With a new year comes a new start, and Haley Sacks, Financial Pop Star, Creator of Mrs. Dow Jones and Finance is Cool, takes on how to make personal finance resolutions you’ll stick with throughout the year.
ADAM SHAPIRO: All right, one of our favorite interviews of 2021 was with Haley Sacks, not only a financial star and influencer, but the creator of Mrs. Dow Jones and also the creator of Finance is Cool. Haley is back. It’s good to have you here. Thank you for taking time with us.
HALEY SACKS: Thanks for having me.
ADAM SHAPIRO: Oh, listen, I’m not going to read the full quote, but people need to go to your Instagram page and to your other platforms, because you say it so well. Success is like getting pregnant. Everyone says congratulations, but no one knows how many times you were preparing to get pregnant. I’ll just say it that way.
HALEY SACKS: We can bleep you.
ADAM SHAPIRO: You, by the way, put all of this into a language that can bring a smile to our faces but help us understand what we need to be doing. And so for 2022, people make financial resolutions. What is it you want to tell people as they get ready to make those financial resolutions, about making them and about keeping them?
HALEY SACKS: January, I think, is such an exciting time. I always say January is my Christmas. I love goals, especially of the financial variety. But there are specific ways to set and keep them that we have listed out for you that I think are going to bring you a lot more success in this new year.
So let’s go through them. First of all, we want to make sure, if you have a financial resolution, you don’t want to be too broad. Everyone says, oh, I want to save money. I want to get really rich. But we don’t ever break it down into small goals. And that really prevents us from being successful. So you have to make sure, first of all that, whatever your financial resolution is, that you are specific about it. I want you to break that down, which goes to my next point.
We’ve got to break the year into chunks. And we got to break your goals into chunks. So I like to look at the year in quarters. I know some people like to do monthly but you want to have specific– like at work, people say KPIs, right? Key performance indicators, you want to have KPIs for your financial resolutions as well. So give yourself a timeline that you can actually hit on.
And then I would just say make sure that you’re not doing it alone. I have an amazing community on Facebook called the 3 Comma Club because billionaires have three commas in their net worths. So we’re emotionally billionaires in the group. And we love talking about money and career and bettering ourselves and living our best lives, financially and otherwise. And it would be a great place to go and receive support as you are hitting these financial resolutions, 3 Comma Club on Facebook, wonderful place to be.
And then, yeah, you also want to make sure that you can track your progress. Create a system. So you can track your progress and really see how far you’ve come. But the biggest thing is not waking up January 1 and just being like, OK, I guess I’m a new person now, and I’m going to change my whole life. But then you don’t even have that first step laid out. You’ve got to break it down into smaller pieces.
ADAM SHAPIRO: Yeah, when you talk about this kind of stuff, one of the fun things for halfway through the year is I take the change out of my pocket. And I’ve got a jar on our dresser. And I just throw it all in there. And then at the six month point, I empty it into a bag. And I go down to one of the supermarket things. And I just dump it all in there.
And it adds up. You’re looking at like $35, $40 just by throwing it in there. I realize nobody’s going to get wealthy off $35, $40. But $35, $40 then becomes, if you keep doing this over time, a sizeable chunk of change. Is that the kind of stuff you’re talking about, simple steps that add up?
HALEY SACKS: I mean, what you’re talking about is like a small action that compounds over time, which is the same as with investing. And that’s exactly what we’re talking about too with your financial resolutions. If your goal is to save money, what are the steps that you need to take in your daily life to do that? Does it mean that you are cutting out subscriptions? Are you eating more at home? What are the actions you can take to achieve these goals that you have?
ADAM SHAPIRO: It’s interesting you talk about that, because as everybody’s been cutting the cord to go to streaming, people are setting up their streaming on their own. But you can do YouTube with five friends and cut the $69 a month, divide that by five. And you’re not paying $69. You could do that through the Comma Club. You could get people linked up.
HALEY SACKS: Oh, my god, yes. You could find people. I love this. Andrew, we could use the 3 Comma Club to find people to share subscriptions with. 100%, I’m here for it. As the group’s admin, I will support it. What is your financial resolution?
ADAM SHAPIRO: My financial resolution? Actually, I haven’t thought about it. I always look for ways to cut back. I’m always about looking for ways to cut back. But I actually reversed myself. I’ll give you the real story here. And they’re going to kill me because I’m eating up time.
I was buying– I love black beans. And I do the shopping in the house. So I was paying $0.89 for the Trader Joe black beans because the Goya black beans shot up in price to $1.49. But I just decided, you know what, I really like the Goya black beans. I’m going to splurge.
So my financial resolution wasn’t to save money. It was, I’m going to buy the good black beans versus the cheaper Trader Joe’s black beans.
HALEY SACKS: Actually, I love that. That’s value-based spending. That’s what money is there for, to enjoy I don’t think that we need to live such austere lives where we never spend money. I think that money is meant to make your life better. So buy the good beans, but make sure that you are using the 3 Comma Club to cut your YouTube subscription costs down.
ADAM SHAPIRO: Yeah. I just have this image of what I just said is going to become a viral meme in which I’m going to be the brunt of the joke, better living through black beans. I’ve got to say thank you. And please do come back in the new year. You’re always a pleasure to have on the program. All the best to you. And again, you can go to the Instagram page, Haley Sacks, Mrs. Dow Jones, thank you so much. We’ll be right back after this.