be so many different laws and rules that would be put in place to make every single person equal.
So I think that

Speaker 6 it's never an equal playing field in life. But the most you can do is actually just get into the game.
That's it. Right.
You can get into the game.

Speaker 6 You're not going to be LeBron James, but at least you're in the game. You can participate.

Speaker 4 You can participate in an imperfect system.

Speaker 5 I think that's the key to the democratized part is the participation. So, yes, we know that they're doing it.
Can we track what they're doing?

Speaker 5 Oh, yeah, there's actually apps that you can use to track it. So, if we can track it, that means we can use information too.
We can participate at the level we're at.

Speaker 5 Because, yeah, like you said, it's always going to be imbalance. But if we don't participate, that imbalances.

Speaker 5 That gap just widens so far.

Speaker 4 Yeah, you can't say, well, I'm not going to do it because it's not fair. Well, then get left behind.

Speaker 5 You got to be in the game to win.

Speaker 6 You either participate or sit on the sidelines or start a revolution and try to erase the whole entire system and bring a new system in, but that's extremely difficult to do.

Speaker 4 So as long as you're going to do it, we're waiting for you.

Speaker 4 You're going to run for office with your wife. First lady, yep, you have it.

Speaker 5 CNN.

Speaker 5 You have it. Got to be the campaign manager.

Speaker 4 I got your political strategist right here.

Speaker 4 I like that. I like that.
We're on the case. You're hired.

Speaker 4 Hold on to your wallets. Money rehab will be right back.

Speaker 4 And now for some more money rehab.

Speaker 4 How often do you check your brokerage?

Speaker 6 I mean, you got to check every day.

Speaker 4 Every day.

Speaker 4 I check twice a day. How much are you up?

Speaker 5 Let me check.

Speaker 4 Can we check? Yeah, I'm going to check right now. Should we all check?

Speaker 5 My E-flow is up 79%.

Speaker 4 79%?

Speaker 5 We got down to 11% earlier in April. So yeah, since April.
So we're up about 60% since the tariff.

Speaker 4 From where primarily?

Speaker 5 So that's my options trading account.

Speaker 6 But it's all relative. I think sometimes people get discouraged when numbers.
Numbers is an infinite language. There's no ending or beginning in mathematics.

Speaker 6 So we have to look at, okay, where are you up since we started the year? Where are you up since you started your brokerage account?

Speaker 6 Let's say I'm up 500% since I started my brokerage account, but I'm down from the start of February when it's

Speaker 6 I think sometimes this can be misleading and it can have some level of discouragement for the average person. I just tell people, just invest.
If you invest in quality companies, ETFs, index funds,

Speaker 6 you're going to make money over the course of time. But in pockets, you might have a good season where you're up.
You might have a bad season when you're down.

Speaker 6 But if you look at it, if you look at it too much, then that's going to cause you either a comparison analogy where you're actually comparing yourself to other people. Then you start to gamble.

Speaker 6 Then you start to make bad decisions. Or you get discouraged because you're like, why am I doing this? I'm only up 5%.

Speaker 6 I might as well just gamble. Online right now, there's more money put in online gambling than in the stocks.
That's a problem.

Speaker 6 So we really have to be cautious about how we're curating these messages because the reason why people are putting more money into online gambling is because they think that they can have a quicker opportunity to make more money.

Speaker 4 I like it boring. Like so boring.
I like my returns.

Speaker 6 Most people are not entertained by something that's boring, they're entertained by Flash and numbers. And if that's the mentality, then you're going to go to Las Vegas.

Speaker 5 Yeah, and you're starting to see it now over the past six or seven years where people are appreciating the number. So, where it was, hey, we can get you a return of 7%.

Speaker 5 People are sneezing at that. That's a good return.

Speaker 4 Yeah.

Speaker 5 Seven to ten percent when you're not educated in a space, it feels like, oh, that's not a lot, especially if I tell you, Hey, I had this equity that I invested in.

Speaker 5 NVIDIA would be a company that's up 400%.

Speaker 5 The seven doesn't feel as good. And so there's a level of expectations that we have to put, but a level of knowledge we have to put behind that.

Speaker 5 If you have compounded interest of 7% return every year, you're in a good position.

Speaker 6 It's also based on how much money you have, because if you have 7% on $1,000, you can't do anything with that. If you have 7% on a million, that's somebody's salary.

Speaker 6 So. it's all relative.
And that goes back to the education as well. So the numbers that we're looking at is important, but it's also how much money you're putting in.

Speaker 6 That's why you got to put as much money as possible. Saying like the amount doesn't matter is a lie.
Amount always matters. I agree.
But that's why investing and business go hand in hand.

Speaker 6 So like with our platform, we teach entrepreneurship and we teach investing because you got to have money to invest.

Speaker 6 What happens is that if you don't have money to invest, now you start with very short, small bots of money.

Speaker 6 Then you start to gamble with that because because you want outstretched returns to make it make sense. $1,000, 7% is not going to move the needle.

Speaker 6 So now I need 10,000% return on my $1,000 to actually get somewhere in life. But if you have positive cash flow coming in, now you can invest $1,000 a month.
Now that compound interest makes sense.

Speaker 6 So it's a double-edged sword.

Speaker 6 You have to find ways to make money, whether that's through a high earning occupation and you have to be skilled in today's high-earning occupations that's actually going to make money in the next 20 years, or you have to be an entrepreneur.

Speaker 6 So you can't go about it one way or another. You can't just earn a lot of money and do nothing with it.
That's the recipe for disaster.

Speaker 6 And then you can't be a just Warren Buffett when it comes to stocks, but then have no money to invest. You're going to get frustrated and you're going to go against your discipline either way.

Speaker 6 So it's all interconnected.

Speaker 4 I think the first 100K is the hardest. I think that's when people get really frustrated because they're not seeing the power of compound interest.

Speaker 4 But once you get up there, I was looking at my portfolio. I thought I was good for 4% up yesterday when the market spiked again.
But at a certain point, that 4% or 1% makes a big difference.

Speaker 4 So if you're at a million, 1% gain doesn't seem like a lot in the market, but that's 10 grand. If you're at 2 million, you got 20 grand.

Speaker 4 And so I think the initial accumulation phase can be the most resting thing.

Speaker 5 It's interesting you said that because I agree. It's the first 100,000, even trying to save up to that amount.

Speaker 5 And a lot of people are like, hey, I'm saving my money because that's how you've been taught. As you're a young adult, save, save, save.

Speaker 5 And trying to get to 100,000 to invest is, it's like the mountaintop. If you can get to that, then it's like, all right, well, I have income now to see substantial growth.
That was kind of my story.

Speaker 5 It was like, get to the 100,000, do all the research, put in some good investments, and watch the return. And I did that in 2020.
And then the returns were great.

Speaker 5 And so we're just going to replicate in that. But that 100,000, that is the threshold.

Speaker 4 When did you get there?

Speaker 5 Early 2020. What about you, Rashad?

Speaker 4 100,000?

Speaker 6 I'm not 100% sure, to be completely honest with you. I remember when I made my first million dollars.
$100,000 to me was not a goal.

Speaker 6 I'm not discouraging people from $100,000, but I feel like $100,000 is very attainable. I know a lot of people that have $100,000 saved, like in their 401k.

Speaker 6 That's a realistic number that if you're doing the right things, you're going to get to $100,000.

Speaker 6 A million is where it gets tricky because to have a million dollars liquid, that's when I think it's

Speaker 6 that's the hardest to me personally. The million, your first million is the hardest to me.
I feel like the hundred thousand is inevitable. A million dollars is almost damn damn possible.
Liquid.

Speaker 6 But once you get a million, now you just gotta changes.

Speaker 4 Rinse your money. So when was that for you? I think it was 2021.
21, yeah. And you guys shared it and celebrated?

Speaker 5 Or do we share it? We didn't share it.

Speaker 4 We both made it.

Speaker 5 Share it. But the 100,000.

Speaker 4 Oh, like, do you say like

Speaker 4 on your phone?

Speaker 5 Yeah, definitely. Definitely.
And we were like, I remember putting metrics in. If I get to a million, I'm going to buy this watch.
And then you got to the million.

Speaker 5 If I buy that, that's really like 50,000. I don't know.

Speaker 4 I got to.

Speaker 5 I changed the metric. I'm like, we got to make 1.5.
We got to make two. And so you just keep changing the metrics.
But yeah, I agree with what he's saying. Like, the million was the goal.

Speaker 5 100,000 saved to invest was like,

Speaker 5 I got to get there. Because that 100,000 turned into the million.

Speaker 4 What'd you buy at a million? What did I buy?

Speaker 6 I brought a watch.

Speaker 4 Yeah, that's the first thing. I mean, I think the thing is, we keep changing the goal on ourselves.

Speaker 4 So once you get to a million, it's like, I'll definitely celebrate when it's 1.5 or when it's two or when it's three or whatever it is.

Speaker 6 I think you skipped steps. So it's a million, then it's 10 million.
That's the next goal. Like 10 million is a goal.
And then after that, it's like maybe 50 or 100 million. You just add a zero.

Speaker 4 You leapfrog.

Speaker 4 What was your route?

Speaker 5 Was it like one and then 1.5?

Speaker 4 I think for me, every time I set a goal and I hit it, I automatically think of the next goal.

Speaker 4 And I think that comes back to a lot of the financial trauma that you guys talk about because it feels like it's never enough. When you're like, oh, when I get a million dollars, like then I'm set.

Speaker 4 And it doesn't totally change. Like what's in your bank account doesn't equate to how you feel about something being enough.
Do you guys feel like you have enough?

Speaker 5 I always used to say my mindset was that of a millionaire. My bank account just didn't say it.

Speaker 5 So even when I was teaching in school, I had that that mindset of I'm going to be financially disciplined because if I was making $100,000 a year and managing a family of two and a wife, I'm like, if I get a million, there's not much that's going to change.

Speaker 5 So it was the mindset. The money just came because obviously the value we were adding, but the discipline remained as well.
It wasn't like, all right, now I'm going to be an overspender.

Speaker 5 Now I'm going to be frivolous with money. Now I'm going to do things that are out of character for me.
Like he said in the beginning, we get to show up as ourselves every day.

Speaker 5 This is, we haven't really changed since we were like 12 and 13 years old.

Speaker 5 And so we've gotten knowledge and resources and obviously relationships that have helped guide it, but that just added to the tool belt of who we were already were with, especially when it comes to money.

Speaker 6 But I feel like when you get your first million dollars, you're going to feel pressure. You're going to have a lot of anxiety.

Speaker 4 Why? Because you don't want to lose it.

Speaker 6 That's the first thing. Nobody wants to have money and then go broke.
When you're broke, there's no fear of going broke because you're already broke.

Speaker 6 But it is a lot of pressure to make sure that you do the right things with your money because there's no guarantee that you're going to make that money again. So that's one level of pressure.

Speaker 6 And then most of the time, you're going to change where you live. You're going to have different things.
Your kid might start going to private school. So your expenses are going to go up.

Speaker 6 That puts more pressure on you to keep making money.

Speaker 4 Lifestyle creep.

Speaker 6 Right. That's a real thing.

Speaker 4 It's more pressure. More money, more problems.

Speaker 6 More money, more problems. That's a fact.

Speaker 4 Do you guys have a number, like an F you

Speaker 4 number? Number.

Speaker 4 It sounds like your next number or have you hit it yet? It's 10 million.

Speaker 6 I think the FU number is 100. 100 million.
That's when you can just

Speaker 4 ride a little bit. Flavive off your

Speaker 4 interest.

Speaker 6 At that point in time, I feel like

Speaker 6 it's almost impossible to

Speaker 6 go back to zero if you have 100.

Speaker 4 You want 100 million

Speaker 4 liquid or you want 100 million of net worth? Liquid.

Speaker 5 100 million. Liquid.

Speaker 4 Flat. Liquid.
Because

Speaker 6 you could have 100 million net worth and then 95% of that is tied up into the company's valuation.

Speaker 4 Exactly. And then that company.
You're not marked to market and you don't

Speaker 6 can't actually get. We've met a broke billionaire before.

Speaker 6 It was an interesting story. He told us a story of how he's one of the youngest people to become a self-made billionaire in America.
Who was it? Ryan Boslow. He was like in his 20s.

Speaker 6 And Forbes listed him as a billionaire.

Speaker 6 He wasn't broke as far as no money at all, but he had probably less than $100,000 of cash because all of his valuation was tied up in his company and then he had a board and then he had a fight with the board so he couldn't really do too much with the company it was a lot of infighting that was happening he didn't have too much control of the company at the time the company really wasn't even at a position where he could take money from the company so he had a valuation of being a billionaire and he was broke and living in los angeles like he wasn't you can't go to the supermarket with your valuation right no but what rich people do and i love that you guys educate on this is borrow again

Speaker 4 that value. Yeah, so I grew up in an immigrant family too.
A lot of immigrant families are the same, they just use cash. If you don't have something,

Speaker 4 you don't buy it.

Speaker 5 We're not getting it.

Speaker 6 It's either cash or nothing.

Speaker 4 And you also put all your plastic bags in the dishwasher and never use the dishwasher. I don't know if that was the case.
Plastic bags in the dishwasher?

Speaker 5 Plastic bags in the dishwasher.

Speaker 4 That was the storage area for

Speaker 4 the bathroom.

Speaker 6 Oh, it was like a shelf, like a drawer.

Speaker 4 Because everybody washed your

Speaker 4 hand washer.

Speaker 6 Exactly. Yeah, my mom, she washes dishes with her hands, but she uses the dishwasher as the dryer.
Yeah. So you wash this stuff and then you put it in a dishwasher so it could just air dry.

Speaker 4 I feel like that's coming. My family didn't speak English coming here.
I needed to figure all this out the hard way.

Speaker 4 All I knew about money growing up is that debt was a four-letter word and it was bad. And you don't use credit cards and you don't get mortgages and you don't take out debt.

Speaker 5 But what rich people do, I find out much later, is that they leverage against those assets didn't this guy but he could take out a loan against because it was a private company i guess he couldn't because it was happening with the board and all the stuff that they're fighting so it was a unique situation his situation is probably not common but i'm just saying that's an example of the net worth sometimes a little bit misleading right like it's what do you have what can you touch what can you touch yeah 100 is a lot okay well what's your number he told me this when i was 24 he was like look you just got to get to 10 million because if you get to 10 million and you can live off three percent interest he was like you make sixty thousand dollars a year right now can you live off three hundred thousand i was like yeah he's like so get to 10 million that's what i was gonna say yeah living off your interest you don't need a hundred i think 50 would i think 50 is a number for me to say f you the things that i've i want in life i have those things and so yes you want to make sure that you can create sustainable wealth for generations but

Speaker 5 The liquid cash of having it, I think 50 would be good. Because even that 5% interest.

Speaker 6 I think it's relative current.

Speaker 4 It's still a million, yeah.

Speaker 6 So 10 million to me is considered wealthy, but I don't think 10 million is enough to say F you. I don't think so.
I think you still got to be cautious. You still got to be careful.
Yeah.

Speaker 6 Depending on your lifestyle, of course. But like you're living in New York City, you're living in Miami, you living in L.A., you're going to travel, you're going to do different things.

Speaker 6 I don't think 10 million is a number where you can just ride off into the sunset and just say F the world. Can I preference that real quick?

Speaker 5 Because I was a teacher when he told me that. This is 20 years ago.

Speaker 6 But 10 numbers is 10 numbers. That's a number that's important for sure.

Speaker 6 But I just feel like once you have nine digits, it doesn't have to be like 100% liquid, but it got to be a large portion liquid.

Speaker 6 Six digits is what you always look for as far as growing up, that you have to try to make $100,000 a year. Seven digits is a

Speaker 6 dream as far as everybody wants to become a millionaire, but that's still a workable, you're still working.

Speaker 6 Eight digits, as far as 10 million, to me, now you are

Speaker 4 wealthy, right?

Speaker 6 but you still have to maintain that you still got to stay in pocket and manage different things nine digits is when you're uber rich and when i'm saying like fu i'm thinking like uber rich so you don't have to have 100 of the nine digits liquid but i do think that is a large portion has to have some level of liquidity but to me nine digits is when you can literally just say

Speaker 4 F you F you. Do you have a number? Now I feel like the number was too low.

Speaker 6 Now I have to.

Speaker 5 What was it prior to this conversation?

Speaker 4 It was 20.

Speaker 4 Okay. But now I feel like I need to add another digit.

Speaker 5 Add a zero to it?

Speaker 4 I don't know.

Speaker 5 We can be at 15.

Speaker 4 Okay. You can come over.
And Orthodox can, because I don't know. God forbid if you get divorced, it's half of that.
Exactly. Safety first.

Speaker 5 Happily married.

Speaker 4 Happily married is the key.

Speaker 5 Which is why you need the pre-numb.

Speaker 4 See?

Speaker 4 It's all coming full circle.

Speaker 4 Because at that point, this idea of leisure changes so if you had that money would you still do what you're doing or what is earning your leisure at that point look like for a hundred million no i feel like if you got a hundred million you're not doing the show you're not doing anything that point leisure has been earned it's over yeah game over like what about the people that need your advice we have curated over seven years of content right now and wrote a book and done a variety of different things.

Speaker 6 So at some point in time, it's over. I'm not trying to do this too much longer.

Speaker 6 Like, I feel like the more you do the less you'll appreciate it why because familiarity doesn't really breed appreciation it breeds contempt so the more you see something the more you just all you do is just think about what they could have done better or criticize or it just leads to because it's human nature right like you're used to seeing your mom every single day but if you don't see your uncle or your aunt that you only see once every two years it's like christmas every time you see them because you don't see them so they give you

Speaker 6 no i'm just saying if you have a relationship if you like them right everybody has a favorite uncle that they only see every couple of years. So sometimes it's better

Speaker 6 for people to appreciate your absence

Speaker 6 as opposed to you being too familiar and too comfortable. We're not at that point yet, but we've given a lot of information and we got a lot more information to give.

Speaker 6 But at some point in time, it's going to be up to the people to carry on that legacy.

Speaker 5 Yeah, the level of appreciation always deteriorates over time, right? Because you've seen consistency at a certain level, right?

Speaker 5 Every time you show up, whether whether it's every Monday or every Thursday, we're putting on an episode. You expect it to happen.

Speaker 5 The minute it doesn't happen, it's like something got thrown off in your life's algorithm. Why didn't they do it? You don't remember 10 years ago when none of it existed.

Speaker 5 You just remember that this is what is part of my life now, and it's added value. And they're supposed to add value because I need them to add value until it's not there.

Speaker 4 So, yeah, he's right about that. When you guys don't show up on Monday, we'll just know that Rashad is on a yacht with.
No, but we'll have a thing.

Speaker 6 Final call. It'll be like the last episode, and it'll be probably four hours.
And we'll actually talk about the exit. We'll talk about our exit.

Speaker 6 And we'll say, now you'll actually, you'll see from start to exit. Literally, that'll be a whole documentary within itself.
And we'll say, okay, this is it. This is how we've got the $100 million.

Speaker 6 We'll walk you through the process. This is what we did.
And this is our gift to you, guys.

Speaker 6 And this is a send-off.

Speaker 5 It's going to be titled Leasers Been Earned.

Speaker 6 See you in Mikonos.

Speaker 4 It's been real. Yeah.

Speaker 5 The reality is that it's very unique to watch something like that happen in real time, right? They watched him as a financial advisor. They watched me as a teacher.

Speaker 5 They watched us in my dining room to having a hundred million. They've literally watched that step by step.
Whereas you've never seen that really.

Speaker 5 Like you've never seen somebody start something, get a valuation for 100 million, a dollar valuation to potentially be a billion dollar company.

Speaker 5 You got to see the day one, right? Like by the time Facebook had happened, it was like already going, right by the time it was publicly traded it was like all right we're 2012.

Speaker 5 what was he like when he was in those dorm rooms in harvard what was that that's what we've built with earning your leisure like you've watched from day one as we've created not only just the show but created a network created live events created the book created curriculum people have been with us to this entire journey which makes it super unique i've loved watching your journey Thank you for taking the time to share more of it with us.

Speaker 6 Having us.

Speaker 4 I could talk to you guys forever, but I'd love to play a couple quick finance games before we go.

Speaker 4 Hold on to your wallets. Money rehab will be right back.

Speaker 4 And now for some more money rehab.

Speaker 4 Okay, it's a game of bullish or bearish? Bullish? Yep. Real estate.

Speaker 6 Bullish, but you got to be careful. Got to be careful with real estate.

Speaker 4 Yeah. Residential.

Speaker 6 Residential, yeah, for sure.

Speaker 5 Bullish.

Speaker 4 Commercial real estate. Bearish.
Bearish.

Speaker 4 Crypto.

Speaker 5 Bullish.

Speaker 6 Bullish.

Speaker 4 Gold. Bullish.
Bullish. Short-term treasury bonds.

Speaker 6 Short-term treasury bonds. Long-term bullish.

Speaker 4 T-bills? Bullish still. Troy's like,

Speaker 4 it's choppy waters. It's choppy water.

Speaker 6 Choppy waters right now, but it's still important.

Speaker 4 Long-term treasury bonds.

Speaker 6 Bullish

Speaker 6 still.

Speaker 6 We had a good guest on Steve Eisman, who actually

Speaker 4 had him on. He said he's not scared.

Speaker 5 Yeah. His confidence was pretty impressive.

Speaker 6 He brought up a lot of valid points. And yeah, he backed it up with no alternative as of right now.
Exactly.

Speaker 4 Yeah. He was a great guest.
For sure. Yeah.
But you're not buying any treasuries. You're doing options and some other crazy.
Okay. Index funds.

Speaker 5 Bullish. Bullish.

Speaker 4 Index funds and chill. Anything that I didn't mention that you're bullish on?

Speaker 5 Foreign investments. Yes.

Speaker 4 Bullish.

Speaker 4 Funds that track outside the U.S. ETFs.
I agree. Haven't gotten as much love, but they should.
Our next game is Never Have I Ever. Do you guys drink? A little bit.
You know, it's early.

Speaker 4 We were going to bring something. I thought you would be down.
I'm down. I thought we could do like beer or champagne or something, but we didn't bring it.

Speaker 4 Champagne. We could use that.

Speaker 6 Only drink champagne in the morning.

Speaker 6 Rose to be exact. Please, preferably.

Speaker 4 We'll just pretend like we're in the south of France.

Speaker 4 Okay. So we've all played Never Have I Ever.
Yes. All right.
Never have I ever maxed out a credit card. Oh, I definitely do.

Speaker 5 You drink me? You drink? Of course.

Speaker 4 Pretend that's like class day.

Speaker 6 The good stuff.

Speaker 4 Ooh. It's good.

Speaker 4 What region of France is this from?

Speaker 4 Never have I ever split the check on a first date.

Speaker 6 Oh, no, I haven't split the check. We don't do that.
That's crazy.

Speaker 5 We grew up in a different era.

Speaker 6 Splitting the check is crazy.

Speaker 4 Yeah.

Speaker 4 I agree with you.

Speaker 4 You're from the same era. Yeah.
I know.

Speaker 4 We know nobody else. I know the year you know everything this is true march pisces i'm on march pisces too you are yeah so you're sensitive i think that may be the female trait okay

Speaker 4 i'm sensitive yes okay i'll take it never have i ever bought a lottery ticket i bought a lottery ticket before for sure never have i ever signed a prenup i have not signed a prenup neither have i i did not

Speaker 4 never have i ever been in debt oh yeah definitely been in debt never have i ever bought myself a six-figure gift a six-figure gift She got expensive. What was your gift? Yeah, now I'm interested.

Speaker 4 It was a car. A car? A car.
Does that count? What company? Range River.

Speaker 5 Love it. That's one of my favorites.

Speaker 4 Okay. Love it.

Speaker 6 I don't think a car really counts, though.

Speaker 5 Well, you bought it in cash.

Speaker 4 Yeah. You bought a car in cash? That counts.
Thanks, guys. It counts.

Speaker 5 Thanks. Yeah, I love it.

Speaker 4 Never have I ever disputed a charge on a credit card.

Speaker 4 Definitely

Speaker 4 doing it right now. Amex.

Speaker 4 See a fucking way. You kidding me? I agree.

Speaker 4 You haven't disputed a charge. You really haven't lived.
Yeah, exactly. Never have I ever fought with a friend about money.

Speaker 6 Fought with a friend about money?

Speaker 4 Have you guys fight about money?

Speaker 5 Never. Not once.

Speaker 4 No. I don't think so.
Never.

Speaker 5 I've had friends ask for money that was irrational, and then we stopped speaking. Huh.
That's not a fight, though.

Speaker 4 Because you started making money, so they thought.

Speaker 5 They asked. Yeah.
Yeah. Can I, can you loan me this?

Speaker 4 And you didn't feel like it was appropriate for them to ask, or you didn't feel like... The amount.

Speaker 5 I didn't feel the amount was appropriate. Like, I'm all helping people out, but when the amount is outrageous and you're like, are we talking? Like six figures?

Speaker 4 Yeah. As a loan or as a loan.
I mean, do you think you should lend your friends money?

Speaker 5 I give my friends money in the anticipation that I'm not going to get it back.

Speaker 5 So a loan, it was like, I'm going to give you 3% over the next two years.

Speaker 4 I'm like.

Speaker 5 All right. You know what? I'm going to call you back.

Speaker 4 Wow. And you never did.
They're still waiting for the call.

Speaker 4 All right. Never have I ever become a New York Times bestseller.

Speaker 4 Let's finish this cup. Cheers.
Cheers to you. Cheers to you.

Speaker 4 Boss bitch.

Speaker 4 You guys should do the mail version. What will we call it? I don't know.
You tell me. Boss broke.

Speaker 6 What is a boss bitch? What does that mean?

Speaker 4 A boss bitch.

Speaker 5 The cup just got put down.

Speaker 4 For all the listeners, the cup was just put down.

Speaker 5 All right. Let me turn to her.

Speaker 6 Let's hear this. Okay.

Speaker 4 A boss bitch.

Speaker 4 Doesn't have to be either to be both.

Speaker 4 So I was called a bitch in a derogatory way early in my career when I was ambitious and trying to do something with my life from where I was born, somewhere in the bleachers in the alleyway.

Speaker 4 I don't know. But if what I was doing made me a bitch, then I own it as a badge of honor.
Got it. That's it.
Now it's in Cardi songs and stuff like that.

Speaker 6 It's a popular slogan.

Speaker 4 I took it from you.

Speaker 4 It was 10 years ago.

Speaker 6 Oh, so you started that?

Speaker 4 Yeah, I did. Oh, wow.
Congratulations.

Speaker 6 Okay, this is interesting. Being that you started this, do you think that it has gone away from its original? Because now it's used all the time.

Speaker 6 So a lot of people have said that that's taken away like feminine aspect of, so there's another term that's feminine CEO, I think it's called, where it's like you could still be soft, still be feminine.

Speaker 6 But when you created that term,

Speaker 6 did you have that in mind that you could not be feminine or the feminine?

Speaker 4 I'm also, have never split the track. Like, I really like being in my feminine energy.
I think it's super, super powerful. It's not about being a man, being masculine.

Speaker 4 It's about really owning whatever power you have and using it as a badge of honor. We end our episodes.
You know this.

Speaker 4 Rashad might not know this, but you know that we end our episodes by asking all of our guests for one final money tip you can take straight to the bank.

Speaker 4 What's yours?

Speaker 6 That you can take straight to the bank. Not literally, but just maybe literally.

Speaker 6 the biggest money tip that i could ever give somebody is

Speaker 4 to live below your means you know increase your income decrease your spending invest a difference i think that's interesting because it's not within your means it's below your means below your means yeah and that's important that's

Speaker 6 important most people haven't really nobody ever really thought of that through below your means and invest a difference if you can do that you'll be fine if you don't remember anything else in life if you can learn to live below your means and invest a difference then you'll be okay i've been going on six years with this advice and it's still the most important advice.

Speaker 5 Plan for your future because you're going to be older a lot longer than you're going to be younger. When you talk to people, especially in our space, two things they say.

Speaker 5 I wish I would have known that when I was younger, and I wish I would have started when I was younger.

Speaker 4 I'm so glad I didn't invest earlier, said no one ever.

Speaker 5 Ever. Start no.

Speaker 4 It's true. Yeah.

Speaker 4 You're never as young as you are today. Today is as good a day as any.

Speaker 5 How long are you really young? What do you think? It's interesting.

Speaker 5 Like, I remember the kid who graduates college feels like he's a man or a woman now because they've passed the phase of their scholastic education in a certain sense. And so, are they no longer young?

Speaker 5 And I'm like, to me, they're young, right? 43, the 24 is pretty young, but they're going into now adulthood. They're in part of the real world.

Speaker 5 They've got to get real jobs and make real money to live on their own, presumably. And it's wait, you're an adult right there.

Speaker 4 I'll tell you, for a woman, it's when you hit 35 because that's when you have a geriatric pregnancy.

Speaker 4 Or

Speaker 4 it's 35.

Speaker 6 But I also think it's the expiration day, too. So I don't use terms like young and old because it's all relative.
If you're 16, but you're going to live to 18, you're old at 16.

Speaker 6 But if you're 40 and you're going to live to 95, you're young.

Speaker 4 How do you know that?

Speaker 6 No.

Speaker 4 Exactly.

Speaker 6 That's why we got to be careful with these words because you manifest things upon yourself. That's why I don't use those type of words, young and old.
You're just living.

Speaker 6 We're just passing through this. But when you start to put that on yourself, right? Now you're starting to actually manifest certain things that you have no control over.

Speaker 6 So I don't really like those terms, young, old. I feel like we're all just passing through.
We don't know our destiny.

Speaker 6 But we just, you got to just live in that moment. Start now.

Speaker 4 I think that's really important, especially now.

Speaker 4 I have a four-month-old daughter, and I think a lot about how I talk about money because when you hear, I can't afford that or we can't afford that, that really impacts you later in life.

Speaker 4 Maybe it's, that's not a priority right now, but we don't stop to necessarily think about how we talk to ourselves and to others. Yeah.

Speaker 5 There's compounded interest on that mentality, that language that sits inside of you for a while. I'm asking for money as a kid and my mom would jokingly say, if you was $20, I'd spend you.

Speaker 5 And I'm like, she don't really want to spend me. She just don't want to give me the money.
But like, it weighs on you. We can't afford this.
Don't even look at it. Don't touch it.

Speaker 5 We can't afford if you break that.

Speaker 4 For sure.

Speaker 4 When I'll never forget growing up that I had to turn off the light to save money on the electricity bill and then only flush the toilet when it was number two.

Speaker 4 And I think like at some point, my leisure didn't equate to a number in a bank account. It was like, I want to leave all the lights on all the time

Speaker 4 because you remember that stuff.

Speaker 5 Yeah, that's the trauma.

Speaker 4 You guys are the best. Thank you.
Thank you.

Speaker 5 And congrats on the show. Thank you.
Number one, I saw it was number one.

Speaker 4 It's a big deal.

Speaker 6 Making history.

Speaker 4 Thank you.

Speaker 5 Thank you for having us.

Speaker 6 Appreciate it.

Speaker 4 Money Rehab is a production of Money News Network. I'm your host, Nicole Lapin.
Money Rehab's executive producer is Morgan Lavoie. Our researcher is Emily Holmes.
Do you need some money rehab?

Speaker 4 And let's be honest, we all do.

Speaker 4 So email us your money questions, moneyrehab at moneynewsnetwork.com, to potentially have your questions answered on the show or even have a one-on-one intervention with me.

Speaker 4 And follow us on Instagram at MoneyNews and TikTok at MoneyNews Network for exclusive video content. And lastly, thank you.
No, seriously, thank you.

Speaker 4 Thank you for listening and for investing in yourself, which is the most important investment you can make.