Haley Sacks, a.k.a. Mrs. Dow Jones, shares her top tips for becoming a “future rich person.”
00:00 Introduction
00:24 Money Advice Haley Missed Early
00:49 Biggest Money Wasters
01:34 Social Media & Overspending
02:19 How to Become “Future Rich”
03:22 Advice She Ignores
04:40 Controversial Money Advice
05:08 The 7% Rule Explained
05:44 How Americans Are Doing
06:48 Most-Shared Financial Advice
08:20 Emergency Fund Basics
09:30 Final Wealth Advice
Transcript:
CAROLINE WOODS:. Joining me now Haley Sacks, a.k.a. Mrs. Dow Jones. Haley So good to have you here at the desk.
HALEY SACKS: So good to be here. Thank you.
CAROLINE WOODS: So, Haley, you’ve built a career on offering financial advice, helping your followers become future rich people. I think a good place to start would be. Tell us, I guess, a piece of advice that you wish you would have taken earlier?
HALEY SACKS: Oh my gosh. Definitely to have a money date. Like have a set time every single month that you force yourself to sit down with your finances. I think that this would have made me a future rich person a lot sooner.
CAROLINE WOODS: What do you think as you start to look at what you’re spending money on, what people are spending money on. What’s the dumbest thing people are spending money on right now?
HALEY SACKS: Well, I mean, I feel like dumb sort of shames people. And there’s already so much of that around our relationship with money and everyone’s relationship to money. What they like to spend on is different. So I don’t really like to judge it in that way. But I will say any sort of junk fee really gets me down. Like if you forget to cancel a subscription or, you know, you see things that you got absolutely no value from that. We’re just sort of a, you know, error in your accounting system. I feel like that makes you feel a little bit stupid.
CAROLINE WOODS: Do you feel like social media too is encouraging kind of over consumption at this point. It used to be keeping up with the Joneses, and now it seems like keeping up with your Instagram feed or your TikTok feed?
HALEY SACKS: Oh my gosh. Yeah we are the most advertised two generation ever. Like you go on Instagram for one scroll and you’re seeing, like more ads than people 60 years ago saw like in a month. It’s so crazy. And Yeah, and I think that we, you know, it’s such a highlight reel. You’re really only seeing the best parts of people’s lives, which of course, you know, includes all of these purchases and trips and successes. And so it can make you feel bad about yourself, and you feel like you need to have those same things and spend money in the same way in order to, like, have as fabulous a life.
CAROLINE WOODS: So what are some quick tips on becoming a future rich person?
HALEY SACKS: Well, I would say the money date is a really big one. And then I would also say know what you value because you can have basically anything, but you can’t have everything. So, you know, really understanding what you love spending money on. Like if you love, you know, going to concerts or you love travel or you love filling your home with plants and you want to go every weekend to, you know, get a new one. But understanding what you really love spending money on and makes your life better versus those. We all have those purchases where we’re like, cool. Yeah, that one didn’t really work for me, you know? And then really narrowing in on that.
CAROLINE WOODS: Yeah most every time I order anything from Amazon, I’m like, did I really need this.
HALEY SACKS: No or even like, sushi delivery I feel like always gets me where I’m like, you. Like, I should have just gone to dinner. Like with a friend. That would have been, you know, a really great way to spend my money. But, like, this is sort of gross.
CAROLINE WOODS: Yeah not paying all those extra fees. What’s one piece of financial advice that you actually ignore?
HALEY SACKS: Definitely to that you have to buy your home. I am all about renting. I think that it is, you know, gives you so much more flexibility. There’s so many less costs that you have to incur. I find it I would rather be investment and cash rich versus house poor than the opposite, which I see so many people struggle with where like their fixed expenses are. So high, just because they chase this idea of the American dream that we need to be homeowners and it just causes them so much stress.
CAROLINE WOODS: I know. What’s your most controversial financial advice? And maybe that’s it. Renting versus buying.
HALEY SACKS: Well, I mean, I don’t think that all debt is bad. I live and breathe by the 7% rule. So any debt under 7% you can sort of 7% interest rate. You can sort of just pay the minimum on and then put whatever money, you were going to use to aggressively pay that off towards other financial goals, like investing.
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