6 money rules only the rich know, says Instagram finance star Ms. Dow Jones

Mrs. Dow Jones, also known as Haley Sachs

Adrian Bellerin

Haley Sachs believes there is often a funny — and absurd — side to finance. In fact, a sampling of her Instagram account (@mrsdowjones), which has more than 320k followers, reveals a wide range of posts and memes including a photo of Kim Kardashian on her private jet that reads: “When avocado toast and iced coffee are cut out of your budget… And you can suddenly buy a private jet,” and a recent reel in which Sacks reveals that you can deduct the full cost of a Mercedes G Wagon from your business because of a loophole in the IRS.

Although Sacks comes from the world of finance — she was born into a family on the Upper East Side with a father who worked at Goldman Sachs — she says she’s always been surrounded by wealth without really knowing much about it. “My parents were very vocal about money, and they still are,” she says. Instead of making her feel safe, it made her feel “helpless, anxious, and ashamed.”

So after she was laid off from a $43,000 a year job – where she had a 401(k) – she wondered “Am I supposed to know what this is?” You remember – I created a digital content company in 2019 that uses the language of pop culture and memes to explain the basics of personal finance. The company’s name is Finance is Cool, and the company’s social media arm, called Mrs. Dow Jones, has more than 320,000 followers on Instagram, 16,100 subscribers on YouTube and 251,400 followers on TikTok. “I created the company for the younger version of myself,” she says.

Some of her most famous posts refer to her privileged upbringing. For example, she revealed in a recent post that she pays $670 to have her hair highlighted at a salon on the Upper East Side. It offsets the obvious privilege of this expense by making it videos Such as “the rules of money only the rich know”, which states the following six rules:

  1. Don’t make money that big on a deal. (“See money as an asset, but never as a personality trait,” she says.)

  2. Find out where to spend it and where to save it. (“Always remember that no one is late 24/7,” she says.)

  3. Don’t replace anything until you’ve completely exhausted it. (When you consciously save for something, and then you’re able to buy it, that’s fine, and you value that item so much that you just want to take good care of it,” she says.)

  4. Be kind of careless with cash. (You want to have some money in your life that you can be generous with, she notes.)

  5. Check yourself with the check. (“If you invite someone somewhere, you have to pay for them,” she says, noting that this is true regardless of your gender.)

  6. Be very generous. (Whether it’s paying for a cab or buying someone a drink, these small actions really make a big difference.)

Sachs, who is currently a spokesperson Amex Rewards CheckHe also teaches a series of personal finance courses that invite participants to become their own trusts. She dreams of creating a production company that aims to tell cutting-edge financial stories. “I want to be Mrs. Dow Jones forever,” she says. “And I want to take people with me in the most transparent way possible.” Here are the top three savings tips I recently shared with MarketWatch Picks.

1. Automate your savings.

“Automation literally forces wealth to be in your future,” says Sachs. What it means is that you should set an automatic monthly – or even weekly – transfer from your recording to your savings account so you don’t have to remember to save money.

Sacks prefers high-yield savings accounts that are in a different location than the bank statements you open regularly to check your checking account balance. “If you can’t see her every day, you forget her,” she says. That way, you’re raising money without having to think — or worry — too much about it. This works especially well if you have a regular salary, as well as a stable budget that allows you some wiggle room to put a certain amount of cash into. (See the highest savings rates you can get right now here.)

2. Wait a week before you splurge.

You just saw a great pair of loafers for sale on TheRealReal, and you’ve always wanted a pair. Not to mention, it’s consignment, so it’s already undervalued, and also, wouldn’t someone else buy it if you didn’t? Maybe you should take advantage of the deal.

Stop there, Sachs recommends. “Don’t impulsively buy things you didn’t plan on,” she says. It is likely that in a week, that urge to click buy will recede into the past. And if not, use the money you might be spending on some other kind of extravagance, like a fancy dinner with friends, or a new dress for an upcoming wedding.

3. Talk about money.

Sachs thinks you can relate to this story. You’re invited on a bachelorette party weekend, and your bridesmaid wants to make a reservation at an expensive restaurant every night you’re away from her. You know you really can’t afford it, but you don’t want it to be a problem, so you have to go along with it, even though it means you’ll run into high-interest credit card debt.

The way out of this situation, Sacks says, is simply to reach out to your friends. “We live in a culture of keeping up with the neighbors,” she says. (Itself not included.) “You have to be able to speak for yourself, or you’ll stay in this reactive cycle of spending, which is harmful.”

Be honest in the group text that these types of meals are out of your budget, and then share some alternative recommendations instead. For example, a dive bar with decent food and great music, or a barbecue at the house you rent. “The more you can own what you want and why you do it, the better your relationships will be,” Sacks says.

The advice, recommendations, or ratings in this article are those of MarketWatch Picks, and have not been reviewed or endorsed by our business partners.

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