Photo: Courtesy of American Express
For Haley Sacks, aka. Zillennial finance expert @MrsDowJones, a personal interest in learning how to manage money and navigate the seemingly complex financial landscape became a full-time career. As a digital creator, she helps to break down finance for the everyday audience who may or may not speak in numbers.
She has 700K followers across Instagram and TikTok.
With a background in entertainment and comedy, she launched her brand in 2018. Sacks has since found a way to bring her experience into the financial space by becoming the woman she wanted to learn about money from.
Sacks, an Amex Ambassador for banking services like American Express® Rewards Checking, recently joined a conversation at Amex’s headquarters in New York with Eva Reda, President of Consumer Banking at American Express, to talk about her role as a self-proclaimed ”financial popstar” – and how her belief in the importance of financial wellness is something that can help everyone.
“I grew up in a household where we did not talk about money, and it really disempowered me and ultimately led me to become Mrs. Dow Jones. If I could have chosen, I would have loved to have had more transparency because I really believe that financial wellness is as important as physical wellness and emotional wellness. And that without all three, you cannot be whole,” said Sacks.
“And I always say the best time to start was yesterday, and the second best time to start is today. So it doesn't matter who you are or what age you are. The most important thing is to just start. “
Photo: Courtesy of American Express
Sacks said the key to getting one’s finances together is the “The Glow Up” philosophy, which confronts the emotional aspect of managing money.
“Figure out where you're at, where you want to go, and what you have to do to get there. And the first step is taking a trip to IBIZA,” said Sacks. “IBIZA is a five-step money mindset program that I created to help figure out what beliefs you're coming into this with, what goals you have, what habits you're dealing with, and to help find your community.”
And from there, Sacks said “financial freedom is making your money work for you”, sharing a handful of beginning steps everyone can start to take at the early stages of their journey:
- Open a high yield savings account with six months of emergency funds.
- Pay off high interest rate debt.
- Max out tax-advantaged accounts first, before investing in the market. She said, “Make sure that you're really getting all of the tax benefits that you can before putting money in the market.”
- Understand your cash flow and begin to slowly make changes. Sacks said, “Budget can sound like a curse word for many, but you need to understand where you’re at today and where you want to go. I really like the 50/30/20 budget - 50% on what you need, 30% on what you want, 20% on future you.”
- Make sure that you're getting paid enough and that you have a competitive salary.
And while Sacks recommends that people who are new to managing their finances begin focusing on slow changes vs. investing too soon, she advises that those who are ready to invest should be willing to take the risk. Sacks said, “It’s interesting because investing can seem like the biggest hurdle but at the same time, there are people jumping out of planes and doing things that are so much riskier.”
To learn more about Sacks’ resources, including her IBIZA course, visit financeiscool.com/free.
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