Call Her Daddy
Call Her Daddy
"The only difference is that they learned they were taught and you were never taught. So let me teach you. We can do this together. It's really not that hard." — Hailey Sachs
"If you can't do that when you're making $35,000 per year, you're probably not going to be able to do it when you're making $350,000 per year." — Hailey Sachs
"The goal is not for you to each be spending in the same way for him to see you, you know, spending at the spa and then being like, hey, I should go to the spa too." — Hailey Sachs
This episode of Call Her Daddy features financial expert Hailey Sachs, also known as Mrs. Dow Jones, who joins host Alex Cooper to discuss the complexities of managing finances within romantic relationships. The conversation begins by addressing the common discomfort surrounding financial discussions, attributing it to a lack of personal financial knowledge and upbringing that associates money with shame or greed. Mrs. Dow Jones emphasizes that open dialogue should begin early in a relationship, using natural life milestones like moving in or getting engaged as opportunities to discuss financial backgrounds and expectations.
The experts delve into practical advice for couples, particularly when moving in together. Key considerations include understanding each partner's income and credit, determining individual contributions to rent and shared expenses, and establishing clear "rules of the game" akin to a business contract. They explore three primary methods for splitting expenses: a strict 50/50 split, one partner covering all costs, or a percentage-based approach that aligns contributions with individual incomes. The episode also touches upon the benefits and risks of joint bank accounts and credit cards, stressing the importance of complete trust in a partner before co-signing or sharing financial responsibility.
Addressing different spending habits, Mrs. Dow Jones reassures listeners that partners do not need identical financial behaviors, provided they achieve mutual understanding and fairness. The conversation highlights the value of shared financial goals, such as saving for vacations, and the power of automation in achieving them. Practical tips for budgeting on vacation are offered, including setting a clear spending number, traveling to destinations with a favorable exchange rate, and strategically choosing more affordable meal times. The episode concludes by identifying financial infidelity—lying about income or spending—as the biggest financial mistake couples can make, underscoring that transparency and active participation in financial management are vital for building trust and achieving financial independence.