← The Goal Digger Podcast | Top Business and Marketing Podcast for Creatives, Entrepreneurs, and Women in Business
The Goal Digger Podcast | Top Business and Marketing Podcast for Creatives, Entrepreneurs, and Women in Business
881: Don’t Panic! Here’s How to Take Control of Your Finances in an Uncertain Economy
00:52:25
With Haley Sacks and Jenna Kutcher
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- [00:02]
A
Thank you to Cozy for sponsoring the Gold Digger podcast. Transform your living space today with cozy. Visit cozy.com spelled C O Z E-Y.com the home of possibilities made easy this episode is brought to you by Shippo, your one stop solution for shipping labels helping small businesses save up to 90 off retail rates for a limited time. Shippo is offering listeners 25 in Shippo credit when you spend your first $25. So Shipp your first few packages is basically free. Years ago I ran a print giveaway for my wedding photography clients. Now this sounds simple. Send out a few framed photos as a thank you. But the response was wild. I ended up sending out stacks of orders and handwritten notes and boxes were piling up on my kitchen table. I essentially had no system. It was just me, some stamps and a lot of stress. That is why I love Shippo. It is designed for small businesses like mine. You can print shipping labels in batches, track orders, manage returns and sync with all your online stores from one clean dashboard and with access to discounted rates from USPS, UPS and FedEx, plus a free starter plan. When you only pay for what you ship, it makes fulfillment way less overwhelming. Head over to Shippo.com Gold Digger and claim your spend 25 get 25 offer today. That's Shippo.com Gold Diger.
- [01:28]
B
The financial services industry is built on fees and so they want you to feel confused because it means that you will pay people to do it for you. And if you're lower income, they want you to stay confused because debt is a hugely profitable business.
- [01:49]
A
I'm Jenna Kutcher, your host of the Goal Digger podcast. I escaped the corporate world at the age of 23 with nothing more than a $300 camera from Craigslist and a dream. Now I'm running a seven figure online business that feels even better than it looks. All from my house in small town Minnesota with my here. We value time as our currency. We mix the woo and the work and we are in the pursuit of building businesses that give us the freedom to live lives that we love. I've always loved turning big goals into reality and I'm here to help you do the same. This isn't just a peek behind the curtain. Come along with me and my guests as we tear the whole curtain down. Every week we tackle practical no fluff marketing strategies and host honest discussions on what works and what doesn't. Join me and my expert guests for actionable insights to help you grow your dream business with confidence. Pull up a seat and get ready to be challenged, inspired and empowered. This is the Goal Digger podcast. What do Wall Street, TikTok and pop culture all have in common? Well, one woman, Mrs. Dow Jones. And she's here to prove that managing your money can be as addictive as your favorite reality show, but way more empowering. Today's guest is Haley Sachs, aka Mrs. Dow Jones. And she's a self made financial powerhouse who turned confusion into clarity and turned budgeting into a cultural movement. When she realized financial education felt like it was made by and for the Wall Street Bros, she set out to change that. And she succeeded. With over 1.4 million followers across platforms, partnerships with brands like Morgan Stanley and American Express, and viral courses like Start Here and let's Invest, Haley has become the go to guide for Millen Mills and Gen Z looking to step into their financial power. Now she's back with her latest creation, the MoneyBook 2.0, which is a revolutionary spreadsheet based financial system that has already changed over 10,000 lives and counting. It's intuitive, it's secure, it's fun, and it actually works. No clunky apps, no confusing spreadsheets, just results. And she's breaking all of that down today. If you've been feeling anxious about the economy or unsure of how to take your financial life in your control, this episode is for you. We're digging into how to budget with confidence, how to not be afraid when you're looking at your money, and how to stop feeling behind making your money work for you. No matter what the headlines say. You've got this. And Haley Sachs is here on the Gold Digger podcast to lead you through it. Let's dive in. Haley, why do you think so many smart and capable women still feel intimidated when it comes to money?
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B
You know, the biggest reason that I think women are intimidated by money is just because we are never taught. You know, like, the key to any confidence is having any sort of education. And women especially were taught to scrimp and save. We're told to coupon, we're told that we love to buy lattes and that we can't hold on to a dollar. And men, on the other hand, are taught to invest. They're taught to ask for raises. They're taught that they are the breadwinners and that, you know, it is their responsibility and also that they are very capable of earning a living and growing like a fortune. And so I think that's the biggest reason is just lack of education and just sort of that society has somehow gendered money, which is so unfair because Money is power. So it sort of goes to the root of women having less power by them gendering it.
- [05:41]
A
Yes. Oh, my gosh. I couldn't agree more. And I think it's really interesting. I think we're sitting in really interesting times. I'll speak from my own experience, but I can feel the uncertainty everywhere. I think people are just feeling. It just feels weird. It just feels weird. And so I feel like in times of weird, people go back to some of the basics and some of the principles, and they also kind of get a little nervous. And so when we are facing a time where things do feel uncertain, maybe there's a recession coming, who knows, layoffs, just not knowing, like, where we are headed in the near future. What are some ways that we can start taking back control?
- [06:21]
B
Absolutely. I think, you know, I always talk about how your first financial step is just building a buffer, building up your emergency fund, which is just cash that you have on hand. You keep it in a high yield savings account, it's easily accessible to you, and it's there for no other purpose except for peace of mind. That is your I need to leave a bad relationship fund. It's I need to leave a toxic job fund, but it's also an I got laid off fund, or I need an emergency dental procedure fund, or, you know, it's that, you know, the. It's Newman's Law. Everything that can go wrong will go wrong. And that could mean the economy, it could mean a recession, but it could also just mean, you know, layoffs or pay cuts or reduced hours. And so most Americans, 56% of Americans cannot cover in $1,000 emergency. And so what happens is then when you get into. And most of them view their credit cards as their emergency fund. And the issue with that is that credit card debt is so expensive. And so if you put the cash on hand, if you build that buffer beforehand, then when you need it, it's going to not only be less expensive to use it, but it will also take out so much of the emotional shock and stress. When you're in those situations, it's like the most amazing gift that you can give yourself is really that emergency fund.
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A
Yes. Oh, my gosh. I couldn't agree more. In terms of, like, the cost of our piece, too. I think that when you have that accessibility, you aren't so afraid of everything. What would you say, though, for people that are struggling to just make ends meet? Like, how do you even get to a place of having an emergency fund? Because I can hear the questions coming in My brain totally.
- [08:24]
B
When you're in that position of being paycheck to paycheck, it's. You roll your eyes a little bit when someone says, oh, yeah, just build a buffer. That's what you should do. And you're like, okay, well, where's that money come from? Like, everything that I make is going to, to bills and to food and to, you know, just getting through this month. So I totally understand that. But I think that any way that you, the first step is really to drop an anchor and to, like, look at your finances. I think, like, even when you're in tough times economically or you are struggling to make ends meet, a lot of the times there's this stress around your finances and it prevents you from, like, looking at them straight on. You avoid them because it's, you know, it's something that it feels uncomfortable. And because of that, that could mean that maybe there are subscriptions that you forgot that you're paying for. Or, you know, if you look, if you actually drop an anchor and you're able to look through your bills, your credit card statements, and figure out where you're at and where your spending is, then you may be able to find some wiggle room. And then I would also say, like, and I think this is especially true for women is like, we're always taught that if we need to improve our financial situation, that we should cut, cut costs, cut, cut, cut, cut, cut, save, save, save, coupon, coupon, coupon, whatever it is. And I am a big believer in earning more, which again, might make people roll their eyes. But hey, guess what? It is actually a lot easier to, I find, to make more money to side hustle, to try and sell something online, to do these, you know, little tasks that could mean $50 extra in your pocket, $100 extra in your pocket, then, you know, all of the energy that you put into cutting back, you know, like. And you are abundant. There's so much money out there in the universe. And if you have skill set, which I know, you know, you have such an amazing audience, but. And each of the women who are listening, they tap into what they're good at. There's gotta be something that they could monetize and get paid for. You know, finding ways to build that up and to bring in a little bit of extra cash will really help you build that emergency fund, help you build that buffer. And so, like, don't just take at face value what you're making as that being your salary. You know, try to think a little bit outside the box. And I know it sounds stressful and it's, you know, annoying and if you're already working so much, then you'd last thing you want to do is work more, which I also understand. I think that a side hustle is unrealistic in that case. But like if you do have any bandwidth, I think that trying to find ways to increase your income is always a good idea.
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A
Yeah, absolutely. One thing I love about you is you make finance cool. Like, you make it feel fun and approachable, not like that scary kid in the corner that you don't want to meet. And so what has been your secret to helping people not only understand money but like actually learn to care about it?
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B
Well, first of all, I think that I come from it. Like I think a lot of people or a lot of financial experts are people who like were born really just naturally good at this. Like it's like those 10 year olds who are hustling at their lemonade stands and like Warren Buffett bought his first stock at 11 years old. And I was so not that like I was scared of money. I doubted my own ability to make it. I ignored it. I did not have high paying jobs at all. Like in my, you know, when I was starting my career, I was firmly in like $40,000 range, you know, in New York City, which is psycho. And I, and most of all, like, I just, my energy towards money was very blocked. Like I was really uninspired and I didn't feel at all like it was possible for me to really be good with it. And then I've had this amazing transformation and it's obviously completely changed my life, completely changed my career trajectory. Now my whole life purpose is about bringing that to other people, to helping them to feel empowered, taking the fear out of finance, making it fun and easy to understand it and accessible. But you know, I think that coming at it from that perspective like is sort of part of what works about Mrs. Dow Jones too. Because I'm never going to be the person who shames you for spending or who you know, can't understand where you're coming from if you feel really blocked, because I was there too. But then also I also love use celebrities and pop culture and humor and I think that adds to the mix as well.
- [13:20]
A
What was your big transformation? Let us into what that is because there are so many people listening who have stuck money beliefs or who have been raised to think certain things about money. And money is like almost like a naughty word for them. So tell us about that transformation.
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B
Yeah, I mean, besides like sex and death. I think people hate talking about money. Like, that's the third one. Yeah, so I totally get that. So I, when I was in my early 20s, I really wanted to be in entertainment. So I started my career working for David Letterman and then I worked for Lorne Michaels, who started snl. And that was like a really exciting job for me that I was really serious about. And I thought, you know, I'm going to get the keys to Hollywood and this is going to, you know, make me. And I completely, you know, went all in. And it was my first full time salary job and I had no financial literacy. And so the first day, and I just wanted to sound smart and them to be impressed by me. And so then the first day they're asking me about 401ks and health insurance and all this stuff and I was like, absolutely. Like, love. That's a road race, right? Like, had no idea. And so then I went home and I. Because I didn't want to show up the next day not, you know, having the answers to those things. And so for the first time, I tried to research and I was sort of taken aback by what was available to me to learn about it. It was just so stiff and unaspirational. There was no one who felt like my friend, who I wanted to learn from. I feel like something that's made you so successful and I was telling you before we started that I am first and foremost a Jenna head. I love you so much, but it's because we all feel like you're our friend, you're our big sister, you're this person that we trust. And so I couldn't really find that in the finance space. And so I was like, okay, you know what? I'm going to try and become that. And so I went through this process of teaching myself sort of in the way that I wanted to be taught. And I thought no one really likes learning about money, but everyone loves pop culture, everyone loves memes, everyone loves humor. So what if I, like, put the spinach in the brownie for myself first? I'm always patient zero. I always say, like, I influence myself financially first and foremost. Like, that goes across the board. Like, anything that I'm telling you guys to use or do, like, I've done it like it's. I drink my own Kool Aid. So that is definitely. Yeah. So that was aha moment. And then I ended. So I sort of started then. And then six months later, I got laid off from that job. And so I had sort of this Pivotal moment of do I. And Mrs. Dow Jones was an account at that time. And it had a. You know, I'd started it sort of just teaching myself, and it was going well, but I had that moment of, okay, so what's next for me in this entertainment career? Do I now go grovel for a job at, like, Comedy Central, which would have been a similar place as working for, like, SNL and Lorne Michaels, and it would have been probably $50,000 a year and, you know, you're giving them everything, or do I try and do this? So I, you know, was freelancing and I tried to do it on my own, and then, yeah, it started to take off. But the aha moment was really just realizing that it wasn't that hard. Like, that was. It was. I was like, oh, I'd been really catfished by this. Like, I've sort of been playing myself. And that's like, the vibe that I try and teach people, too, is it's like, you know what? Like, they actually lied to you. It's not that you're not smart enough to do this. It's not that you're missing some sort of chip to understand this. It's actually that the financial services industry is built on fees. And so they want you to feel confused because it means that you will pay people to do it for you. And if you're lower income, they want you to stay confused because debt is a hugely profitable business. They want you to overdraft. They want you to have credit card debt. The financial illiteracy keeps this, like, country going. So, you know, there's forces way bigger than us who are pushing, pushing, pushing that. And then when you actually, like, peek behind the curtain, you realize, not entirely sure. This actually is so complicated. Seems actually pretty simple. And like anything else in life, you just have to be sort of consistent and patient with it and diligent, and then you'll see great results.
- [17:51]
A
I love that. When I created my first course, I had no systems, no team, and I kept wondering if anyone would even care. But if I had waited, I might have given in to the doubt and missed the business that changed everything. What if the only thing standing between you and your dream business is just starting? You don't need a perfect plan. You just need Shopify. Shopify powers 10% of all US E commerce, from brands like Chamberlain Coffee to Thrive Cosmetics to businesses just getting started. You get beautiful ready to go templates now, no code required, and tools to manage everything in one place. Payments, inventory, emails, and more. Shopify's AI tools can write product descriptions, clean up photos, even generate discount codes. And with built in email and social tools, you'll actually reach the people who need what you're selling. Whenever you need help. Shopify's award winning support team is there 24 7. So what if you didn't wait? Turn those dreams into and give them the best shot at success with Shopify. Sign up for your $1 per month trial and start selling today at shopify.com golddigger go to shopify.com golddigger shopify.com golddigger one of my favorite things about summer is spending time at the lake. And we are in the process of refurnishing our lake house slowly but surely. And I have been obsessed with Cozy lately. You know when you first find a brand and you think ok, they totally get me. For me, that's cozy. Their pieces are beautiful, but more than that, they're practical. And as someone who juggles business and motherhood and maybe moving the couch for the third time this month, which Drew can confirm, I need furniture that keeps up. Cozy's modular couches have totally caught my eye. They are designed to adapt whether your living room turns into a dance floor, a playroom, or your office for the day. I love that you can reconfigure them, add pieces as your space changes, and yes, they have washable covers for the win when you've got kids running around. They are all about being modern, adaptable and worry free. They truly open up new home possibilities with furniture that adjusts to your life and not the other way around. And let's be real, your home should be your way, reflecting who you are and how you live. Transform your living space today with cozy. Visit cozy.com spelled C O Z E Y.com the home of Possibilities made easy. I love one of the things that you're so passionate about and I'm like, yes, girl is budgeting. Budgeting is so amazing. And it's so funny because I before I could graduate from college, I had a double major with business and communication and I had to take a personal finance class. And I think that a personal finance class should be a requirement in high school before you ever go out on your own. Because what we had to do is literally like make a spreadsheet of every expense we have and how much money we're bringing in and where it's all going. And it's so funny because I still have my initial budget and it was when I entered into the corporate world, I think I was making 50 or 55k a year. And I had student loans and I was like figuring out everything. I mean, I had a budget for like going to the movie, right? Like, this is my movie budget. And it is so powerful. And I think a lot of times we get so far away from that, or we were never even introduced to budgeting in the first place. And it was hilarious because the other day we were on vacation with our kids and we went to this cute little market and my daughter goes, ooh, can we get a budget, mom? I love a budget. And a lot of times we'll take our kids out and we'll say, your budget is $5. And you know, they'll hold something up and we'll be like, oh, I'm sorry, that's outside of your budget. And so they have to figure out how are they going to spend their money. And. And it was so interesting because my 3 year old ended up saving her $5. She didn't choose anything. And then my older daughter found something that was within her budget. And so it was funny where I'm like, oh, budgeting can absolutely one, be learned, but two, it can be exciting. It gives you parameters to have an understanding of what is within reach, what you might need to save up for and do that. So talk about budgeting, because clearly I'm really excited about it.
- [22:11]
B
Well, I love how you're teaching your kids. That's so fun. And I, I want to, like, know more about your daughter who was like, you know what, actually, I'm gonna keep this. She's three.
- [22:21]
A
I'm like, do you know what this means?
- [22:23]
B
She's gonna be running the world soon, right? She knows about the time value of money. She's ready to go. Well, budget is obviously a curse word. So, like, we'll have to bleep that out from the whole house, right? Because yes, that is, it's like, think about the thing that you want to do the least. And then, yeah, right after that budget. But you know, when you think of, I'm really passionate about budgeting because I am really passionate about spending. I love spending money. I love money. I love enjoying my life. And I love the like, freedom that comes with being able to afford the things that I really value. And I think that through budgeting, you're able to really identify what actually moves the needle for you. Like, what are your categories? Like, what are your three to four things that, like, absolutely bring you joy? Like, when you buy them, you really are like, that was awesome. Like, I, you know, like, I love to get my nails Done. I'm horrible at doing them. I took a year off from getting my nails done because I was like, I'm gonna save money. And then I went back and I was like, you know what? This actually is something that I really want to add back in. But then there's other things that I don't do. I don't order in food. So it's like, you know, we. It's all about having that give and take. And so when I started budgeting, though, I was really confused. And I wanted to find a way to budget that could clearly map out for me what I was working on the next month. Like, budgets are so much in the past, but I wanted like a hybrid of a budget and a financial plan because it's like, what good is it to know what I already did? The money's gone and I've got to pay the bills. But, like, how am I improving? And so I started to work on this spreadsheet that is based on the 50, 30, 20 budgeting rule, which is this rule that Elizabeth Warren created that splits your after tax income into three buckets. So 50% on needs, 30% on wants, and 20% on future you. And as a baseline, it's great. Like, obviously, if you live in really expensive cities, like I live in New York, if you live in Los Angeles or whatever, your 50 and your 30 might be a little bit different because oftentimes you have to spend more on housing. But obviously by living in those places, you're getting great opportunities professionally. So hopefully in the long run, it's, you know, paying off. But as a baseline, it's really helpful. And so the money book is based on that. So basically you put in all of your. It automatically uploads all of your transactions, which is amazing because it's a Google sheet. So it's like you don't have to actually give over any data. Like a budgeting app, which can sometimes feel a little creepy. Like you're like, what's plaid? I don't want to, like, put the login for my, you know, Chase account. Like, that sounds scary. There's so many scams. So first and foremost, I love it because it's really safe. Like, it's on Google sheets. It's. I don't see. It's all your data. No one's seeing it. And so you upload your transactions. You all you have to do it automatically uploads them. All you have to do is categorize them like a need, a want, or a future you. And then it will show you exactly how you are spending compared to the 50, 30, 20 rule. So it could be like, Jenna, you're actually spending 60, 30, 10. And then it will help you identify what you can do to get closer the next month to the 50, 30, 20. And it also tells you what to do with your 20, which is like your future, you money, or I like to call it your action money. So that's the money that you made, you didn't spend. And then you have like to take action with to improve your financial life. Which I think is also really another confusing premise in finance. Like, what are my steps? What do I do? Okay, great. I didn't spend all the money. And then for a lot of women, we just leave it sitting in our checking account because it makes us feel safe. Yes, we love to open our bank account and see that we have that money that we didn't spend and that feels like success to us. But actually, when you leave your money sitting in your checking account, you're losing money due to inflation because checking accounts have such a low interest rate. But prices are rising all the time. So what you could have been able to buy with that 10 to $5 at the store, your daughter, a year from now, they're going to be able to buy the same amount for $3 or whatever it is. So you actually need to like grow your money so that that $5 that then you can only buy $3 worth of stuff with. You then have $7 and you can buy the $5 worth of stuff. Does that make sense?
- [27:16]
A
Yes. Let's talk about high yield savings accounts, because this was something. Haley, I'm so embarrassed to admit I was doing exactly what you just said where money literally was just sitting in my account. It was not doing anything for me. If you have not met with a banker at your institution recently and just ask, ask them, like, how can I make my money work for me? Or are there any offers out there that would help me do this? When I just moved my money to an H Y S A account and started collecting three and a half percent on it, I was making so much money off of my money that had already been sitting there. It was literally just like changing the accounts. What is the high yield savings account and how can people take advantage of it? Because I do feel like this is an area that, like, I didn't know a lot about and I feel pretty financially literate and so I feel like there are probably a lot of people sleeping on this.
- [28:13]
B
100%. Yes. High health savings accounts are amazing. They're account that every single person should have. Because the first step in any person's financial journey is building up your emergency fund. Even, you know, just that first $1,000 of cash or that you have set aside in case anything happens. But you don't keep that in your regular checking account. You're going to keep it in a High yield savings account, which if a regular checking account like it earns you basically 10 to 100 times more interest on your money. So you're earning pennies in one account, but you could earn dollars in the other. Like I literally have a friend who went to Japan off of the interest in her High Yield savings account. Like she crushed it. And so these are a no brainer. They're free to open, they are FDIC insured, which means that they're safe. So up to $250,000, these accounts are protected. They're in online banks usually. Like, if you want, we can put the one that I recommend in the description, which is great. And it's from an online bank, which is great because these banks save money on, they're not giving out pens, they don't have a brick and mortar burner. And so they're able to pass those savings onto the customer. And you also have really easy access to your cash. So like if you do have an emergency, it's not like you have to wait three weeks for it to be available to you, you can get it pretty much instantly. So they're truly a no brainer. And just opening one is such a powerful first step in your financial journey. It will give you so much momentum. Like the moment you have a High Yield savings account, you just walk down the street, you're like, I got a High Yield savings account. Like, look at me. Like I, I am actually like, I'm a wealthy woman in the making, so. And it will ricochet into other areas and you'll end up taking other financial action. So not only is it such a smart account, but it also will inspire other financial action. And so you basically want to move your emergency fund to your High Yield savings account and then any other money that you're saving for short term expense, maybe you want to take a trip later this year or you are planning a wedding or you want to start your own business. Those funds that you're sacking away, like making money is the hard part, but making money work for you should be easy. And that's where I come in. And it is way more simple than they make it sound. And definitely High Yield Savings Account is a no brainer. They are incredible. And but one thing to know about them that's important is that the rate does change. So like, if you guys ever read about or like hear about interest rates and like, if you read the news and they're like the Fed is cutting rates or you know, those moments like whenever rates are cut, then interest rates in your high yield savings account will also go down. But don't stress yourself out. Like I always talk about financial energy like we don't have. Every day you wake up and you're like, I'm gonna have green juice today. I'm gonna work out for three hours. I'm gonna, you know, write my whole book. I'm going to plan a business. I'm going to have five kids. And it's like by 3pm you want a cookie and a nap. And it's the same thing with financial energy that like you have all of this momentum, but at a certain point you're going to like, you're going to tucker out a little bit. And so you have to save your financial energy for the things that really matter. And rate chasing is not a good use of your financial energy. Find a high yield savings account that you like. We're going to link one below, sign up for it and don't let the noise get in your head of the rate dropped 1% or 0.1% or this one has one that's point 2% more because ultimately you're going to make maybe $30 more over the course of like a year, two years, but it's going to take you so much energy and that's energy that you could put other places.
- [32:04]
A
I love finding pieces that feel timeless and high quality. But I am also all about staying intentional with how I spend. So I am genuinely excited to share that this episode is sponsored by the Real Real. That is the best place to shop authenticated luxury, from shoes to watches to designer bags and dresses. Now, I have been slowly curating those timeless pieces that I know I will wear for years and the RealReal has become my go to. I actually just found a gorgeous Jenny Cane sweater that I had been eyeing forever at a price that didn't make me wince. They dropped 10,000 new items every single day at 10:00am and 7:00pm Eastern Standard Time. And every single piece is authenticated in person by experts. So you know you're getting the real deal. And since it's resale, you're giving beautiful pieces a second life, which is so much better for your closet and for the planet. In fact, the RealReal has found new homes for over 37 million authenticated luxury pieces. So instead of producing more stuff, they're making what already exists new. The RealReal is the world's largest and most trusted resource for authenticated luxury resale, with thousands of new arrivals daily. No one does resale like the real real. And now you can get 25 off your first purchase when you go to therealreal.com gold digger that's therealreal.com gold diggger to get 25 off, start shopping now@therealreal.com gold digger this episode of the Gold Digger Podcast is brought to you Buying Mercury Modern business banking that helps businesses like mine simplify their finances When I first started my business, I remember feeling so confused when it came to my finances. I was juggling invoices, tracking payments and managing cash flow all across different tools. And let me tell you, it was messy. That's what impressed me about Mercury. With one clean dashboard, I can send international wires in US dollars, pay vendors and issue virtual cards with 1.5% cash back. I can even lock cards to specific contractors and team members to keep spending on track. And if I ever need capital to fund inventory or a launch that's built into Mercury brings banking, credit cards and capital into one powerful platform so that I can stop stressing about the back end and get back to creating over 200, 000 startups and small businesses already. Trust Mercury and trust me. I can see why Mercury is a fintech company, not an FDIC insured bank. Check out the disclosure in the show notes to learn more. Deposit $5,000 or spend $5,000 using your Mercury credit card within your first 90 days to earn $250 or do both for $500 in total rewards at mercury.com goal that's mercury.com goal. Living six hours away from Drew's family means that we often opt to meet in the middle and get Airbnbs for our get togethers. We've stayed in some pretty unforgettable places, like a house with an indoor pool, which was so fun for the Midwest, one where I discovered Drew's dad is a pool shark and even a place with a hot tub that the kids refuse to leave. We've even celebrated holidays in these cozy homes away from home. And it got me thinking. If you've got a few trips on the calendar too, and your home's going to be empty, you should be hosting with Airbnbs co host network. You can have a local co host take care of everything they can manage guest messages, check ins and all the details for you, it's not about turning your home into a business. It's about making it work for you on the days that you're not in it. So if travels on your calendar, this is your sign to start hosting. Your space could be creating memories for someone else while you're off making your own. Find a co host today@airbnb.com host. I love that. I think that is, like, the easiest step to actually see what people mean when they say your money can work for you. Because I feel like that idea is out there, but it's really hard to, like, visually see it. And so a high yield savings account is just like a really great motivator of making your money work for you and seeing the fruits of that labor of, like what you said, earning the money in the first place is the hardest. Making your money work for you can be an easy step if you're willing to take it. So I love that a lot of.
- [36:19]
B
Times, if you have your savings in your regular checking account, you're like, oh, amazing, I can afford that pair of shoes or whatever. Like, it makes you feel like that that money is spendable, but because it's in a separate bank account, it's like, so off limits. It's not in your psyche at all.
- [36:34]
A
Yes. So just like, one thing that my parents did so well where, like, my mom and dad were so, so smart at training me when I got my first big girl job, like, they were like, max out whatever you can max out and don't even see it. Like, have them auto deduct anything so that you just don't even notice it. And I feel like a lot of times we don't set those types of transactions up so that we like, visibly see everything coming in and then going out. And I'm like, anywhere that you can automate some of those things so that it just naturally happens, happens. I know my sister is an amazing budgeter and she'll set aside, like, Dreamtrip or a new couch and she'll have different things set up where it's like, every time I fill up my gas round up and put that money into this account, and it's just amazing how quickly it can add up and how if you never see it in the first place, you don't miss it. And so I think a lot of times people get so afraid to budget to, like, see the cold, hard facts, but also to, like, see where their money is going and maybe noticing places that you didn't account for initially in your brain.
- [37:40]
B
And that's Why? I feel like also like looking at your finances too. Even if you're somebody who feels like I have no extra money, there's no way I could cut back. Like, when you do look, you're gonna find those little extra places that are gonna give you a little bit of wiggle room, but you're also gonna look at your purchases and be like, wait, I bought that thing? And like, it actually, I don't care about it. Or like, you know, like, take a month, look at your spending for the last month and like, do a vibe check or even do it for this next week, upcoming week. And every time you spend money, write down in your notes app. How did it make me feel? Did I get value from this? You know, like, am I just getting a coffee because I hate my job and I want fresh air, or do I actually really love this coffee place place? You know, and then it's like, okay, I don't need to spend that $6. Maybe I just need to look for a new job.
- [38:33]
A
I took my 6 year old on a mother daughter trip and she's like now getting to the age where she's paying attention to how things work. And so I had told her on the trip, I said, every time I take out my credit card on this trip, I just want you to notice because I want you to start paying attention to what things cost money. Because I think as kids, we don't even really see so many transactions, right? Like, you pay for the hotel online, you don't ever see the parent take the credit card out and pay for the hotel. You know, you buy and you tap to pay. And so I made it like a very conscious thing of like, everywhere we went. I made her put the credit card in when we ate out at a restaurant to start paying attention of, like, this is money out. Because I think too, it's so elusive, especially as kids where it's like a lot of times they're so out of the know of, like, everything costs money. I mean, it's kind of like when my daughter will be like, when are we going somewhere? I'm like, five minutes? She's like, I don't know how long a minute is, right? Okay, how do we figure out, like, how do we explain these things? And I think too, as adults, a lot of times we become so disconnected from where our money is going because we just do things so subconsciously that we're not actually really thinking about it. And so I love bringing in that awareness of, like, what was I really in the mood for when I Bought that coffee. What did I really need when I ordered doordash? How did I feel after I ate that? What does that look like? And I think too, it not only can heal our relationship with money, but it can also help us see, like, maybe we're really lonely or maybe we're overly stressed or maybe we're not sleeping well. And some of those undercurrents that I think can definitely impact our purchasing decisions and just the way we feel about money as a whole.
- [40:12]
B
I love that. Yeah, it's always like, it's so much of improving your finances is like emotional regulation because so much of what spurs like those impulse decisions is just exactly loneliness, anxiety, stress, like, it's all reactionary. And so just taking that moment to take a breath, take a walk. But also, you know, we're talking about budgeting and cutting back. But, like, I want to be so clear that, like, this is not about spending less money, it's just about spending money better. So, you know, this doesn't mean that you never get to buy anything again. It just means that what you're buying you really love. Because so much of what we get, especially right now, we're in this insane, like, we are the most marketed 2 generation of all time. It's. Everyone is tapping to pay. Like, you know, Apple pay like Apple be paying. You know, there's. We're going on vacations, acting like it's all inclusive. It's not. There is a bill at the end, like, and every influencer is wearing a new outfit every day. And, you know, there's this expectation of spending and of new things and of, you know, just all like, TikTok shop is optimized with these $25 purchases that are right in that sweet spot for the consumer of, like, it's not that bad. I can afford that. But then it's like when you're making five of those a month, there's your Roth IRA contribution, there's your debt payoff contribution, there's your emergency fund contribution, you know, and so, yeah, but it all making all those purchases just comes from bad feelings. So the more that you can work on that, which is obviously easier said than done, and also have some sort of some rules for yourself that don't deprive you. It makes it a lot easier to navigate because it sort of gives you a playbook on how to walk through this crazy capitalist world that we're in.
- [42:07]
A
Yes. I feel like for me, one thing I've done in my life in just in general is inviting in a pause. So like, before I say yes to the play date or before I commit to going to speak on a stage somewhere or before I make a big purchase is like pausing. And if I remember it and care enough to circle back, then it's likely a yes. And if I forget about it or I dread giving a response, it is 100% a no. And I feel like this came from a habit, shopping as a child, where I would go to the mall and let's say I had a budget and I would go look at all the stores I wanted to look at. I wouldn't buy anything. And then at the end of the mall trip, then I would make my purchasing decision. So it was like removing the impulse that I think has become so natural. And so I feel like inviting in pauses allows us to. To regulate and to, like, check ourselves a little bit and to make sure too. Like, is this something that is actually worth it? And so I think that that is huge. I want to know one thing about this budgeting idea. So how often should we be using a budget? How often should we be checking it? Like, is this a daily habit? Is it a monthly, weekly? Like, what would you recommend for somebody?
- [43:20]
B
So what I recommend, and this is what I do. And when I started, like I said, guys, like, it was not cute, and I had no idea how to do anything, any of this, but I started to have it then that I stick to now. And it's the one that I tell everyone to do. And it's having a monthly money date. Because if you think about it, money is a relationship. And so, like, in any relationship, you have to spend time with it in order for it to improve. You couldn't date someone that you never see. And so when you start your financial journey or your budgeting journey, that money date you might need an hour for, you might need. And you can use my money book, which we'll put in the notes too, to guide you, because you also definitely need a home base to track all of your finances. Like, obviously there's great apps out there too. But like I said, I think the apps are a little bit quick. Like, it's sort of what you were saying about that budget that you made that was a bit too specific. Like, I have this amount to spend on the movies. Well, what if you don't want to go to the movies that month? You know, maybe you just want, like, broader categories, stories, but also taking the time to actually look through things in this digital age of AI and all this stuff. Like, I think it's really helpful to put in a little bit of sweat equity, because you understand things a little bit more, at least for me. Like, I like to write a to do list. I like to, you know, I want to go through things. So you have your money date and you have it once a month. And when you start, you just simply drop an anchor. You figure out where you are at, how much are in your accounts, what debts do you have? And I have a debt payoff planner in there that will organize them by interest rate, teach you how to target the highest interest rate1, so you can pay your debt off in the most fast and cheap way possible. And then you'll also go through your spending. So you'll go through your credit cards and your bank account and you'll see crazy things like, oh, I forgot to venmo Jenna for dinner, or that package I forgot to return, or, you know, that subscription I completely lost track of. And you'll then take financial action on those to dos. But then the next month when you sit down again for your money, there's going to be so much less to do. And then you can get into automation as well, which is really, for me, like, that's been the biggest key to my financial success. And it sounds like for you too, was just putting your savings and your payments on autopilot because then, you know you're never going to pay a late fee. But also, you know in the background of your life that you're putting money away for your future and you're not. You don't even have to be conscious of it because it's the same thing as that financial energy. You might think today that you have so much financial energy. I'm going to save everyone week. But then next week comes around, maybe, you know, you don't want to save that day. Well, use the tools available to you to do that anyways.
- [46:14]
A
Yes. Yeah. Just as you prioritize your Netflix subscription, prioritize your savings, and you're making your buffer that you need, it can be really easy. I think what's so interesting to me about money is I feel like it's almost like the monster under the bed of, like, people are just afraid to turn the lights on and recognize that, like, it's not a monster and it's something that you can work with. And it's almost like that first step is like, what's so intimidating? So what is one action that a listener should take today to start to improve their relationship with money or budgeting or just their understanding when it comes to finances?
- [46:52]
B
I would say the first Action that you can do today is start that Notes app. And the next time that you spend money for the next, like, two days, write down how much it was, how it made you feel, what sort of drove you to that. And then at the end of that time, like, sort of like those Refinery 29 money diaries. Do that to yourself. Yeah. And at the end of your that time, see if you could notice any patterns. Because I think, like, really the. I always say this with, like, starting your financial journey. Like, it's like, I can tell you all of the, here's how much should be in your emergency fund, and here's how to open your high yield savings account. Here's how to pay off debt. But, like, it really is at the first and foremost, an inside job where you have to work with yourself and your relate. Like, it sounds like you had amazing parents, Jenna, who were really on top of, like, developing your financial confidence and, like, your business Ackerman. And like, it shows. And it's amazing that you're doing it for your kids. I mean, credit I'm wrong.
- [47:54]
A
You know, you're totally right. It was interesting because my parents didn't have a lot. They worked incredibly hard, but they also forced us to learn all of these things on our own. Like, it was like, if I wanted, like, a different type of toothpaste, girlfriend was buying it herself. And so learning, like, the value of what do I actually value enough to spend on? And the value of hard work 100%. There are so many things that I've taken from my childhood of like, oh, I understood this so young. I knew what alone was really young, you know, and so it is so interesting. And I think a lot of us are unforgiving to ourselves for not learning things sooner, but it's like, there's no better time to learn than today, right? And one thing that I love what you just said, Haley, and I think this is so. I mean, it's kind of funny because I just recently did this with my therapist. Is when you open up that Notes app and you start paying attention. It's called a pattern interrupt. It's literally you interrupting your spending patterns. And I just did this with a habit I wanted to break. And my therapist was like, okay, every time you're going to do that thing, before you do it, I need you to write down where you're at in your headspace, like, how does it make you feel when you do it? Et cetera. And within, like, two weeks, the pattern was disrupted because just that simple pause or knowing that I needed to write it down if I was going to do it made me like, oh, my gosh, I don't want to do it. I don't. Because I don't want to have to write this down. And so just that pattern interrupt can be so huge, whether it's a habit or it's money. And I love that that's the advice you're giving because that's something that literally everyone can do today. And it just brings money back into your consciousness in such a cool way. So I really, really love that.
- [49:38]
B
I mean, I need the name of your therapist. She sounds incredible, but she does great work. But, yeah, so I think that, that. But what I was saying is, like, you're like, you grew up with such a great relationship. Like, most people don't have that. So we're bringing all of these. Like, we have so many devils on our shoulders. And so it's not worth, like. Like, you need to just start with. At first. Yeah, just an inside job, figuring out where you're at with your relationship to money and then going from there. And then the next step is saving an emergency fund in that high yield savings account. And if you're wondering how much should be in your emergency fund, I have a free emergency fund calculator that will do the work for you that we can also. And I also, my debt payoff planner is free as well. If you're someone who's struggling with debt, you feel really overwhelmed. You just want to make a plan and try to figure out how to get out of it. It's helped, like over 10,000 people. So we'll put that. That's free as well. Well, too. But yeah, then the next step is really that emergency fund. But you know, any financial progress comes from having action money. It comes from not spending everything that you make. And in order to do that, you have to have some emotional regulation and mindfulness. And you also can't feel so deprived because then it will be like when you go on a crazy diet, you're going to want to binge. So it really does sort of start with that Notes app.
- [50:56]
A
Yeah.
- [50:56]
B
But then if you want more tactical steps, those are the other tactical steps.
- [51:00]
A
Amazing. Speaking of tactical steps, where can everybody connect with you? Check out your tools, follow your work, and just ingest your content?
- [51:09]
B
I am everywhere as Mrs. Dow Jones, Mrs. D O W J O N E s. You can also go to financescool.com and find all of these free resources that we talked about. That emergency fund calculator, free debt payout planner. It's all there for you.
- [51:27]
A
Yeah.
- [51:27]
B
And I have an amazing newsletter that goes out twice a week that will keep you up to date on the latest economic news, but also personal finance tips. And it's just really a nice thing to have in your inbox to sort of keep you on track and in a community that is focused on building wealth and owning their financial journeys.
- [51:45]
A
Amazing. Thank you so much for coming on the podcast. This was such a treat and I'm so excited for everybody to take action today. Today.
- [51:53]
B
Well, thank you for having me. I am a huge, huge fan and I just like, I'm so star struck. I literally like worship at the ground of Jonah Kutcher.
- [52:02]
A
You are dying.
- [52:03]
B
Doing the best.
- [52:03]
A
Killing me. I think we should start a campaign of making money fun again, or at least making it a little less scary. And I think Haley should be president when it comes to that. I love today's discussion. I love talking about money. I love talking about how, how we can feel more in control of our money. I also love talking about budgets. I love a good budget. And I think it's a really powerful tool for us to have a higher consciousness around where our money is going, how much we're earning, where we're spending it, and the emotional state that we're in when we're doing so. I think today's episode was like a therapy session with money at the heart of it. And I hope that you took something super powerful away. Open that notes app, start paying attention, do the pattern, interrupt and see what happens. I think your life can absolutely change and your relationship with money can go from it's complicated to in a happy marriage. Thank you so much for listening to this episode. Of course, if you know someone who could benefit from this information or this conversation, please take a quick minute to send them this show. And of course, until next time, gold diggers, keep on digging your biggest goals. Thank you so much for making me a part of your day today, today. And thank you, Haley, for coming on the show. Thanks for pulling up a seat for another episode of the Gold Digger podcast. I hope today's episode fueled you with inspiration, gave you information that you can turn into action, and realigned you with your true north in life and business. If you've enjoyed today's episode, head on over to gold diggerpodcast.com for today's show. Notes, discount codes for our sponsors, freebies to fuel your results, and so much more. And if you haven't yet, make sure you're subscribed so that you never miss a future show. We'll see you next time, gold diggers.