Mindset and Strategy: The Dual Pillars of Wealth Creation

Key Quotes

"We grew up thinking it's rude to talk about money, and I want to get rid of that mindset and that concept. We have to talk about money, finances, accounting, taxes, debt, leverage, credit. All these things are part of your daily life: paying for bills, paying for groceries, paying for your family. There's nothing evil about that."

Rashad Bilal argues that societal norms often discourage open discussion about finances, which is detrimental because money management is fundamental to daily life. He emphasizes that these topics are not inherently negative but are essential tools for survival and well-being.

"I felt like You Deserve to Be Rich just kind of outlines it from a psychological standpoint that most people don't think that they actually deserve wealth, and that leads to self-sabotage. That leads to them not fulfilling the potential that they have. So, you can give somebody all of the information, introduce them to the people, but if they don't deep down believe that they actually are worthy of success, are worthy of finances, then they're not going to actually go through with it."

Bilal explains that the title of his book, "You Deserve to Be Rich," addresses a core psychological barrier for many individuals. He asserts that a lack of self-belief in one's worthiness of wealth can lead to self-sabotage, preventing people from achieving their full financial potential despite having access to information and opportunities.

"The relationships, that's probably the biggest part for me. It's like you're in an atmosphere with 25,000 like-minded people. It's not just 25,000 people, but you could go to a basketball game with 25,000 people, not know one person, and then leave. But if people actually pay for a ticket, they pay for a hotel, they've taken time out of their weekend, a lot of people travel, they're not from Atlanta, so they got to get all the plane ticket, everything that goes into these are serious people, right? So, you're around 25,000 like-minded people over the course of a weekend. If you don't make at least five very valuable relationships, you're going about it the wrong way."

Bilal highlights the paramount importance of relationships forged at live events like Invest Fest. He contrasts this with attending a large public gathering, emphasizing that attendees at Invest Fest are highly motivated individuals who have invested significant resources, creating a unique environment conducive to forming valuable connections that can be life-changing.

"You keep, you know, lifestyle creep is a real thing. The more money you make, the more money you spend, usually. And that's why most people, they stay broke no matter how much money they make. And I think that it's important to rethink the way that you think about money. Most people are trained to think about money as kind of a voucher in a sense, where you get it and it's something that is exchanged for something else."

Bilal identifies "lifestyle creep" as a significant obstacle to financial accumulation, noting that increased income often leads to increased spending, keeping individuals financially stagnant. He suggests that a fundamental shift in perspective is needed, moving from viewing money solely as a voucher for immediate exchange to recognizing its potential as a tool for generating further wealth.

"You should start investing as soon as you, as soon as you have enough money to pay your bills. As soon as you have enough money to pay your bills, you have money left over, which is called discretionary income, that's when you really start to have to do something with that and think about it."

Bilal advises that the opportune moment to begin investing is immediately after covering essential living expenses. He defines discretionary income as any money remaining after bills are paid, indicating that this surplus should be actively considered for investment rather than simply being spent or saved without a growth strategy.

"I feel like it's, you know, it's all reciprocal as far as like whatever you put out in the world, it comes back to you. And I feel like it's just part of your karma. But I also feel like, even from myself standpoint, the more you help, the more you get. So, that's something I don't think a lot of people fully understand either. It's not meant to just have and just hoard everything for yourself."

Bilal expresses his belief in the reciprocal nature of giving, suggesting that acts of charity and helping others lead to positive returns, whether through karma or direct benefit. He argues against hoarding wealth, positing that a fortunate position comes with a responsibility to assist those less fortunate, as such actions are mutually beneficial and contribute to a better world.