Financial Expert Haley Sacks Provides a Wealth of Knowledge

Haley Sacks and Sarah EisenWhen I picture a financial advisor, I envision a middle-aged man with graying temples and penny loafers. But that's not who's teaching millennials how to manage their money today. This new generation of financial experts is reshaping the industry—and they're anything but traditional.

Daniela Retelny, Haley Sacks, Toby Milstein and Sarah EisenMeet next-generation money guru Haley Sacks, better known as Mrs. Dow Jones. The 35-year-old author, social media phenomenon, and podcaster has built her brand around helping younger generations build long-term wealth without sacrificing life's little niceties. She was interviewed in Scarsdale by Sarah Eisen, co-anchor of CNBC's Squawk on the Street, about Sacks' new book, Future Rich Person.

Presented by the Friends of the Scarsdale Public Library on July 14, the event drew an engaged audience eager to hear Sacks' practical advice on saving, investing, and planning for the future.

Sacks opened with a question that immediately caught everyone's attention: "How many of you know where the passwords to your accounts are in case someone dies?" To ensure loved ones can locate financial assets and avoid frozen accounts, she recommended using a secure shared password manager, such as 1Password, to store account information and passwords.

Eisen then asked Sacks, "What surprises you that people don't know?"

Sacks replied, "Never give up control of the money – you give up power over your own life."

Discussing her own financial journey, Sacks admitted, "I grew up around money but I made every mistake in the book. I thought a 401K was a running race." She continued, "But I realized I was totally capable. I read so much…. One good financial book can change your life….I supplemented my knowledge by staying updated."

Asked what people need to get started, Sacks emphasized that the first requirement is cash flow. "First you need cash flow…. an income stream." She also stressed the importance of negotiation, particularly for women, saying, "And women need to learn to negotiate. You get paid 30% more if you look good."

When discussing budgeting, Sacks advised, "Understand your savings rate. Put 50% towards needs, 30% towards your wants … see what gives you value, and 20% in savings or investing for the future you." She added that building wealth doesn't require giving up life's pleasures, whether it's a weekly mani-pedi or even a Birkin bag.

On investing, Sacks encouraged a disciplined, long-term approach. "You don’t have to be a stock market genius. You can buy index funds. Day trading doesn’t work – you’re not going to beat the odds. Don’t invest in IPO’s … they pop and then they bust. If you think you found something that’s going to make you get rich quick, you’re already too late."

She also advised, "Younger investors should put money in their retirement accounts and when you retire, pull your money out of the market."

When asked how much people need to retire comfortably, Sacks highlighted the rising cost of medical care, saying, "The cost of healthcare is staggering – the average retired couple spend $300,000 for healthcare."

On estate planning, she recommended hiring an estate attorney and placing your home in a living trust.

Her broader philosophy was summed up in another piece of advice: "Optimize yourself for wealth, preservation and growth. Choose your now – enjoy life along the way. Instead of planning for the pasture."

Eisen also discussed ways families can build generational wealth by taking advantage of Trump Accounts. She explained that for children born between 2025 and 2028, families can receive a $1,000 contribution by enrolling in the program. She noted that some employers are also contributing to children's accounts and encouraged families to open 529 college savings plans as well.

Throughout the evening, both Eisen and Sacks shared practical strategies for strengthening financial security while enjoying life in the present.

Sacks' new book, Future Rich Person, may prove to be one of the smartest investments a reader can make.