WEBVTT - Mrs. Dow Jones Talks Her New Book and Building Financial Literacy 0:00:02.520 --> 0:00:07.080 Bloomberg Audio Studios, podcasts, radio news. 0:00:07.440 --> 0:00:11.280 If you've been on social media anywhere really over the 0:00:11.360 --> 0:00:14.280 past few years, then you've definitely seen her videos. 0:00:14.840 --> 0:00:17.479 Even before Kim Kardashian had kids, she was putting money 0:00:17.480 --> 0:00:20.320 away in the five twenty nine for their education and retirement. 0:00:20.440 --> 0:00:23.400 And Missus Noah Jones, your fave personal finance expert. Here's 0:00:23.400 --> 0:00:25.840 why rich people love five twenty nine plans and you 0:00:25.880 --> 0:00:27.840 should too. A five to twenty nine plan is a 0:00:27.880 --> 0:00:31.920 tax advantage investment account for future education costs. By contributing 0:00:31.960 --> 0:00:34.720 to one, you'll likely get tax seductions, and credits. 0:00:36.479 --> 0:00:40.080 Kim Kardashian in five twenty nine plans. That's the gift 0:00:40.120 --> 0:00:43.080 of Missus Dow Jones, also known as Hailey Sacks. She's 0:00:43.120 --> 0:00:45.519 the author of Future Rich Person, The New Rules for 0:00:45.600 --> 0:00:48.440 Building Wealth Even if You're stuck broke and that billionaire 0:00:49.159 --> 0:00:51.159 will not text you back. Also the host of the 0:00:51.240 --> 0:00:54.800 Financial Tea podcast Hailey Sacks. 0:00:54.840 --> 0:00:56.800 Welcome, So excited to be here. 0:00:56.960 --> 0:00:59.080 Can I just say, like this is not about me, 0:00:59.160 --> 0:01:00.480 but like I know you back. 0:01:00.360 --> 0:01:02.480 When we really did cheddar, those were. 0:01:02.360 --> 0:01:05.039 The days of the day. Just now I know and 0:01:05.080 --> 0:01:06.600 you know you were you joined me on the floor 0:01:06.600 --> 0:01:08.399 the New York Sact Exchange like a million years ago, 0:01:08.959 --> 0:01:13.040 and all the traders were like, missus dow Jones, is 0:01:13.080 --> 0:01:14.800 there The question that I have for you is very 0:01:14.840 --> 0:01:18.800 bloomberg question. Okay, Uh, the Dow Jones industrial average these 0:01:18.880 --> 0:01:20.160 days doesn't get a lot of love. 0:01:20.400 --> 0:01:23.120 Yes, I know, missus S and P five hundred doesn't 0:01:23.160 --> 0:01:25.760 have the same I know, how did you come up 0:01:25.800 --> 0:01:27.640 with the name that has stuck for so many years? 0:01:27.880 --> 0:01:31.520 You know, I always thought that Missus dow Jones was 0:01:31.560 --> 0:01:34.160 about like being married to your own financial freedom and 0:01:34.200 --> 0:01:37.440 your future, and that really comes from investing. But when 0:01:37.480 --> 0:01:40.800 I created the moniker, I didn't think at all about. 0:01:40.560 --> 0:01:42.720 Like the legal implications of it. I was just like, 0:01:42.800 --> 0:01:43.720 this sounds fun. 0:01:43.840 --> 0:01:45.280 But you know, I didn't think about the fact that, 0:01:45.360 --> 0:01:47.080 like it's the Dow Jones, Like you don't really want 0:01:47.120 --> 0:01:49.200 to mess with Rupert Murdoch. They've been very kind to me, 0:01:49.280 --> 0:01:51.400 I want to say, but you know it could have 0:01:51.440 --> 0:01:52.160 gone either way. 0:01:52.960 --> 0:01:54.480 You know, you've been doing this for a long time. 0:01:54.480 --> 0:01:56.800 I think even before the concept of the influenza, yes 0:01:57.080 --> 0:01:58.880 was a thing. Yes, did you ever think you could 0:01:58.880 --> 0:02:01.840 grow it into the business, the brand, the book, the 0:02:01.880 --> 0:02:03.760 podcast that you've grown it into. 0:02:04.360 --> 0:02:06.440 You know, I think that you always have that vision 0:02:06.480 --> 0:02:09.680 for yourself, but it has taken so much work. I've 0:02:09.680 --> 0:02:12.440 done this for nine years. And like when you said, 0:02:12.480 --> 0:02:14.880 when I started this, influencing wasn't a thing. 0:02:14.880 --> 0:02:15.640 Now you see all the. 0:02:15.720 --> 0:02:18.720 Data, Like, you know, kids all want to be influencers. 0:02:18.760 --> 0:02:21.800 It's this, you know, job that people aspire to. But 0:02:22.280 --> 0:02:24.080 it was something that I was doing on the side 0:02:24.120 --> 0:02:26.959 and pursuing really as a passion project. And so, I 0:02:27.000 --> 0:02:29.000 mean I always dreamed it wouldn't be coming here, but 0:02:29.200 --> 0:02:32.280 I didn't. I was I was betting on myself. I'm 0:02:32.280 --> 0:02:33.120 glad that we made it. 0:02:33.200 --> 0:02:34.400 What was it though, that made you? 0:02:34.639 --> 0:02:35.840 Because you studied film? 0:02:36.120 --> 0:02:39.560 I studied film, So tell me how you got to this? 0:02:39.840 --> 0:02:42.560 Yes, and like thought about because there's so many books, 0:02:42.560 --> 0:02:45.240 as you know, and so many advice channels out there 0:02:45.280 --> 0:02:49.240 when it comes to investing in your financial well being. 0:02:49.600 --> 0:02:51.600 So tell us how you kind of got there. What 0:02:51.760 --> 0:02:54.360 was it that you said, wait, there's something I can share, 0:02:54.480 --> 0:02:56.480 I can build and help others with. 0:02:56.919 --> 0:03:00.360 So I had such a weird path to finance. I 0:03:00.720 --> 0:03:03.680 was a comedian, so, like my first job was for 0:03:03.840 --> 0:03:07.080 David Letterman and then I was, which was a gig 0:03:07.120 --> 0:03:09.840 working job, and then I was, you know, working all 0:03:09.880 --> 0:03:13.320 these ten ninety nine jobs, trying to build my career 0:03:13.400 --> 0:03:16.080 as a comedian, and no one had ever taught me 0:03:16.080 --> 0:03:16.600 about money. 0:03:16.600 --> 0:03:17.840 I never learned it in school. 0:03:18.160 --> 0:03:19.920 And then I had this big break where I got 0:03:19.960 --> 0:03:22.840 a job for Lauren Michaels who started SNL and it 0:03:22.880 --> 0:03:26.440 was a full time job. And actually my the other 0:03:26.480 --> 0:03:29.080 person who got that same role is now on SNL. 0:03:29.160 --> 0:03:30.799 It's Ben Marshall, like the I don't know if you 0:03:30.800 --> 0:03:32.200 guys watch us, and now about the guy the red 0:03:32.240 --> 0:03:35.360 hair of course now big star now so happy for Ben, 0:03:35.480 --> 0:03:38.120 but like we were cohorts. But the first day of 0:03:38.120 --> 0:03:39.920 that job, I was so excited. I was like, yes, 0:03:39.960 --> 0:03:42.680 I finally made it. I'm like, you know, in corporate America, 0:03:42.720 --> 0:03:45.720 getting off the train at eight am, like this rocks. 0:03:45.760 --> 0:03:48.240 And they asked me, they had the audacity really to 0:03:48.240 --> 0:03:50.920 ask me about four O one case and health insurance 0:03:50.920 --> 0:03:52.720 and just all these things that no one had ever 0:03:52.800 --> 0:03:56.440 explained to me. And I was mortified because I didn't 0:03:56.440 --> 0:03:58.760 want to seem like, okay, they made a bad hire. 0:03:59.240 --> 0:04:02.000 And so then I went home that night as any 0:04:02.040 --> 0:04:04.560 self respecting like millennial would I think I probably stress 0:04:04.640 --> 0:04:09.560 ordered Thai food and was like googling all of these terms, 0:04:09.640 --> 0:04:12.520 and what I found was either information for women that 0:04:12.640 --> 0:04:16.120 was like so based in deprivation, Like you know, I 0:04:16.200 --> 0:04:19.600 literally read an article about rewashing your paper towels, about 0:04:19.640 --> 0:04:22.440 how you should never buy a pre cut vegetable from 0:04:22.480 --> 0:04:23.320 a grocery store. 0:04:23.320 --> 0:04:24.080 I'm sorry, that's. 0:04:23.880 --> 0:04:28.200 Saved some time, Like you gotta money, Yeah, time is money, 0:04:28.320 --> 0:04:31.080 you know. Just no lattes, of course, no avocado toast, 0:04:31.120 --> 0:04:32.840 Like it just made your life seem like it had 0:04:32.880 --> 0:04:33.640 to be so small. 0:04:33.640 --> 0:04:35.000 It always like cut out the manicure. 0:04:35.240 --> 0:04:37.360 Yes, yes, your life it's horrible. 0:04:37.720 --> 0:04:40.120 Or the information for men was about investing, but it 0:04:40.160 --> 0:04:42.640 was so jargon heavy and it was like just not 0:04:42.760 --> 0:04:46.120 presented in a way that I really could understand. And 0:04:46.160 --> 0:04:49.279 so I was eager to find someone who would make 0:04:49.320 --> 0:04:51.080 it like aspirational to grow health. 0:04:51.680 --> 0:04:53.080 I couldn't find her, Cybeccamer. 0:04:53.720 --> 0:04:56.320 So you saw you you saw that as an opportunity, 0:04:56.360 --> 0:05:00.240 But you don't just immediately put content out there and 0:05:00.240 --> 0:05:04.400 put yourself out there and realize that oh this works right. Yeah, No, 0:05:04.760 --> 0:05:08.719 there's an uphill battle here. Yeah, there is a time 0:05:08.760 --> 0:05:11.839 it takes to like understand what resonates with your audience. 0:05:11.880 --> 0:05:13.160 You have to build that audience. 0:05:13.560 --> 0:05:16.839 Not easy, not It's so funny being on the book tourks, 0:05:16.839 --> 0:05:19.120 I was looking back and like seeing when I was 0:05:19.160 --> 0:05:22.359 about to break nine thousand followers or twenty thousand or 0:05:22.400 --> 0:05:25.040 forty thousand, and I couldn't believe it. But it's also 0:05:25.080 --> 0:05:27.520 crazy how much social media has changed in that time 0:05:27.560 --> 0:05:32.080 because when I started, the way that finance was presented 0:05:32.080 --> 0:05:34.920 in like a humorous way on social media was through memes. 0:05:35.960 --> 0:05:36.919 And so I was. 0:05:37.120 --> 0:05:40.039 And the only one who's really left of that cohort 0:05:40.120 --> 0:05:43.800 is Liquidity, who still has a big presence, but there 0:05:43.839 --> 0:05:46.520 were like maybe six of us. Besides that he's stayed. 0:05:46.520 --> 0:05:50.200 Everyone else has, you know, sort of dissipated, but still memes, 0:05:50.279 --> 0:05:53.000 still memes exactly, and he's not really that public facing, 0:05:53.040 --> 0:05:55.240 but like he you know, has branched his business out 0:05:55.240 --> 0:05:56.920 in a lot of different ways. He's done really cool 0:05:56.960 --> 0:05:59.760 things with it. But you know, no and no one 0:05:59.920 --> 0:06:02.039 was showing their face. He only showed his face about 0:06:02.040 --> 0:06:05.159 like a year ago. And so I and this was 0:06:05.200 --> 0:06:07.640 before reels were a thing too. So I started to 0:06:07.640 --> 0:06:09.960 put up videos that I think were literally shot like 0:06:10.000 --> 0:06:13.839 horizontally on Instagram. It wasn't optimized for it at all. 0:06:14.080 --> 0:06:16.760 About these money topics, and that's where it sort of 0:06:16.760 --> 0:06:17.359 started from. 0:06:17.520 --> 0:06:20.599 How did you figure out though? Like there's so much 0:06:20.600 --> 0:06:24.559 stuff out there about you know, pay yourself, save money, Yeah, 0:06:24.640 --> 0:06:26.840 take advantage of you know, your employees for oh one 0:06:26.920 --> 0:06:30.640 K plan, Like how did you figure out? How do I, 0:06:30.720 --> 0:06:34.400 you know, learn about what really makes a difference, what 0:06:34.600 --> 0:06:38.360 makes sense because there's just so much again and what's proven, 0:06:38.480 --> 0:06:39.880 Like how did you figure that out? 0:06:40.400 --> 0:06:43.480 That's such a good question, Carol. I think that it 0:06:43.600 --> 0:06:47.320 really is about testing. Like, I mean, you guys are 0:06:47.320 --> 0:06:49.600 on air all the time too. I'm sure there's segments 0:06:49.600 --> 0:06:52.359 that go absolutely bananas that people really relate to, and 0:06:52.400 --> 0:06:54.880 then you use that data like I really learned that 0:06:55.040 --> 0:06:58.520 my audience loves to know about generational wealth. They want 0:06:58.560 --> 0:07:01.160 to know the secrets to that or you know, they 0:07:01.200 --> 0:07:03.480 want to know about how to optimize their benefits. They 0:07:03.520 --> 0:07:06.000 love to know about negotiating. But this is all because 0:07:06.040 --> 0:07:07.840 I've tried that content. And then there's a lot of 0:07:07.839 --> 0:07:10.160 content that you don't see that doesn't work. You know, 0:07:10.600 --> 0:07:14.119 influencing or making videos online is a day by day game. 0:07:14.360 --> 0:07:17.000 So it's literally like you're getting a scorecard every day 0:07:17.080 --> 0:07:19.320 and you can sort of use that and recalibrate. 0:07:20.000 --> 0:07:21.920 You've built this into a real business. I mean I 0:07:21.960 --> 0:07:25.560 saw in part of the book promotion, I saw you 0:07:25.600 --> 0:07:29.800 talk about how much money you're making. Yes, yes, can 0:07:29.840 --> 0:07:31.680 you share that that's a big number. 0:07:31.920 --> 0:07:34.480 Well, I never shared the exact figures, but it definitely 0:07:34.640 --> 0:07:38.440 is a seven figure business. And I think the coolest 0:07:38.480 --> 0:07:40.840 thing is that I'm able to employ really great people 0:07:41.120 --> 0:07:43.880 and you know, invest that back in the business and 0:07:43.920 --> 0:07:46.880 growing it. But I did share that I have brand 0:07:46.960 --> 0:07:49.760 deals that are over seven figures, which is pretty sick. 0:07:50.200 --> 0:07:52.360 I will I'm using the word sick on Bloomberg. 0:07:52.400 --> 0:07:54.280 I think I'm the first person to do that. 0:07:54.520 --> 0:07:57.320 But yet other four letter words not as easily as that. 0:07:57.640 --> 0:07:59.280 That's slaying for really cool. 0:07:59.680 --> 0:08:01.600 But like you said, it's a team. 0:08:01.840 --> 0:08:02.960 Yeah, it's oh my gosh. 0:08:02.960 --> 0:08:04.680 And that's what's so funny about releasing a book too, 0:08:04.720 --> 0:08:06.080 is it's like it's my name on the book, but 0:08:06.120 --> 0:08:09.160 it's been so many people building it, so you really 0:08:09.160 --> 0:08:10.360 can't do anything on your own. 0:08:10.480 --> 0:08:12.800 So like, let's talk about what are what are some 0:08:12.880 --> 0:08:16.400 of the mistakes Like people do like I have to say, 0:08:16.400 --> 0:08:19.200 there's one thing, page one oh five emotional regulation, Like 0:08:19.240 --> 0:08:22.480 I do think about you know, if you can take 0:08:22.680 --> 0:08:26.040 the emotion out of money, I feel, oh is so important. 0:08:26.160 --> 0:08:28.480 So I'm not easy or even when you think about 0:08:28.480 --> 0:08:31.120 people in relationships with money, Like the whole reason that 0:08:31.160 --> 0:08:33.559 no one talks about money and relationships is because of 0:08:33.600 --> 0:08:36.079 the emotional aspect. But if you just take that down 0:08:36.160 --> 0:08:37.680 a notch and you look at it as like, oh, 0:08:37.679 --> 0:08:39.360 this is a business decision. 0:08:38.920 --> 0:08:40.640 That we're getting married. Of course you're going to get 0:08:40.640 --> 0:08:41.440 a prenap. 0:08:41.120 --> 0:08:45.240 Because every business agreement has a contract yeah to do it? 0:08:45.400 --> 0:08:47.240 Yeah, so do it get a prenup? 0:08:47.520 --> 0:08:49.480 No, because then it's very clear, right, yes, we know 0:08:49.480 --> 0:08:51.240 what the rules are going into it. But it's but 0:08:51.280 --> 0:08:53.800 I feel like money and how especially with couples or 0:08:53.800 --> 0:08:55.760 just how people spend or even in like a family, 0:08:55.760 --> 0:08:58.000 if you have siblings and you're older and you're doing 0:08:58.000 --> 0:09:01.079 a house or something together, like you just how somebody 0:09:01.160 --> 0:09:03.000 uses their money. You can make judgment calls and you 0:09:03.000 --> 0:09:05.800 have to be very careful because you can, you know, 0:09:06.160 --> 0:09:07.640 But I think why. 0:09:07.600 --> 0:09:10.920 What you identified so early and like it looks so 0:09:11.440 --> 0:09:14.240 simple and easy in hindsight to see this is that 0:09:14.559 --> 0:09:19.840 our generation is different than other generations, like student loan debt, 0:09:20.480 --> 0:09:23.920 the cost of buying a home for those kids in 0:09:23.960 --> 0:09:26.440 college right now, going and finding that first job, and 0:09:26.480 --> 0:09:30.600 dealing with AI, the AI challenges like this is and 0:09:30.640 --> 0:09:33.080 I feel like millennial personal finance is really having a 0:09:33.120 --> 0:09:36.280 moment right now. Maybe because we're all getting older. I 0:09:36.280 --> 0:09:40.000 don't know that's what it is, yes, Or because we're 0:09:40.080 --> 0:09:44.199 learning and everybody's learning that the classic stuff that we 0:09:44.440 --> 0:09:47.640 that our parents were told doesn't really work for us. 0:09:47.840 --> 0:09:50.040 That is such a good point, and that's sort of 0:09:50.080 --> 0:09:51.960 why I wrote the book it's called The New Roles 0:09:51.960 --> 0:09:54.560 of Building Wealth because you know, I read so many 0:09:54.559 --> 0:09:57.280 personal finance books. That's really how I educated myself to 0:09:57.320 --> 0:09:58.959 become missus dow Jones, like just. 0:09:58.960 --> 0:10:02.439 By reading so much. And although I love a lot of. 0:10:02.360 --> 0:10:06.280 Those books in the canon, what I always would recognize 0:10:06.320 --> 0:10:09.319 was the information that they were giving was so outdated. 0:10:09.440 --> 0:10:12.559 And I think what's so cool about being a financial 0:10:12.600 --> 0:10:15.320 influencer is that I'm able to get real time data 0:10:15.320 --> 0:10:17.560 from my followers. So it's like I'm reading this book 0:10:17.600 --> 0:10:19.280 and it's like in the canon and everyone's like, this 0:10:19.320 --> 0:10:21.000 is the finance book that you need to get rich, 0:10:21.040 --> 0:10:23.800 and then it's like I'm in my DMS and people 0:10:23.840 --> 0:10:26.520 are complaining because since two thousand, the cost of living 0:10:26.559 --> 0:10:28.960 has gone up sixty seven percent, but wages have gone 0:10:29.000 --> 0:10:32.559 up seven percent, or like you said, inflation, student debt, 0:10:32.600 --> 0:10:35.080 AI all these things, and so there needs to be 0:10:35.679 --> 0:10:38.200 new rules that meet us where we are at now. 0:10:38.240 --> 0:10:40.280 And that's why I wrote this book because I want 0:10:40.280 --> 0:10:42.679 it to be in the canon for the world that 0:10:42.720 --> 0:10:43.079 we're in. 0:10:43.320 --> 0:10:44.680 So, hey, let's. 0:10:44.440 --> 0:10:46.080 Talk about some of the rules. And so I'm just 0:10:46.160 --> 0:10:50.280 sharing our producer Talia sending like, if someone is starting 0:10:50.559 --> 0:10:53.600 at their first step, or they're deep in a hole 0:10:53.760 --> 0:10:56.880 with debt or don't have any savings, what is the 0:10:56.880 --> 0:10:58.679 first step you think someone should take to get their 0:10:58.679 --> 0:11:00.240 finances in order. 0:11:00.360 --> 0:11:02.840 So the first step I would really recommend, and it's 0:11:02.920 --> 0:11:04.960 not rocket science, We've heard it before, but you have 0:11:05.000 --> 0:11:07.160 to have that emergency fund, Like you've just got to 0:11:07.200 --> 0:11:09.520 get that. You got to really power through and get 0:11:09.520 --> 0:11:12.200 that three to six months in hild savings account, because 0:11:12.480 --> 0:11:14.960 even if you have high interest rate debt, you need 0:11:15.000 --> 0:11:17.440 to have the emergency fund because if you don't and 0:11:17.480 --> 0:11:19.800 you get into more debt, then you're just going to 0:11:19.840 --> 0:11:21.640 get deeper in the hole. So that's and it also 0:11:21.679 --> 0:11:24.280 builds a lot of self esteem, So that's always I 0:11:24.320 --> 0:11:26.480 would say, like the first step, you got to start there. 0:11:27.080 --> 0:11:29.480 What about if you have student loan debt and you 0:11:29.520 --> 0:11:30.920 want it, you want to try to get out of it, 0:11:30.960 --> 0:11:32.880 but you also want to try to save well. 0:11:32.920 --> 0:11:34.720 You know, something I talk about in the book is like, 0:11:34.760 --> 0:11:36.720 I think one of the old rules of building wealth 0:11:36.840 --> 0:11:37.480 is that all. 0:11:37.360 --> 0:11:39.600 Debt is bad, that we need to all be out 0:11:39.640 --> 0:11:39.880 of debt. 0:11:39.920 --> 0:11:41.800 But I mean, you guys talk to really rich people 0:11:41.840 --> 0:11:45.079 all day, you know, they love leverage, and so something 0:11:45.080 --> 0:11:47.040 that I explained in the book is leverage does help 0:11:47.120 --> 0:11:50.960 make some people wealthier and a big way. Yeah, no 0:11:51.000 --> 0:11:53.520 matter where you're at on the financial scale too. Like 0:11:53.559 --> 0:11:56.280 you could be someone who's you know, you're not a billionaire, 0:11:56.320 --> 0:11:59.600 but maybe you have student debt and it's below seven percent, 0:12:00.200 --> 0:12:03.040 which is sort of the threshold of low interest rate debt. 0:12:03.400 --> 0:12:05.559 That's something in the book that I would say, it's 0:12:05.559 --> 0:12:07.840 actually okay, let's just pay the minimum on it and 0:12:08.080 --> 0:12:10.840 use whatever action money, extra money that you have left 0:12:10.840 --> 0:12:13.400 over on these other financial goals, because you're going to 0:12:13.440 --> 0:12:15.360 be able to make more money than you would say 0:12:15.440 --> 0:12:16.680 paying that off aggressively. 0:12:17.080 --> 0:12:19.280 What are the most common pitfalls and mistakes you see 0:12:19.320 --> 0:12:22.280 people fall into. 0:12:21.600 --> 0:12:25.200 You know, I think in this age of frictionless spending, 0:12:25.440 --> 0:12:28.160 it's really hard to hold onto your money, like greed. 0:12:28.440 --> 0:12:31.719 My parents' generation, they were advertised to five hundred times 0:12:31.760 --> 0:12:34.280 a day, were advertised to five thousand times a day. 0:12:34.600 --> 0:12:36.800 Twenty percent of what you see online is an ad. 0:12:37.200 --> 0:12:39.200 And not only that you have Apple Pay on your 0:12:39.240 --> 0:12:41.840 phone and you're using it like Apple be paying, like 0:12:41.880 --> 0:12:43.360 you're just you know, tapping. 0:12:43.080 --> 0:12:45.360 And you're going, it's not money, it's just a tap. 0:12:45.720 --> 0:12:48.360 And it is this form of emotional regulation which I 0:12:48.400 --> 0:12:51.480 think comes also from the culture. Like you know, even 0:12:51.520 --> 0:12:53.680 when you think about Sex and the City and Carrie 0:12:53.720 --> 0:12:56.960 Bradshaw and she would always buy shoes instead of investing, 0:12:57.000 --> 0:12:59.880 and like, you know, all the cool female characters in 0:13:00.160 --> 0:13:05.160 the canon are bad with money. It's sort of you know, romanticized, 0:13:05.559 --> 0:13:07.600 and so I think that that's really what you have 0:13:07.600 --> 0:13:08.080 to work through. 0:13:08.120 --> 0:13:08.360 First. 0:13:08.880 --> 0:13:12.040 There's also a conversation happening about like the psychology of money, 0:13:12.080 --> 0:13:14.520 when when people are used to making a certain amount 0:13:14.559 --> 0:13:18.080 of money, they continue even if they make more money 0:13:18.080 --> 0:13:20.719 spending the same spending in the same way. So I'm 0:13:20.720 --> 0:13:23.200 curious about spending money. And if people suddenly come into 0:13:23.559 --> 0:13:26.760 disposable income, yeah, after working for a long time and 0:13:26.800 --> 0:13:28.400 living paycheck to paycheck. 0:13:28.559 --> 0:13:30.560 Like how they well there was actually did you see 0:13:30.559 --> 0:13:34.319 that graph from Goldman Sachs about people who are making 0:13:34.320 --> 0:13:35.520 three hundred to four hundred K. 0:13:35.720 --> 0:13:36.720 Yes, I've just heard about this. 0:13:36.840 --> 0:13:37.560 Yeah, so great. 0:13:37.559 --> 0:13:39.679 They say they're living paycheck to paycheck. 0:13:39.360 --> 0:13:41.400 More than people who make seventy five to one hundred K. 0:13:41.520 --> 0:13:43.440 Because I think that it's so much of keeping up 0:13:43.480 --> 0:13:45.480 with the Joneses. When you get to that point you're like, oh, 0:13:45.480 --> 0:13:47.960 this is my paycheck. I guess we should do private school. 0:13:48.040 --> 0:13:49.240 Maybe we need two cars. 0:13:49.400 --> 0:13:51.880 I would say that those people are probably also saving 0:13:52.080 --> 0:13:55.920 very aggressively, so maybe they're living paycheck to paycheck, after 0:13:56.240 --> 0:13:58.839 investing in the emergency fund, after putting money aside in 0:13:58.880 --> 0:14:00.920 their four one ks in five to I would I 0:14:00.920 --> 0:14:02.800 would venture to say, I don't know, I don't know. 0:14:02.920 --> 0:14:04.320 I think it's all lifestyle creep. 0:14:04.200 --> 0:14:05.320 I think it's lifestyle creepy. 0:14:05.320 --> 0:14:05.560 Wow. 0:14:05.600 --> 0:14:08.560 I think that you have to be really careful and 0:14:08.640 --> 0:14:10.640 like what That's why I preach so much in the 0:14:10.640 --> 0:14:13.600 book about automation, It's like, I don't I wouldn't be 0:14:13.640 --> 0:14:16.240 a millionaire without automation. Like it's you need to be 0:14:16.240 --> 0:14:18.240 automated your finances. And when you've got an increase in 0:14:18.280 --> 0:14:20.920 your salary, the first thing that you should do is 0:14:21.120 --> 0:14:23.640 increase the amount that you're contributing because you won't feel 0:14:23.680 --> 0:14:25.360 it right. But then you're just going to have such 0:14:25.400 --> 0:14:26.040 a big difference. 0:14:26.160 --> 0:14:28.360 It's like it's I always think of my mom, like. 0:14:28.280 --> 0:14:30.200 Pay yourself first, if you just do it right off 0:14:30.200 --> 0:14:32.040 the tip and you just don't even miss it and 0:14:32.120 --> 0:14:35.720 you adjust to like what's the pot We are at Bloomberg, 0:14:35.760 --> 0:14:38.600 we check the market day to day. I'm just thinking 0:14:38.600 --> 0:14:41.680 about casual participants, folks who are just trying to understand 0:14:41.680 --> 0:14:42.840 the investing landscape. 0:14:42.880 --> 0:14:44.520 I have family who are not. 0:14:44.760 --> 0:14:46.400 Always will come up like what books should I read? 0:14:46.440 --> 0:14:49.960 What should I do? Is there anything that you regularly 0:14:50.000 --> 0:14:53.080 pay attention to when it comes to the financial markets 0:14:53.120 --> 0:14:55.760 and that you think maybe that's what people should check on, 0:14:55.880 --> 0:14:58.280 like what should they do to get an understanding? 0:14:58.760 --> 0:15:01.760 Well, you know, I I think that reading financial books 0:15:01.800 --> 0:15:04.280 is really important, Like that's a really great way to 0:15:04.280 --> 0:15:07.560 get but there's something very different about understanding the markets 0:15:07.600 --> 0:15:08.520 and being. 0:15:08.360 --> 0:15:10.520 Like good with money. Like in the book, it's I 0:15:10.520 --> 0:15:12.280 make it very clear that you don't need to be 0:15:12.520 --> 0:15:13.120 a genius. 0:15:13.200 --> 0:15:15.280 You really just need like seventh grade math and some 0:15:15.320 --> 0:15:18.640 index funds and some automation and you can get there 0:15:19.040 --> 0:15:20.680 and so. But you know, this is sort of a 0:15:20.680 --> 0:15:23.520 different flavor of person. Carol, you know, seems to be 0:15:23.600 --> 0:15:25.760 really interested in the markets. And which case, I'd say, 0:15:25.760 --> 0:15:28.160 you gotta watch Bloomberg. You know, I let me a 0:15:28.160 --> 0:15:31.200 little CNBC. I subscribe to a bunch of newsletters. I 0:15:31.280 --> 0:15:33.720 love the Wall Street Journal. Like you know, you have 0:15:33.760 --> 0:15:36.520 to you read the publications and you. 0:15:35.960 --> 0:15:36.920 You know, track it as you go. 0:15:37.000 --> 0:15:38.880 You have to make sure that you are getting your 0:15:38.880 --> 0:15:40.560 information from credible sources. 0:15:40.800 --> 0:15:42.280 Is social media a credible source? 0:15:43.000 --> 0:15:46.040 It is when you you have to be thoughtful of. 0:15:46.520 --> 0:15:49.600 Social media has been so amazing in terms of promoting 0:15:49.640 --> 0:15:51.880 financial literacy, and we're even seeing it with gen Z 0:15:52.000 --> 0:15:53.560 that they are putting more into their four o one 0:15:53.600 --> 0:15:54.600 case than any generation. 0:15:54.760 --> 0:15:55.280 And I have to. 0:15:55.240 --> 0:15:59.120 Point to social media as me, uh as the reason 0:15:59.160 --> 0:16:02.800 that that's happening, because they have education at their fingertips 0:16:02.800 --> 0:16:03.600 that no one else did. 0:16:03.600 --> 0:16:06.000 But they also have access to a lot of scams. 0:16:06.080 --> 0:16:10.120 Where do you see the best return on investment and content? 0:16:12.280 --> 0:16:14.800 Where where are the people? Where are people following you 0:16:14.800 --> 0:16:17.400 and engaging you with your content? Is it all Instagram? 0:16:17.560 --> 0:16:17.760 You know? 0:16:17.920 --> 0:16:22.360 I Instagram is huge, Instagram's amazing. TikTok can go crazy, 0:16:22.440 --> 0:16:25.200 but like it's a very emotional process, Like they could 0:16:25.240 --> 0:16:27.560 just give you like no views, no views, no views, 0:16:27.600 --> 0:16:29.040 and then you're getting like three million. 0:16:29.160 --> 0:16:31.360 You're like, I'm big on two. It's really hard to 0:16:31.400 --> 0:16:32.680 understand on TikTok. 0:16:32.760 --> 0:16:34.960 Yeah, but like you know, Instagram is way more consistent 0:16:34.960 --> 0:16:37.080 and I feel like I'm actually able to reach my audience. 0:16:37.480 --> 0:16:40.160 But I also really believe just in good content, Like 0:16:40.200 --> 0:16:42.120 I'm not one of those creators who's ever going to 0:16:42.200 --> 0:16:45.760 be like the algorithm screwed me. Like if something isn't working, 0:16:45.760 --> 0:16:48.080 we're going to change it. Like I need to move 0:16:48.080 --> 0:16:50.240 with the times. Like I've been around for nine years. 0:16:50.280 --> 0:16:52.280 I want to be around for a long time, and 0:16:52.320 --> 0:16:54.640 that's just going to take a lot of flexibility, going 0:16:54.680 --> 0:16:57.000 where the eyeballs are and figuring out what's next. 0:16:57.440 --> 0:16:59.760 Hayley, what's the question you get asked most often when 0:16:59.760 --> 0:17:01.800 people of like know what you are you know what 0:17:01.840 --> 0:17:02.200 you do? 0:17:02.840 --> 0:17:05.560