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The Money Mondays

The Power of Financial Literacy: What Every Family Needs to Hear w/ Troy Millings πŸ“‹ EP153

33 min episode Β· 2 min read
Β·
Troy Millings

Episode

33 min

Read time

2 min

Topics

Productivity, Relationships, Investing

AI-Generated Summary

Key Takeaways

  • βœ“Teaching kids about money: Introduce children to investing through their interests like Roblox and Disney stock, have them physically count cash for charity envelopes, and show them mortgage payments being written to normalize large numbers early.
  • βœ“Breaking income ceilings: A teaching salary of $115,000 annually created comfort that limited growth potential. Shifting mindset from earning $100,000 per year to $100,000 per month requires recognizing entrepreneurship has no ceiling unlike traditional employment.
  • βœ“Partnership deal structure: Before any handshake agreement or partnership, seek legal counsel and experienced mentors in that specific field. Evaluate partner energy, confidence, and integrity before paperwork. Written agreements prevent years of legal battles over ownership disputes.
  • βœ“Investment evaluation criteria: Focus on three factors when reviewing opportunities: strong tech component for scalability, future-facing industry positioning, and proven leadership with track record of previous ventures or failures that demonstrate experience and resilience in the space.

What It Covers

Troy Millings explains how Earn Your Leisure grew from teaching financial literacy in Bronx classrooms to creating InvestFest, a 25,000-person festival combining education with entertainment for underserved communities.

Key Questions Answered

  • β€’Teaching kids about money: Introduce children to investing through their interests like Roblox and Disney stock, have them physically count cash for charity envelopes, and show them mortgage payments being written to normalize large numbers early.
  • β€’Breaking income ceilings: A teaching salary of $115,000 annually created comfort that limited growth potential. Shifting mindset from earning $100,000 per year to $100,000 per month requires recognizing entrepreneurship has no ceiling unlike traditional employment.
  • β€’Partnership deal structure: Before any handshake agreement or partnership, seek legal counsel and experienced mentors in that specific field. Evaluate partner energy, confidence, and integrity before paperwork. Written agreements prevent years of legal battles over ownership disputes.
  • β€’Investment evaluation criteria: Focus on three factors when reviewing opportunities: strong tech component for scalability, future-facing industry positioning, and proven leadership with track record of previous ventures or failures that demonstrate experience and resilience in the space.

Notable Moment

An 11-year-old child received 1,000 shares of Nvidia worth over $180,000 and showed minimal excitement because regular exposure to money discussions and investment concepts made the six-figure sum feel normal rather than overwhelming or foreign.

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Episode Transcript

Ladies and gentlemen, welcome to a special edition of the Money Mondays podcast where we cover three core topics. How to make money, how to invest money, how to give it away to charity. Normally, I do these podcasts inside of an RV motor home traveling around the country. But I'm in New York City. So did that. We have to toy we should still do it. So did that. We can do a second episode. We got the toy drives coming up at the American Dream Mall, Miami Heat Arena. We're doing one in Virginia with Allen Iverson. There's so much going on. So I decided, why don't I stop by where the guys from Earn Your Leisure, EYL University, InvestFest, gonna go by and visit them and knock out back to back podcast with some of the cofounders. So as you guys know, when we do these podcasts, they're under forty minutes because the average workout is forty five minutes. The average commute to work is forty five minutes. This episode will be between thirty five and thirty eight minutes for your listening pleasure. We have a 93% listen through rate, which helps us with the podcast chart rankings, and you guys help us with the podcast chart rankings by liking, commenting, subscribing, etcetera. When you listen to this episode, it's not just for you. It could be someone in your friends, family, and followers, or it could be for someone from your past, present, or future. When you hear these things, don't just learn for yourself. There might be other people that are useful to forward this podcast episode too, especially this one. This gentleman that we have today has been deeply immersed into the space of teaching, finance, stock market, live events, and all those things that are important to me. And he's done it at a grand scale. So Troy Milling, if you can, give us the quick two minute bio so we can get straight to the money. I am Troy Milling, cofounder of Earn Your Leisure, cofounder of Invest Fest, University. Anything that encompasses the world of Earn Your Leisure, I've had my fingerprint on it. Started my my career in education, was a teacher in The Bronx. And I tell you, if if you ever been a teacher in an inner city, you learn a lot of things about yourself, but you learn a lot of things about the world too. And so one of those things I learned was what wasn't being taught to our youth. And at the top of that was financial education. I had the opportunity to teach kids throughout the summer, what it meant to have money. Gave them a core principles of, sharing, saving, spending, and investing. And, kids loved it so much. You know, it was like one of these things. I taught for ten months in a school district, and then the six weeks that I had kids, it felt so much more fulfilling. …

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