Live Below Your Means: The Key to Lasting Wealth - podcast episode cover

Live Below Your Means: The Key to Lasting Wealth

May 10, 202512 min
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Episode description

In this insightful clip from Money Moves, hosts Rashad Bilal, Troy Millings, and Ian Dunlap break down why living below your means is the ultimate wealth strategy—and why modesty might be your greatest financial asset. They discuss money traps that can derail your financial progress, the true cost of home ownership, and why that flashy car or expensive watch may not be worth the investment.


Rashad revisits the importance of financial organization and planning for your family’s future, urging us all to consider what would happen if the unexpected occurred. The trio doesn’t hold back as they share personal stories, from passing up on luxury cars, to resisting peer pressure to “flex,” and putting family first with smart estate planning.


Ian talks about the discipline it takes to maintain a modest lifestyle, even when tempted by the trappings of wealth, and Troy emphasizes building a solid financial legacy over superficial purchases. The hosts also challenge common financial myths—like always buying, not leasing, a car—and share their honest takes on what truly matters for financial security.


If you’re looking to build real wealth, avoid costly mistakes, and invest in your future, this clip is packed with practical tips and authentic conversation you won’t want to miss.


**Key Takeaways:**

- The importance of living BELOW your means and what it actually looks like in practice

- Why modesty can be a financial superpower, from homes to cars to jewelry

- How resisting societal pressures builds wealth over time

- Personal stories about maintaining discipline and ensuring your family’s financial safety

- Debunking myths around homeownership, big purchases, and “buying vs leasing”

- How to organize your finances and plan ahead with estate strategies


If you’re serious about securing your financial future and creating real generational wealth, make sure to watch, like, and subscribe for more practical money advice from the Money Moves crew!


**#FinancialFreedom #MoneyMoves #WealthBuilding #LiveBelowYourMeans #RashadBilal #TroyMillings #IanDunlap #FinancialLiteracy #MoneyTips #Investing #GenerationalWealth #ModestLiving #FinancialPlanning #SmartMoney**



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Transcript

Speaker 1

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Speaker 2

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Speaker 1

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Speaker 3

You gotta think about if you died today, what will happen at least every couple of more important. That's important because most of the time, and even for me, I had to realize that, like most of the most of us, if we die today, it's not organized enough. And that's that's a problem. That's bulletproof. You gotta think if I die today, and you gotta avoid money traps. And I've talked about this last week, but I'm going to double down is because I'm you know, some helping people is

more important than what critics have to say. Buying a home is extremely important, but it's also can be a money trap. It could be a money pit. That's unfortunate situation because once you're in it, you can't really turn around.

Speaker 4

But buy a home, like if you can, if you.

Speaker 3

Can get approved for a million dollar mortgage, buy a condo for two fifty, thank me later, Hello, thank me later.

Speaker 1

I'll go through it. So you wouldn't do it after.

Speaker 3

You you might not have the same level of Okay, I'm gonna bring this girl all over and she thank me later.

Speaker 1

If she wants you, she wants you, regardless of you. By Y're gonna build it together by.

Speaker 3

Lower yes you than what you get approved form. Thank me later, Yeah, because it's more beneficial to have money working for you.

Speaker 4

For sure, then you.

Speaker 3

Actually putting money into something that potentially down the line you can have equity down the line.

Speaker 4

You need somewhere to live. That's important for sure.

Speaker 3

Modesty is important in life, but in this home thing that's probably even more important than anything. The modesty nobody ever talks about that. You gotta be modest and you're living that's the most important thing. I'm a modest and that's one lesson that we can learn from Warren Buffer. I don't know if this is true or not, but they always say that he lived in the same house that grew up in Omahona. Brast Oh he kept it modest. Modest in your living. Be modest in your.

Speaker 1

Living, because if you don't have hot I'm going to cut you off. You go ahead. That's you're right.

Speaker 4

It's the biggest thing.

Speaker 3

It's the biggest expense, and it's an ongoing expense, and it's an expense that only gets more expensive.

Speaker 5

Oh and I know y'all want to tell them big ass parties.

Speaker 1

And then someone slips on your marble. Not fun.

Speaker 5

Two hundred and fourteen thousand dollars lawsuit for a person. Oh and if I ever passed early, God forbid. Let's just be public record. Don't go to my mom and my cousin talking about Ian would have want me to have this. I want you to have nothing fit in the world. Sorry, sorry, right, no, no, best your love.

Speaker 1

If you couldn't go to give my mama a hug.

Speaker 2

Yeah, I did that as soon as we were building, and I was like, this is a moment I had the red button. I was like, I went to day. I'm like, yo, here's the coldes, here's a coldes, keep it saved, put it locked somewhere. Anything happens to me. Here's what you do. Just this is what you do, and this is what you do. I don't want to think about that. Well I did. I thought about it for you.

Speaker 5

Yeah, the modesty of the business too over expanding, just to over expand and not hiring the right talent. Well, what's the quote, higher slow and firefast. Yeah, No one talks about the payroll part.

Speaker 3

It's like keep you keep your expenses low at all times. Cars like, if you don't, you don't need to necessarily buy the car and cash, you can lease it. That's when jaysonaid, we don't. At least we bought a whole car, as you should. With that good advice, that's actually bad advice.

Speaker 1

It depends on your state.

Speaker 2

When he when he said it, so you said it, I think he would go back and look differently at that line.

Speaker 4

It's a hustler's mentality, but it's not necessarily.

Speaker 1

It's a brackadigi not necessarily.

Speaker 4

Man and Rose wars.

Speaker 5

If we ever found out what the car really costs, we are going to report on it for seven weeks straight.

Speaker 3

Keep your expenses down, and the cars and the jury and the homes. It looks good, but it's not necessary because one car does the same thing that two cars can do. One watch tells the same time that three watches can tell. For sure, a three two bedroom house serve the same purpose that a six bedroom house, because most people's not using six bedrooms.

Speaker 4

What I'm saying is that.

Speaker 3

Live below your means means When they say live below your means, nobody's never really critically thought about that. That means that your means, you're actually living less than your actually means. That means that you actually should be at one hundred thousand, but you live in at seventy thousand. What does that mean? That means you have to make sacrifices live They didn't say live at your means. Nobody didn't say live at your means.

Speaker 1

They said living and way below.

Speaker 5

And if I would be honest, it's one of the hardest sacrifices I've ever made. Man, Big Mike shots to Mike out there and they hit me.

Speaker 1

With what's the what's the biggest.

Speaker 3

And you've done the best, You're actually I'm gonna give you credit biblically because you, out of everybody that I've seen, you've done the best at living below your means. And I mean you still live a good life, but I've seen I see it, Like I'm an observant person, right, I noticed that you live below your means and that takes discipline a ton, And I didn't think because that's

something that most people would not talk about. But you are a very responsible person when it comes to how you're living.

Speaker 4

Thank you.

Speaker 1

What's the because this is true, and.

Speaker 2

What's the biggest society pressure that you face when you say, like I need to have discipline to do this.

Speaker 1

What are those those pressure points that it's like, damn, I really want that or I really could do this, but I'm not going to uh just getting offered.

Speaker 5

Hey, come to the brosforst Dealership and we get forty fortyf I like you cool. It's tough to take some calls and then you see your friends start to It's even when Joe went and got the FRA right, Joe face tied me like yo, but dog go get matching. We're not gonna get matching for our It's like money anything like I'm it's soundfly. It's dope on Instagram, but is it really worth that? So it's tough though, especially

not like looking at the houses. And we talked about it before the tax on bing O. Now I gotta go have somebody go look for me on my behalf. So on certain instances, I don't get taxed, but I'm not gonna lie.

Speaker 1

It's tough.

Speaker 5

I'll see the future pop up in some of the videos, like I need two of them, change two of them. Watchers Big Mike almost got me last week. I don't care about the reset back. I got it and I was like, no, I'm good, I'm beat. Watch so but knowing that I'm good and that you know my family is good and that my kid is good.

Speaker 1

But now e Xander starting to pressure me.

Speaker 5

Ah yes you do, yeah he like that it'd be nice.

Speaker 1

Yeah, yes you do. Yeah. So it's tough. It's worth it, though it is.

Speaker 5

I'm gonna do the buffet. I'm gonna play meek. And then on the Private Time Boy two Rose Royces, I said, oh okay, Buffett got the first color. Then y'all stop saying the Rose Royce on advertise. You just may not see where they advertise. We gotta stop a lot of these misnumbers that are just not true. Go to F one and Monica in it. It's a lot of advertisements out there. Select the advertised to the clientele for sure.

Speaker 1

For sure. Well they put that on NBC. Yeah.

Speaker 5

Oh and Rolex and y'all quit copy of watchesis because I would like another. But y'all just flat up copy on everybody. Jesus the cacario of the watchmakers this year. What y'all doing, Jo Scario.

Speaker 3

Cicario, Well, yes, lady and him man, keep that in mind when you're on your pathway to become rich, wealthy, live below your means. Yeah, and invest as much as possible and keep cash on hand at all times.

Speaker 1

Just some matter vestments. I may give you all the show though, light show maybe best best.

Speaker 6

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Speaker 1

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