According to Haley Sacks, there is frequently a humorous and ludicrous aspect to banking. A quick glance at her Instagram page (@mrsdowjones), which has more than 320,000 followers, reveals a variety of memes and posts, such as a photo of Kim Kardashian on her private jet with the caption, "When you cut avocado toast and iced coffee from your budget and can suddenly afford a private plane," and a recent reel in which Sacks reveals that you can deduct the full cost of a Mercedes G Wagon from your business due to an IRS loophole.
Sacks claims that despite coming from a wealthy background—her father works for Goldman Sachs and she was raised in a family on the Upper East Side—she never had a deep understanding of money. She claims that her parents "were very private about money and they still are." Instead of making her feel safe, it made her feel "disempowered, anxious, and self-conscious."
She started a digital content company in 2019 after being laid off from a $43,000 per year job where she had a 401(k) but recalls wondering, "Am I supposed to know what that is?" She does this by using pop culture and memes to illustrate the fundamentals of personal finance. Finance is Cool is the name of the company, and Mrs. Dow Jones, its social media division, has over 320,000 Instagram followers, 16,100 YouTube subscribers, and 251,400 TikTok followers. She explains, "I started the business for the younger version of myself."
Her most well-liked articles make reference to her privileged upbringing. For instance, she recently stated in a post that she spends $670 at an Upper East Side salon to get her hair highlighted. By creating movies such as "Money Rules Only Rich People Know," which outlines the following six principles, she balances out the evident privilege of this expense. Make money a secondary concern. "Look at money as an asset, but never as a personality trait," she advises.
1. Make money a secondary concern. "Look at money as an asset, but never as a personality trait," she advises.
2. Be aware of where to spend and conserve your money. Never forget that nobody is ballin' all the time, she advises.
3. Replace nothing till it has been completely used up. It feels so fantastic to be able to purchase something for which you have actively saved.
4. Be a little careless with your money. (She points out that you should have some money in your life that you can give away.)
5. Self-check using the check. ("You should provide for someone you invite to an event.
6.. Donate so freely.
Sacks, who is a spokesperson for Amex Rewards Checking at the moment, also offers a number of personal finance classes in which students are encouraged to establish their own trust funds. She also has aspirations of starting a producing firm that will share inspiring financial stories. She declares, "I want to be Mrs. Dow Jones forever." And I want to bring everyone along in the openest possible manner. The top three financial advice she recently provided to MarketWatch Picks are listed below.
1. Make your savings automatic.
According to Sacks, automation "literally forces wealth to be in your future." She is saying that in order to save money without having to think about it, you should set up an automatic monthly or even weekly transfer from your checking account to your savings account.
2. Give yourself a week before indulging.
You've always wanted a pair of loafers, and you just saw a terrific pair on sale on TheRealReal. Not to add that they are consignment, which means their worth has already been diminished, and that if you don't buy them, won't someone else? Most likely, you ought to benefit from the offer.
3. Bring up money.
Sacks believes that this story will resonate with you. You're invited to a bachelorette party, and the maid of honor wants to reserve tables for you at a pricey restaurant each night. You go along with it despite the fact that you can't actually afford it and that you will end up with high-interest credit card debt because you don't want to be a bother.
