The Compound and Friends - The System is Broken, You Should Get Rich Anyway with Haley Sacks

Episode Date: May 11, 2026

On this episode of Live From The Compound, Downtown Josh Brown is joined by Haley Sacks, aka Mrs. Dow Jones, to discuss the financial anxiety facing Millennials and Gen Z, the rise of “zero jargon�� finance, and the lessons behind her new book, Future Rich Person: The New Rules for Building Wealth. They cover investing culture, money misconceptions, building wealth in today’s economy, and the first financial steps young people should be taking right now. This episode is sponsored by Janus Henderson Investors. Learn more at https://www.janushenderson.com/securitizedmarkets Sign up for ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Compound Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and never miss out! Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://instagram.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/company/the-compound-media/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ TikTok: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.tiktok.com/@thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠⁠⁠⁠ Janus Henderson Disclosure: Past performance is no guarantee of future results.  Investing involves risk, including the possible loss of principal and fluctuation of value. Janus Henderson® and any other trademarks used herein are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Learn more about your ad choices. Visit megaphone.fm/adchoices

In today's market uncertainty and revolving credit conditions, the $15 trillion securitized market may provide investors with diversifying income opportunities. As a leading provider in active securitized ETFs, Janice Henderson seeks to demystify a complex yet growing part of the market, offering a range of diversifying exposures across income, duration, and credit quality. Whether investors are seeking high-quality, triple-8, rated CLOs for lower volatility exposure, higher income diversified across various securitized sectors, or perhaps agency MBS exposure as part of their core, Janice Henderson seeks to offer

a variety of securitized solutions. Janice Henderson investors, investing in a brighter future together. Learn more at Janice Henderson.com slash securitized markets. Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principle and fluctuation of value. Hello, and welcome to Live from the Compound. I'm Josh Brown. Right now, a battle for the soul of Gen Z is playing out. A defining moment that could turn an entire generation into a permanent resistance army against American-style capitalism, while economists and politicians or for complex economic and political solutions, my guest today is trying to win the kids over to the right side,

one follower at a time. Haley Sacks, known to her audience, give it up as Mrs. Dow Jones is a financial educator, investor, and entrepreneur focused on making personal finance accessible to millennials. And Gen Z. Haley, welcome to the show. My favorite show to be on. Thank you so much.

I'm going to talk about you in the third person for two more sentences. Haley is focused. Haley is the host of the weekly podcast, Financial Tea with Mrs. Dow Jones, described as if CNBC and Bravo had a baby, which I love, her debut book, Future Rich Person, the new rules for building wealth is being released. This week, May 12th,

the book champions a philosophy of zero jargon finance, blending pop culture and real stories. to share everything she wished someone had told her about money. Haley, welcome to the show. We're so happy to have you. I'm so happy to be here and I'm sorry I didn't bring you a cheesecake. Oh, no worries. How's that for an intro, though?

Like literally amazing. I can't eat another cheese steak, probably for at least three weeks. Three weeks. I need it. All right. This is what I want to ask you about. And I have to start just by setting the table. I have a video for you.

Okay. You're not in it. Okay. Cue it. I feel like the reason all these artists are canceling their Meehan, Megan Trainor, Post Malone, etc. It's not because their music sucks. People will watch anything.

It's the same reason why movie theaters are dying. It's the same reason why no one's having any kids. It's the same reason why no one will ever have a house. And it's because no one has any fucking money. Did we just forget that? Why is there always some think piece about, oh, why doesn't Gen Z want to do this? Why is Gen Z killing this industry? People want to have lives. They just can't

because they don't have any fucking money. You think we want to live like this? You think we want to live like this? own nothing and all we have is maybe a little subscription here and there and eat like shit. No! That's all we can do! You just strangle us our whole lives and you're like, why aren't you breathing? Why don't you want to breathe? What? You're doing this! You're charging more and more for everything, but you're not paying more. This whole country is just a couple greedy billionaires going, give me, give me more, but it's not enough because it'll never be enough.

They want you to love them too. Oh look, I'm at the Met Gallup. Aren't I, cool. You! You're the reason that we're in this shit! You're the reason that we can't go to concert. I like this kid. This is the financial zeitgeist right now for a lot of millennials and a lot of Gen Z.

And they're sort of, in some way, defined by this sense of hopelessness. And the thing that I think about is, like, the externality of people feeling that way leads to two things that I think are not great. One is electing socialists who have easy answers, like vote for me, I'll just give you free stuff, it'll be fine. But also like these nihilistic financial behaviors,

like daily aggressive options trading or sports betting in place of long-term investing. I think the urgency for your book, Future Rich Person, is about exactly that, teaching people to become part of the capital class. rather than leading a protest against it. Like if you can't beat them, join them. And if we can turn the kids into capitalists early,

it doesn't solve all their problems right away, but it puts them on a path so that they're not out marching with signs or electing people who make bullshit promises to them. And so I think there's a lot of urgency to your message right now for that generation. Is that the way you think about it? Do you see it as urgently as I do? do or was that part of why you felt like I really have to get this stuff into writing? Josh, you 100% nailed it.

That I couldn't have said it better at myself. That is where the urgency came from. And it's something in the book that I coin called Learned Financial Helplessness. And it's this idea that the world is already so pitted against me that I shouldn't even try. Right. That basically we're on a floating rock. The world is burning. We've got inflation and student debt and AI is taking all the jobs. And so let's finance Coachella. Let's use, you know, buy now pay leader. Let's give up. Let's, you know, all of these things. But that's why it's called the new rules of building wealth. Because yes, the system was built by rich people for

rich people. But even if you don't self-identify as a rich person, just by knowing how it works and understanding the game, you can get ahead. Okay. What's the central rule of old finance that you felt had to be broken or redefined for this generation? Like, what's that thing that where you said, all right, it is a system for rich people. You're not going to change that. Yeah. So what do you do about it? So tell us about the new rules. Well, I talk about in the book that the American dream is dead. And what that means, basically, is this idea that you can be loyal to a company for 40 years, have your pension, buy your house, have your house be an investment, have your 2.5 kids, all these things. That that is realistic for our generation, it's not.

And we look, our financial behaviors are set by the time we're seven years old, which means whoever, raised you is basically what that's what's in your head leading you to make all your financial decision seven seven so you observe you have observed your parents in action yep long enough by age seven yeah that you've internalized some of the things they say about money or saving or not saving money's greedy wanting money is greedy or like there's ever enough or like any of these you know mindsets that we have that keep us stuck in place okay um and so it's so it's so important to reframe that, I think, so that you're able to actually take advantage of all the opportunity that they're still in. So give us, like, give us an example, like, how do we, how do we

reframe that? Or how does somebody rewire the way that they already think about money? Well, I have a five-step money mindset program in the book. That's where we start. And it's called Abiza, which I know that you would love, because you obviously... It's actually pronounced Abiza. Abiza, yeah. There is a Lisp involved. And I'm glad that you were able to sort of... Abiza. What is? Is it? It's a five-step money mindset program, and each of the steps is, you know, one for you to work through.

It's identify, blame, interrupt, juz, and then A is act. I love you so much. Jush, of course, is act. And so we have to start. For people that aren't familiar with juzz. They don't watch as much, Bravo. So, like, your glam squad was judging you before we turn the cameras on. Yeah, they jub.

Yeah, exactly. You've got to, like, you know, take those thoughts that are maybe holding you. you back. Like that guy who we just watched that video, he needs to shush his mindset. He can be shudged a little bit. He's never going to make any progress with his finances because he feels like the world is so stacked against him that he might as well just give up. Well, he went viral now. Yeah. Now he's true. So actually now he can sell diet tea or something. Oh good. Okay. I know. And by the way, I miss the age of like diet tea on Instagram. Those gummies. Like we need to bring them back. Okay. But you have to start there because you're never going to, you could learn, you would listen to

the compound every day. You have the best financial, I think you've one of the best financial advice podcast. Like I told you, I listen religiously. It's so good. Clip that. Clipping, clipping, but you're never going to be able to actually use any of the information that you pick up here. Without money. Without money, but also without having the right mindset. You're going to keep yourself stuff. You have to choose your hard. Do you want the hard to be that you feel like that for the rest of your life and then you're just like staying stuck? Or do you want the heart of like, okay, yeah, I actually do have to like invest in my financial literacy and like, you know, work on my mindset. I have to learn how to negotiate. I have to learn about the stock market. Like the same

things that we all talk about, but it's just, you know, you've got to do it. You know what's so hard. And I'm sort of on, I'm obviously not of the zillennial generation. I'm slightly older. I'm like the youngest of the Gen Xers or the oldest of the millennials, depending on when you start counting. I think you're millennial. So I'm born in 77. So I think people say like, I think people say like that's like sort of in between or it's a micro generation. I forget what they call it. Whatever. We're the best generation ever.

But, um... Is it the Lock Key generation or something? Where it's like you were... Yeah, which I can't relate to. I had a stay-at-home mom, thankfully. But like, uh, I think what they say about the people born between 75 and 80 is that we had an analog childhood,

but we were the first internet users. So we sort of like invented the digital world that has now poisoned the earth and ruined everyone's lives. But, but we had the benefit of like, we had physical toys. Like we're, right? So that makes, okay.

But what's so hard from me looking from the outside in and at the generation that you were speaking to, first of all, everything costs $1,000. It's insane. So you say to people like adopt good habit, not you, but like the advice is like say, try to save like $20 from like not doing the thing each week. No avocado toast. Yeah, whatever. And it's right. And then like something breaks on your car. Yeah.

or something goes wrong in your apartment and you have to repair. And it's like automatically it's $1,000. Well, I think that that's one of the new rules of building wealth is that you have to put your own oxygen mask on first. I think for the old American dream, you could trust the system more. But for the new generations, you need to be in control of your own life because it's actually become more corrupt. They're right. More corrupt. There's more out to get us.

It doesn't mean that you can't beat them, but you have to understand how it works. Has capitalism gotten more predatory in the last 25 years? Yes, it's 100%, but it's also with, especially with finances. Okay, you're talking about being born the 75 to 80. In that time, you were advertised to maybe 700 times a day. Now we are advertised to 7,000 times a day. 20% of what you see online is an ad. So not only that, but you have frictionless finances.

So everything, which is amazing for, you know. So you can impulse buy something in two seconds. Apple pay like Apple be paying. Right. So, and we're told by the culture that, is a form of emotional regulation. So, like, you have, like, these big movies, these cult classics, like, and legally blonde, whenever she's upset, she goes to the nail salon.

Retail therapy. Yeah, retail. Carrie Bratcher, she's buying shoes. Like, that's what we're told to do. So it's coming at you from all directions. But the future rich person mindset is to see these technological advances and actually look at the opportunity, which is, hey, actually on my phone, in about five minutes, if I have my social security number, I could open a brokerage.

account, you know, like I could, you know, start and whereas for our parent, if you were born and if you were, you know, 75 or 80 and you were trying to do that, it was a full day affair. They'd call you dad's broker. Yeah, dad broker. You got to bring your passport. You got to know where your birth certificate is. It's a whole thing. Now it's so easy.

So you're arguing that for all of the ways in which technology is encouraging us to do things that are not great for us financially. It also is providing on ramps to go the other way. and do things that are beneficial. You just have to, like, know what you're looking at. Yes, but I'm also arguing for friction, full finance. So I think that, like, if you are someone who's struggling with spending, that you need to take a second to realize that about yourself and add friction.

Take that will pay away. Subscribe to the newsletters, unsubscribe the influencer. Like, try and curate what's on your phone a little bit so that you are less likely to be impulsive. So I remember when Robin Hood came along, I knew a lot of people who were early investors and they showed me the app and I couldn't believe how easy it was to transact. And this is 10 years, 10 years ago. And I couldn't believe that they got commissions down to zero prior to like learning, oh, I see how they're doing it.

They're getting the market maker to pay, pay for it. But I remember saying like, wait a minute, the prevailing commission to trade a stock is $7. And the big innovation is now it's zero. Like if the $7 was stopping you from doing a transaction, probably it wasn't a good transaction to begin with. Yeah, yeah, yeah, yeah. Like, I'm with you, like some friction is not the worst.

Yes. But whatever, like we're in a world where you now have to create the friction because they've taken it all the way. But, okay, but I also think that, so we're saying the old generation, you could trust the system more. Maybe you're at, like my dad was at job for 40 years. Now you also have so much about the, in my book, what you talked about, like, that I emphasize career stuff, is I'm like, you got to make more money.

You have to make more money. There's a whole chapter about that's it. That's the secret. No, but you have to secure the damn bag. People aren't negotiating. And it's like, you know, and they are so convoluted by what's on social media. Everyone thinks, oh, they should have a side hustle. Like, I'll get a DMs from a nurse who's working 100 hours a week.

I need to make more money. I should side hustle. And it's like, girl, you work at a hospital where you work 100 hours a week. You're going to side hustle with what energy? you're going to pass out. Isn't the answer so often? No, keep doing what you do. Find a better version of it.

Exactly. That's going to pay you more. Exactly. And maybe even potential for equity. Yes. Josh, we're snapping because with that nurse, what I said to her is, no, you need to find a place to do private nursing.

Right. Where you don't have to work 100 hours a week where you can take your skills and leverage them so you have a better quality of life and you're making more money. And I think that so many people get stuck where they're at versus you have to really in the state, and age, if you want to win, if you want to be a future rich person, you have got to be, like,

working out. So this is so important. There are a lot of people in dead end jobs. Yeah. Some cost fallacy where you put all this effort into the job and you think that someday it's going to pay off, but it never will. And then you say tomorrow, tomorrow, tomorrow. And you lose so much early potential.

But in some cases, either geographically where they live or lack of skill or lack of education, lack of opportunity. It just is what it is. for those people, the side hustle is amazing. Amazing. But then there are people where it's like, no, no, no, you don't need to do three different things. You need to get paid more for the one thing that you do. Yep.

Upskilled. So that you're an even better version of it than other people and then find a way to get recognized for that. You don't need to like have a whole thing that you do on Saturday. On Saturday I make balloon animals. No balloon animals, please. It's no balloon animals. People make it so complicated. And what you said, Josh is so right, that I talk a lot about in the book, which is upskilling.

And I think, especially in this age of AI, everyone, oh, I'm so scared. AI is going to take my job, whatever. Learn how to use AI that if you uplevel those skills, you are going to be layoff proof. The scariest thing about AI for the people that don't see it coming, it's not, it's going to replace the jobs. It's actually going to do something that could be worse if you're on the wrong side of it. It's going to be a force multiplier for the people who already have agency. they're going to take these tools, whatever their moat is or their advantage, they're going to fucking run everybody over. And it's almost worse than taking your job is allowing you to stay in your job, but watching the haves and the have-nots divide even further.

Yeah. It could be even more detrimental than just like what people are assuming, like, oh, yeah, the AI is going to take the job. No, it's going to turn 10% of the people doing that job into. Beasts on earth. And God help you if you're not one of those people. And most people definitionally will not be. Yeah. So that's going to be, I mean, that's a whole other thing.

You're known for blending pop culture and finance. I think you do it better than anyone I know. That's so nice. Why is that so important? Is it just about getting people's and holding their attention? Or are just like great stories and lessons that are more readily absorbed if we can do it as though it's a TV show or it's a movie and there are characters.

Like what's the idea behind that and how are you so good at it? Well, Josh, I think you have that special sauce too because it's like we all love you because you're so smart but also you make it. Clip. Yeah. You make it sound so fun and like you bring like all of your like your hip hop

and you're this and you're that where it's like your stories are we all love your Instagram stories. So it's the same thing where you have to have that brownie with spinach in it. I think for me I have a mental illness around pop that even when I was little, I was like so dyslexic, but I could read us weekly cover to cover. So it's like since I was little, I've had this encyclopedic knowledge of pop culture and I've loved it.

But money was something that I never really understood and didn't think it was for me. But I thought, okay, if I, everyone loves celebrities. They love memes. They love like internet funny. But, you know, people don't really love talking about money. So if you blend the two, what would happen? So that could also go the wrong way

if you take the wrong lessons from pop culture. Like, I'll give you, for instance, During the pandemic, there were all of these young men getting really into trading. Oof, I remember this. Because their job told them to stay home or they were in college taking classes on Zoom. But like a lot of young men in their teens and early 20s just became obsessed with finance. You take the sports off TV. What do you think is going to happen?

You're not going to stop people from gambling. Just give them a different thing to gamble. Yeah. But all of the memes were Wolf of Wall Street. And so I guess for my generation, we had the original Wall Street movie with Gordon Gecko. Yeah. So these kids like sort of, they understood that he was an anti-hero, but they like patterned their way of speaking about markets. And like they really internalized that, I think, in the wrong way.

And a lot of people lost a lot of money. Thinking that like the name in the game is to scam other people. Yeah. Or to be as aggressive as possible. Right. That is. These are all the archetypes. So this can go wrong with pop culture influence.

You have to pick sort of like the right archetype to follow after. Yeah, you don't want, I don't think you want the archetype of the, because like how Wall Street is presented in media, your right is so aggressive. Rapacious, toxic masculinity, like, all right, but there are obviously counter examples in pop culture of people who are doing the right thing with money or building, you know, long-term wealth or businesses. Well, I think it's sort of the same way with the book called The New Rules of. building wealth. We talked about how like the system was designed by rich people, but if you know how it works and you understand what they're doing and how they're doing it, you can apply it to your own

life. And so it's the same thing with celebrities. And it's like, yeah, you might not have as much money as Beyonce and Jay-Z. But like, let's talk about why they got a mortgage, even though they don't necessarily need one because rich people love to leverage debt. Or let's talk about how they have renegotiated their pre-up three times and how important it is to talk to your partner about money and like make sure that you know things are equitable in your relationship right you know so you can find these examples that bring people in because it feels juicy money still feels like that you know that thing that you're not supposed to know about that's a little salacious your ears sort of you know sort of still a little taboo yeah you're like oh my god like where did you find this story so the audience

reading your book they're not going to become Beyonce but like what are the things about that celebrity level of wealth that tier that are applicable to everyone's lives or even if it's just conceptually. No, I mean, there is so much there that is applicable to ever. Like, even I have an example in the book of Kim Kardashian who was, no one talks about it, but she was married at 19. And the guy was super controlling. And she didn't have enough money.

She wasn't like girl boss Kim at that time to leave. And so she had to borrow money. Her sister had one, Chloe had one of those like big, like Coke bottle piggy banks. And she gave her all the money in it. And it was like $5,000. and she was able to leave and, like, get an apartment. Okay. And so, like, that's the importance of an emergency fund.

Kim didn't have an emergency fund. She couldn't leave. Thank God she had her sister. But, like, there, that redlines it for everyone of, like, okay, here's why you need to have a savings account because anything that can go wrong will go wrong and you can get stuck in bad relationships or bad jobs if you don't have that money. Are you watching the new season of Euphoria? Of course.

It's all about, it's all about money. I know, I know. It's the craziest thing. I never expected it. I know. But, I mean, I think that's a. like the culture. What do you think about him lying about his finances? So like season one was about was about drugs and lust. Yeah. Season two was about families. Season three is literally they're now

all young adults and it's all about who gets what job, what hustle, trying to start a business, borrowing money from the wrong people. Like, like the importance of like not spending $50,000 on flowers at a wedding. But the entire thing is about money. What a pivot. And it's like also. And they made, and by the way, they made Nate Jacobs a good guy because the actor playing him is the most famous actor in the world. And people will turn the show off if he's a bad guy. And by the way, I went in the sauna with Jacob Allorty.

So I just sort of need to throw that out there. No, you didn't set me up. I swear to God, Josh. Did anything happen? Katie wasn't there. My PR. No, I was in Rome and I was in the sauna at a hotel. Yeah, I had a wedding in Florence.

And I was stop over in Rome. And so I was at this hotel in the sauna and the door opened. I'm alone in the sauna. Right. Jacob All right. You shut the fuck up. I'm not. I cannot make this up, Josh, alone in the sauna with Jacob.

Yes, we chatted. No, we didn't hook up. Okay. That's all I need to know. Okay. So we're not breaking any news here. We're not. But it's important for everyone to know,

like, would you trust an author who hadn't been in the sauna with Jacob Allerty? Like, that's a financial expert. That's an important moment for me. But so the fact that they pivoted completely to like careers, business, money for this season because of the age of the characters. And that's just what's going on in culture right now. Like how impossible it is to live.

Yeah. And but also like to be, if you're young and you have that hustle, you're not looking to like go into consulting to make your big bucks. No, they're all doing online influencership. Exactly. And so like with Cassie becoming the only fans, like it's all about like internet money and like finding your way to the top by. any means necessary. And it really is that this is a future rich person too where you have to sort of figure it out yourself.

Okay. Let's talk about. Let's talk about what is a future rich person? Like describe what the concept should mean to the people that are going to read the book and want to become a future rich person. In what sense are they rich and what does it mean to you? I love that. I think it's so important to know Josh that future rich person is not like a dollar amount

because it's different for everyone, which I, know you talk about too, where, you know, we don't all have the same version of what future rich is. And so it's about figuring out where you want to go. Maybe that's like, okay, you want to go on one big trip of here and like have a rental or you, you know, want to stop working and like, you know, be able to surf all day or you know, figure out what your life wants to look like. And then we reverse engineer it from there. But I think future rich person is also a someone who has balance because I think it's really easy for us to have a lot of one thing, but it's a lot harder to have some of many things. Like I admire you because it's like you have family,

you have work, you have friends, like all of these different things. And it is sort of imbalance. It seems like it a little bit. Sometimes it is. Sometimes, but like you have a lot on your plate and I think that's really cool. And so I think that for future rich people, it's also having money not be the main character in your life. Like you don't need to be Mrs. Dow Jones. You don't need to be downtown Josh Brown to become a future rich person. You just need to spend lesson you make and understand how to put that money to work and automate it. And then you can go out and live your best life. It's about taking money off the table as this big stress and making it really easy to understand how to get there. It's so funny about that is that's not just

applicable to people in their 20s and 30s. My financial planner is when they have their initial consultation with a family that reaches out. And it's oftentimes a husband and a wife and they're in their 50s, their 60s. And you ask, why are you? Why are you? are you investing? The answer is like more money. Yeah, but for what? For what? For what? And they haven't gotten that far. And as a result, think about it. That dictates, you look at the portfolio, they have no idea what they're doing because they don't know what they're doing it for. And that's, I mean, that's an, that's a, it's, it's almost universal. Like, people that haven't done the exercise, what will I be spending it on? So how do you know what to invest in? But they start

backwards. I know. What should I invest in? Well, what are we doing with the money? Yeah. When? What are the tax consequences? What accounts are we pulling it out for?

I'm not sure yet. Well, don't ask me what ticker symbols. Yeah. Okay. That's such a big thing. Okay. Yeah, people don't have financial goals. Right.

Or they have them, but they're like nebulous. Yeah, they're nebulous. Like, they don't really understand where they're working towards. And then, by the way, like, you end up not really being able to enjoy your money. Like, what's the point of, of having, yes, I love compounding. Keep that money in the market, baby, but also pull it out sometimes.

Like, have some fun. Go on the vacation. Like, there's a lot in the book, too, about balance because you can have anything but not everything. And it's important to you, your money is a tool to live your best life. Yeah. From a market perspective,

what's one trend right now that you think Gen Z or millennials are underestimating how much of an impact it will have on their future? and financial future. Like what's something that you think doesn't get enough attention that's going on right now?

That's a really good question. I think honestly, like the prediction markets. Like that's going to have a huge impact on both women's finances too because they're putting all of the spending behind them to try and get women into it. And then also just like how it's going to move the cultural conversation too.

Like I think that with like elections and things like that, it's going to be, it's just going to be, it's just going to get sort of messy. Like it needs to be regulated by the government. Okay. So you think there will be more adoption of regular people using prediction markets to make money?

Yeah, I think it's part of the nihilism. And they're part of the nihilism. Yeah, part of the nihilism. Yeah, yeah. Do you think they'll actually influence real world things? Yes. Okay. I think they will.

We're not ready. And we're not really ready for that yet. We haven't thought that through. They just kind of came inside of a year. And we just all kind of accepted it. And now we've all these new billionaires of the people who started them and it's like we don't even really know what's going on. Okay.

How would you answer that? What's yours? So I think that the, I think that there are eight, I think the last that I saw was something like 88 or 90% of all of the volume, dollar volume, not number of trades, but dollar volume on prediction markets is related to sports. If it stays that way, no problem. Yeah. If it deviates into.

But that's what they're trying to. We are manipulating the algorithm to make it look like can't. candidate A is going to win, which then causes voters who would otherwise vote against candidate A from even bothering going to the polls. Then we're talking about gambling and manipulating markets having real world manifestation. That is probably an unintended consequence. No, that's what I'm scared of. Okay.

What do you think is the underrated trend? So I wouldn't say anything to do with AI is underrated. Yeah, I think it's rated. And I think GLP ones are rated. Fully rated. Yeah, they're rated. Yeah, I think what we haven't thought through is what does entry level work look like? Yeah, that's a good one.

And white collar professions because of all of these things. I'm not 100% sure how we onboard the next generation, let them make mistakes, fail, learn from those mistakes and be mentored if it's just so much easier to have the machine do the thinking. It's because it's so annoying to teach people. It might be one of the most annoying things, but also one of the most important things. The most important thing. But being like that is really like it's a hard, hard to do. Are you having fun with the press tour? I mean, this is the best part.

Like really the best. Okay. It is fun though. It's fun to like, you know, it's fun to get out there. I've gotten to meet all my heroes. I got to meet Jim Kramer. I love him. Was out like that was so cool.

Got to be with downtown Josh Brown. Caitlin Collins. Going on the Today's show. I was scared because Al Roker's sort of short and I'm going to be wearing heels. You're doing all the things. They're doing everything. So, you know, giving it my all. But, you know, I really believe in the book too.

So I'm excited for people to get it. And I wanted it to feel like a binge read. When I first got the book deal, I initially wanted it to be a story. Because I was like, I need to figure out how to write a finance book that people are going to finish. Yeah. And so what we ended up where we are, which I'm so happy we did. But like, I do feel like it's like a juicy binge read. You have tons of great stories in here.

And not just celebrities. stories, but like real life stories, things that happen to people. Yeah. There's so much in here. I'm super impressed with it. Guys, the name of the book is future, rich per- Oh. We got, we want to say congratulations.

That's so nice. Nicole, almost missed our, almost missed our deadline. I go, wait, I go, Nicole, bring these in for Haley, 10 minutes into the taping. All right, this for you. We have to finish the show, hold on. And I just say, we talked about how annoying mentorship is. Josh is my mentor. so I hope that I'm not the most annoying.

Well, we're so excited for you. Longtime friend of the show. Yes. We're behind the book in a major way. Guys, it's called Future Rich Person. Thank you guys. We're going to link to where you can buy it, available in all the places, all the things.

If you see it in the airport, buy it there. I think Haley gets a little bit more money. If it's not on Amazon, purchase. Well, no, it just helps. We like to support the Indies. Buy it everywhere. Buy it everywhere. Yeah.

All right. Haley Sacks, thank you so much. And if you want to follow Haley, at Mrs. Dow Jones on Instagram is literally the best. and financial tea. Financial tea are coming on. So if you're a podcast person, financial tea podcast,

congrats on the book. Thank you, Josh. Love you.