Earn Your Leisure

Earn Your Leisure

Welcome to The Earn Your Leisure Podcast. Rashad Bilal and Troy Millings will be your host. Earn Your Leisure will be giving you behind the scenes financial views into the entertainment and sports industries as well as highlighting back stories of entrepreneurs. We will also be breaking down business models and examining the latest trends in finance. Earn Your Leisure is a college business class mixed with pop culture. We blend the two together for a unique and exciting look into the world of business. Let’s go!! #earnyourleisurepodcast

  1. HACE 18 H

    EYL #312: Build Generational Wealth: Million-Dollar Tax Deductions, Investing for Kids, & Life Insurance Hacks

    In this episode of Earn Your Leisure, we sit down with Carter Cofield and George Acheampong Jr. from Melanin Money to explore crucial financial topics and wealth-building strategies that directly impact the Black community. They share insights into why financial literacy has historically been neglected in Black culture, highlighting the importance of education in creating lasting change. Melanin Money's mission is to close the wealth gap by $100 billion, with a focus on helping 1,000 people of color achieve financial success. They dive into how the IRS has designed the tax code to benefit entrepreneurs and investors, offering strategies that can be leveraged to maximize wealth and minimize taxes. Financial freedom, they argue, should always be the ultimate goal. We also discuss the tax limitations of traditional partnerships and why life insurance is an underrated strategy to close the wealth gap. Carter and George explain the importance of buy-sell agreements for business partners and outline the key differences between a will and a trust fund when planning for the future. The conversation touches on the fundamentals of building wealth, with an emphasis on passing down not just money but also a positive mindset, which can have a far greater impact on future generations. They offer actionable advice on how to invest for your child’s future, ensuring that they have a strong financial foundation. For financial advisors, Carter and George provide tips on staying compliant on social media while building your brand. They also explain how to convert $36,000 from a 529 plan into a Roth IRA, as well as investment strategies that anyone can use to get ahead in today’s market. We explore the differences between revocable and irrevocable trusts, offering clarity on how these tools can be used in estate planning. Additionally, they share powerful tips on how to write off $1 million in your business and, perhaps most importantly, how to get a tax deduction while making sure your child has six figures by the time they turn 18. Tune in to this insightful episode and learn how to secure your financial future while closing the wealth gap! #FinancialFreedom #MelaninMoney #WealthBuilding #TaxStrategies #GenerationalWealth #LifeInsurance #Investing #Entrepreneurship #TrustFund #529Plan #RothIRA #FinancialAdvisor #WealthGap #earnyourleisure Melanin Money Freebie link: https://cofieldspeaks.clickfunnels.com/optin-598929031726630282598 Advertising Inquiries: https://redcircle.com/brands Privacy & Opt-Out: https://redcircle.com/privacy

    1 h y 5 min
  2. HACE 2 DÍAS

    Gamifying Financial Education for Kids

    Welcome to EYL, where we dive deep into practical strategies to make financial education engaging and effective for children! In this episode, Rashad Bilal discusses the importance of gamification in teaching kids about finance, budgeting, and the essentials of money management. *Why Gamification Matters* Rashad emphasizes that making learning fun through games can significantly help in teaching essential financial skills. Children often find it challenging to grasp the importance of budgeting, saving, and prioritizing expenses. By gamifying these concepts, parents can ensure that their kids are not only learning but are also enjoying the process. From classic board games like Monopoly to custom-created budget battles, gamification is a powerful tool to teach financial responsibility. *Budget Battle Breakdown* One innovative idea Rashad introduces is the 'Budget Battle,' a game where families can simulate real-life financial decisions. Here's how it works: Each player receives a set amount of 'fake money.'Players have a list of necessities (like rent and food) and non-necessities (like travel and entertainment).The total cost of items exceeds the amount of money given, forcing players to prioritize their spending.The goal is to make the best financial decisions, with winners possibly earning real money as incentives. This game teaches kids the importance of prioritizing needs over wants and the consequences of poor financial planning. *Monopoly Lessons* Monopoly is another excellent game for financial education. Rashad suggests that parents should take time during the game to explain critical financial concepts: The importance of buying property and collecting rent.The benefits of owning clusters of properties for better financial returns.The overall strategy of either paying rent or collecting it as a landlord. By breaking down these lessons during gameplay, children can gain a deeper understanding of real estate, rent, and loans, making the game not just entertaining but also educational. *Building Good Financial Habits Early* Rashad points out that habits formed early in life tend to stick. Introducing children to good financial habits at a young age can set them up for long-term success. Just like healthy eating habits and avoiding harmful substances, financial education should also start early to become ingrained in a child's daily life. *Incentivizing Learning* To make these financial lessons more impactful, Rashad suggests rewarding kids for making sound financial decisions in these games. Real-life incentives, such as winning actual money, can motivate children to take the lessons seriously and apply them in real-life situations. *Why It’s Important* Understanding finances is crucial for everyone, yet many people grow up without this vital knowledge because it’s not taught in schools. Gamified learning makes it easier for children to comprehend and retain critical financial concepts, setting them up for a stable future. *Watch the Full Episode* Tune in to this insightful episode of EYL Medium #2 to learn more about Rashad Bilal's tips and tricks for making financial education fun and effective for kids. Don't forget to like, comment, and subscribe for more valuable content! *Hashtags:* #FinancialEducation #Gamification #KidsLearning #BudgetingForKids #MonopolyLessons #FinancialLiteracy #EYL #Education #ParentingTips #MoneyManagement #TeachKidsFinance --- By breaking down complex financial concepts into engaging and interactive games, Rashad Bilal shows that teaching children about money can be both fun and educational. Watch the full episode to transform your child's financial future! Advertising Inquiries: https://redcircle.com/brands Privacy & Opt-Out: https://redcircle.com/privacy

    8 min
  3. HACE 4 DÍAS

    Real Estate Tax Benefits: What is Cost Segregation

    Welcome back to another informative clip of EYL! In today’s video, we delve deep into the fascinating world of real estate and taxes with our special guest, Ms. Business, a tax expert renowned for her insightful advice and wealth of knowledge. In this clip, Rashad Bilal hosts Ms. Business to explore the intricate mechanisms of cost segregation, a tax strategy that could significantly benefit real estate investors. If you're a real estate enthusiast or investor looking to minimize your tax liabilities and maximize your profits, this video is a must-watch! *Topics Covered:* **Introduction to Real Estate Taxation**: Ever wondered how real estate can influence your tax situation? Ms. Business breaks down the concept for us, kicking off with a basic understanding of depreciation expenses and other essential deductions. **Cost Segregation Explained**: What exactly is cost segregation, and why is it vital for real estate investors? Ms. Business provides a detailed explanation, illustrating how this study dissects each element of your property to help you gain more on depreciation expenses. **Benefits of Cost Segregation**: Through practical examples, Ms. Business illustrates the potential financial advantages. For instance, a $500,000 property can yield a depreciation expense of $76,582 versus just $13,500 without cost segregation. **Bonus Depreciation**: How can bonus depreciation magnify your depreciation expenses? Find out the impact of the changes in bonus depreciation percentages from 100% up to 2022 to 60% currently. **Maximizing Tax Deductions**: Discover how breaking down property components—like personal property and land improvements—can significantly increase your tax deductions. **Implementing These Strategies**: Ms. Business emphasizes the importance of understanding and using these tactics actively, ensuring that investors not only bring in money but also report favorable losses on paper to offset other income sources effectively. With Ms. Business's expert insights and Rashad Bilal's engaging queries, this episode is packed with practical knowledge and actionable strategies that could transform your real estate investing approach. Real estate is undoubtedly one of the most potent tax deduction tools, allowing you to win financially while reporting losses on paper. *Don't Miss:* Make sure to catch Ms. Business's eye-opening presentation from Invest Fest, mentioned in the video, for an even deeper dive into these concepts. Whether you attended Invest Fest or not, the nuggets of wisdom shared here are applicable to every real estate investor aiming to strategically manage their taxes and savings. *Stay Connected:* Like, share, and subscribe for more insights and strategies on leveraging real estate and taxes. Turn on the notification bell, so you don't miss any updates from the EYL Medium series. Drop your questions and thoughts in the comments section below—we love hearing from our community! For consultations and more resources, visit our website: [Link] *Hashtags:* #EYL #RealEstate #CostSegregation #Taxes #Depreciation #RealEstateInvesting #TaxStrategies #InvestFest #RealEstateProfit #FinancialFreedom #WealthBuilding --- Stay tuned as we continue to bring you expert interviews and practical advice to empower your financial journey! Thank you for watching and supporting EYL. Advertising Inquiries: https://redcircle.com/brands Privacy & Opt-Out: https://redcircle.com/privacy

    6 min
  4. HACE 5 DÍAS

    Triple Tax Benefits of Hiring Your Children Explained

    Welcome back to another insightful clip of Earn Your Leisure (EYL)! In this clip, we're diving deep into a strategic yet often overlooked tax-saving method: hiring your children. Our special guest, Ms. Business, and host Rashad Bilal walk you through how you can benefit from hiring your children, while also investing in their future. *Key Takeaways:* 1. *Hire Your Children for Tax Benefits:* In 2024, you can pay your child up to $14,600 without it being taxable.The money cannot be used for essentials like food and shelter, but can be used for extracurricular activities. 2. *Triple Tax Deduction Strategy:* *Business Tax Deduction:* Paying your child is a deductible business expense.*Non-Taxable Income for Child:* The income is non-taxable for your child as it's under the standard deduction limit.*Roth IRA Contributions:* Investing this money into a Roth IRA leverages compound interest, providing a tax-free growth and withdrawal in the future. 3. *Eligible Ages and Roles:* While there's no strict age limit, roles must be reasonable and age-appropriate.Ms. Business recommends hiring children typically between ages 7 to 17.Younger children can be employed in tasks like modeling or handling easy tech-related jobs. 4. *Legal and Practical Considerations:* This method should be implemented through an LLC to avoid payroll complications.Children must perform actual and reasonable tasks for the business. Hiring your children is more than just a tax deduction; it's a holistic approach to saving for their future while giving them invaluable work experience. Join Ms. Business and Rashad Bilal as they break down these strategies and much more! *Timestamps:* 00:00 - Introduction: Importance of Hiring Your Children 00:40 - Limits and Conditions on Child Payment 01:14 - Triple Tax Deduction Explained 01:53 - Practical Examples and Benefits 02:27 - Age Requirements and Eligible Tasks 03:01 - Legal Structures and Practical Implementation Don't forget to like, comment, and subscribe for more content on maximizing your financial strategies! *Hashtags:* #EYL #TaxBenefits #HireYourChildren #TaxDeduction #FinancialEducation #RothIRA #TaxFreeIncome #TaxStrategy #BusinessTips --- Stay tuned and empower your financial knowledge with Earn Your Leisure! Turn on notifications so you never miss an episode! Unlock your financial potential with EYL. We'll see you in the comments section! --- Earn Your Leisure (EYL) - Bridging the gap between business and cultural relevance. Advertising Inquiries: https://redcircle.com/brands Privacy & Opt-Out: https://redcircle.com/privacy

    5 min
  5. 18 OCT

    How to Teach Kids About Money, Business, & Investing: Make The Next Generation of Millionaires

    In this impactful conversation with Principal Travis Brown, we explore innovative ways to teach financial literacy to parents so they can empower their children with the tools for financial success. The traditional message of “go to college and get a good job” no longer guarantees financial freedom in today's economy. We discuss the need to shift the narrative, especially in communities affected by consumerism and luxury rap culture, and emphasize that financial freedom—not a good job—is the ultimate goal. One critical element of this conversation is the idea of a “hidden curriculum.” Financial literacy skills and money mindsets are often inherited from parents, but many students, particularly in communities of color, don’t encounter real financial challenges until they are applying for college. This can be too late to develop the habits and knowledge needed for long-term financial success. By engaging parents, we can equip them to have these important conversations early, ensuring their kids are better prepared. To make learning about money more engaging, we suggest gamifying education. Imagine creating interactive group activities where kids and their parents can work together to solve financial challenges, incorporating friendly competition through games. Movie nights could be another way to engage families, featuring films that spark discussions about money, saving, and investing. These types of hands-on, communal experiences make learning about financial literacy fun and relevant for all ages. The conversation also highlighted the power of social learning and how students can lead financial discussions at home. Financial organizations won’t solve these problems for us—it’s up to the community to educate itself. #FinancialLiteracy #GamifiedEducation #TeachKidsAboutMoney #FinancialFreedom #EYL #GenerationalWealth #MoneyMindset #EducationMatters #MovieNight #EarnersAcademy #GroupLearning #InteractiveEducation #EachOneTeachOne Advertising Inquiries: https://redcircle.com/brands Privacy & Opt-Out: https://redcircle.com/privacy

    1 h y 34 min
  6. 17 OCT

    Tax Strategies for Entrepreneurs: LLCs vs. S Corps vs. C Corps (What's the Best)

    Welcome back to another clip of EYL, where we break down the complex world of taxes with our esteemed guest, Ms. Business. In this enlightening episode, Rashad Bilal and Troy Millings of Earn Your Leisure dive deep into the nuances of LLCs, S Corps, and C Corps and how each entity impacts your taxes and business strategy. Are you unsure about which business entity to choose or when to make the switch? Ms. Business offers invaluable insights to help guide you through these crucial decisions. She starts by giving a clear rule of thumb: if your business profits are $40,000 or less, stick with an LLC. For profits between $40,000 to $450,000, an S Corp is more beneficial. If you're making over $450,000, it might be time to consider a C Corp. Ms. Business explains the tax implications for each type of entity: 1. *LLCs:* Owners are subject to self-employment tax, including Social Security and Medicare taxes. 2. *S Corps:* Allows for tax savings by having owners pay themselves a salary, reducing the amount of money subject to self-employment tax. 3. *C Corps:* Suitable for big businesses with strategies like issuing stock options and drawing up plans for reinvesting profits, thus reducing taxable income. Throughout this episode, you'll learn about typical misconceptions like needing to start with a complex business structure. Ms. Business and the hosts make it clear that you can start as an LLC and then transition to an S Corp or C Corp as your business grows. Also highlighted are common pitfalls and misconceptions in tax strategizing, such as the importance of correctly expensing business costs. Incoming TED Talk anecdote! Troy Millings recalls a time when he misunderstood tax write-offs, comically proving the importance of proper tax education. Moreover, Ms. Business emphasizes that the journey of your business structure doesn't end once you start; it evolves as your business prospers. She calls the LLC the "flexible entity" because of its ability to adapt to your business's growth. If you want to make informed decisions for your business based on its unique financial situation, this video is a must-watch. Whether you're a budding entrepreneur or a seasoned business owner, the insights provided will help you navigate the tricky waters of business taxes. Don't forget to like, comment, and subscribe for more expert advice and valuable discussions! *Key Points Covered:* Understanding the differences between LLCs, S Corps, and C CorpsTax implications for each business structureWhen to switch from an LLC to an S Corp or C CorpCommon tax misconceptions and pitfalls *Hashtags:* #EYL #EarnYourLeisure #Taxes #BusinessStrategy #LLC #SCorp #CCorp #TaxTips #Entrepreneurship #BusinessGrowth #TaxPlanning #Finance #BusinessAdvice #MsBusiness #RashadBilal #TroyMillings #TaxEducation *Stay tuned for more insightful episodes that simplify complex financial topics!* Advertising Inquiries: https://redcircle.com/brands Privacy & Opt-Out: https://redcircle.com/privacy

    17 min
  7. 16 OCT

    Is College Worth It? Analyzing the Economic Impact of Higher Education

    Welcome back to another clip of Market Mondays! In this thought-provoking discussion, hosts Ian Dunlap and Rashad Bilal are joined by Troy Millings to delve into the pressing issues facing today's American workforce and economy. *Key Topics Discussed:* 1. **Education and Economic Success**: Rashad opens the discussion with a startling statistic: 62% of U.S. adults do not hold a four-year college degree. This revelation leads to an in-depth conversation about the implications of this educational reality on the workforce. Rashad and the hosts argue that while a college degree doesn't guarantee success, it remains a significant factor in improving one’s economic prospects. The average American with a bachelor’s degree earns significantly more than those without one, indicating a direct link between education and economic stability. 2. **Political Responsibility and Economic Promises**: The hosts tackle the issue of politicians pandering to low-skilled, uneducated workers by making unrealistic promises about affordable housing and job creation. Rashad stresses that these promises are often impractical and unattainable, leading to disillusionment and economic strain. The discussion highlights the need for honest political dialogue and practical solutions to address the economic challenges faced by the workforce. 3. **The Housing Market Crisis**: Housing affordability remains a significant concern, with Rashad pointing out that despite efforts to create more affordable housing, prices continue to rise. This crisis is exacerbated by increasing homelessness, with a 10% rise reported from the previous year. The hosts emphasize that the housing market, similar to the stock market, is subject to continuous price increases, making it challenging for the average American to secure affordable housing. 4. **The Skills Gap and Economic Opportunities**: The conversation also extends to the skills gap in the American workforce. Rashad argues that many Americans lack the necessary skills to thrive in today’s economy, a situation worsened by the decline of traditional blue-collar jobs due to technological advancements and globalization. The hosts underline the importance of acquiring relevant skills, particularly in technology and entrepreneurship, to stay competitive in the current job market. 5. **Outsourcing and International Implications**: The outsourcing of jobs to countries with cheaper labor is another critical issue discussed. Rashad recalls Tim Cook’s testimony before Congress, explaining why companies like Apple can't bring manufacturing jobs back to the U.S.A. due to cost and regulatory constraints. This global outsourcing trend has contributed to the loss of high-paying jobs in America, further complicating the economic landscape. 6. **The Future of Higher Education**: The debate on the value of higher education continues as the hosts explore the future trajectory of college enrollment and student debt. With the rising cost of college tuition and the debatable return on investment, more people are questioning the traditional path of obtaining a four-year degree. The hosts provide insights into alternative education pathways and the potential for skill acquisition through non-traditional means such as online learning platforms. In conclusion, this clip of Market Mondays provides a comprehensive analysis of the various factors impacting the American workforce and economy. The hosts offer a sobering yet realistic perspective on the challenges and opportunities that lie ahead. Whether you're a seasoned professional or just starting your career, this episode is packed with valuable insights to help you navigate the ever-changing economic landscape. Don't forget to like, share, and subscribe for more episodes of Market Mondays! *Hashtags:* #MarketMondays #Economy #Workforce #Education #HousingCrisis #PoliticalEconomy #TechJobs #StudentDebt #Outsourcing Advertising Inquiries: https://redcircle.com/b

    16 min
  8. 15 OCT

    Unlock AI's Full Potential: How To Guide to Master Business Success Using Artificial Intelligence

    Welcome to another clip of EYL! In this clip, our guest, X. Eyee, dives deep into the world of artificial intelligence and how you can harness its power to supercharge your business ideas. Ever wondered how to get the most out of AI tools like Chat GPT, Gemini, and Claw? X. Eyee shares her unique framework called "Chat in the Hat," designed to turn generic AI responses into tailored, insightful guidance that leverages your own genius. Whether you're an entrepreneur looking to develop a winning business plan or a content creator aiming to crack the viral code on social media, this episode has invaluable insights for you. What You'll Learn: *1. Understanding AI Interactions:* Discover why knowing the technical workings of AI is crucial.Learn how AI's vast data pool can be shifted to provide more relevant and precise answers. *2. Introduction to "Chat in the Hat" Framework:* Dive into the three-part framework: History, Attitude, Task.Understand how to frame your prompts to transform AI from a random data spewer to a personalized expert advisor. *3. Practical Applications:* See a step-by-step approach to creating a business plan for a babysitting app by defining AI's history, attitude, and task.Learn how to direct AI to give structured, actionable feedback rather than overwhelming generic responses. Detailed Breakdown: *History:* Define the specific expertise and background the AI should 'have' to offer the best guidance.Example: Define the AI as a Harvard business professor or an award-winning business plan developer. *Attitude:* Set the tone and style for AI's responses.Example: Specify whether the AI should be curious, helpful, or critical, and whether its tone should be professional or casual. *Task:* Give precise instructions on what you're asking the AI to do and how it should format its responses.Example: Instruct AI to ask one to two brief questions at a time and provide feedback in a structured table format. Live Demonstration: In this episode, X. Eyee demonstrates how to use the "Chat in the Hat" framework in real-time. Follow along as she constructs a personalized, interactive conversation with Chat GPT to build a business plan that could attract VC investments. *This episode is a must-watch for anyone who wants to elevate their AI interactions, making every query count and turning every response into a stepping stone for success.* #EYL #ArtificialIntelligence #AI #BusinessPlan #ChatGPT #TechTips #Entrepreneurship #ViralMarketing #BusinessGrowth #StartupSuccess #TechForGood #EYLMotorcade #AIFramework #ChatInTheHat #Productivity #Innovation #TechSavvy Advertising Inquiries: https://redcircle.com/brands Privacy & Opt-Out: https://redcircle.com/privacy

    12 min
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Welcome to The Earn Your Leisure Podcast. Rashad Bilal and Troy Millings will be your host. Earn Your Leisure will be giving you behind the scenes financial views into the entertainment and sports industries as well as highlighting back stories of entrepreneurs. We will also be breaking down business models and examining the latest trends in finance. Earn Your Leisure is a college business class mixed with pop culture. We blend the two together for a unique and exciting look into the world of business. Let’s go!! #earnyourleisurepodcast

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