Breaking Down our Money Mindset w/ Hannah Bronfman and Brendan Fallis

Hannah Bronfman and Brendan Fallis join Haley to discuss trust fund myths, putting their kids on social media, all of their revenue streams as content creators, money mistakes, and so much more. Financial Tea with Mrs. Dow Jones is a Sony Music Entertainment production. Find more great podcasts from Sony Music Entertainment at sonymusic.com/podcasts and follow us at @sonypodcasts To bring your brand to life in this podcast, email [email protected] Learn more about your ad choices. Visit podcastchoices.com/adchoices

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Haley Sacks?

  Okay, we all love to romanticize being your own boss, but even when you have a team, you still end up being the bookkeeper, the marketing department, and the person rearranging appointments at 11:00 PM. And that work isn't just annoying, it is expensive. And it's especially taxing for businesses that run on appointments. So if you own a business that takes bookings, this one's for you. Gloss Genius is the system that runs the operations for you behind the scenes. Scheduling, payments, admin, handled automatically. Payment processing is a flat rate with zero hidden fees. And check out rebook's clients on the spot. Clients can book in seconds too, so there's no login or separate app necessary. So you actually get more appointments.

• 0:43Haley Sacks?

  125,000 businesses already trust Gloss Genius to earn them more and save them time. Want to try it out for yourself? Go to glossgenius.com and use code FINANCIAL for 50% off your first two months of a premium plan. Okay, so I just gave my apartment a major refresh. And hands down, the hardest thing to get right was the rug. I just couldn't find one that fit right. And I really wanted something that pulled the room together because like a rug is a big deal. But then I found Ernesta. And Ernesta's amazing, you guys. It makes designer quality rugs custom cut to the exact size of your space. So it actually fits instead of almost fits and looks great the first time.

• 1:26Haley Sacks?

  Like in the past, I've just defaulted to stock sizes when buying rugs. And also like when you're in a New York City apartment, that really just doesn't cut it, but they're all weirdly shaped. But with Ernesta, you can send photos and dimension to Ernesta's design team, and they help you get the size exactly right, completely free of charge. Hand-selected by design experts, Ernesta rugs are beautiful, they're durable, and they're made for the way you actually live. Cut, finished, and delivered in as little as two weeks. Visit ernesta.com and order five samples for only $10, and you will get $50 toward any rug of your choice. That is E R N E S T A dot com.

• 2:07Speaker 01

  By the way, I, we love chatter. If you don't have a Reddit thread on you, you're pretty much irrelevant, in my opinion. You know, like you need people talking about you or like you're not doing it.

• 2:15Speaker 02

  This is gonna make the reddits light up.

• 2:18Speaker 01

  No, light it up.

• 2:19Speaker 02

  Light it up, baby.

• 2:21Speaker 01

  Light it up more, it's like.

• 2:21Haley Sacks?

  See this?

• 2:24Haley Sacks?

  This is Financial Tea.

• 2:29Haley Sacks?

  Welcome back to Financial Tea, the podcast where I teach you how to build wealth with a side of market drama, money scandals, and of course, financial pop culture. And today, we have two incredible guests, Hannah Bronfman and Brendan Follis. Okay, low key, you guys started my career because I was obsessed with you both. And then when I was thinking about adding a manager to my team, I was like, of course, I have to work with Gabe because you would always post about Gabe and I like pursued him.

• 3:04Speaker 02

  Love that. I also had to pursue Gabe.

• 3:06Haley Sacks?

  Really?

• 3:07Speaker 02

  He only had eyes for Brendan.

• 3:10Haley Sacks?

  But first, let's get into the MDJ Market Report. Welcome back to the MDJ Market Report, sippers. These are the three stories you need to know to see where the money is moving this week. Okay, the first thing that we need to talk about are The Devil Wears Prada salaries, the numbers just dropped, and Meryl Streep, Anne Hathaway, and Emily Blunt each earned $12.5 million to return for the sequel. And they did it through a deal that really resembles the deal that the cast of Friends did, because it was a favored nation's deal, which means that everyone got paid the same number. And this is very strategic for talent, because when you align your interests in that way, you strip the studio of their most powerful

• 3:53Haley Sacks?

  weapon, which is the ability to like play stars against each other. So it really is a masterclass in collective bargaining. And just funny that last week, Lisa Kruger was telling us that this is how the Friends cast was able to make so much money. And also, this is obviously how stars of Devil Wears Prada are making a lot of money, too. But what's crazy here is the Meryl Streep of it all, because she could have commanded significantly more. Like, there is no movie without her, but she still took less to make sure that her co-stars ate too. And they didn't stop there. Obviously, they got a little bit of the back end. They negotiated box office bonuses on top of their flat fees. And seeing as the film has already earned $433 million globally since its release, up from $300

• 4:37Haley Sacks?

  And $26 million for the original, which was made on a $40 million budget. If this run continues, each actress could see an additional $20 million. But also on this press tour, Meryl Streep has been talking a lot about money. And she said that in the original movie, like when she was negotiating that contract, she walked away. She was like, I actually don't want to do this movie. Like I am good. I can retire. I'm going to go to the beach. And unless you double my salary and they were so eager to have her that they did. And so, and she said that was like the first time in her life that that had ever happened. And she realized the power that she had as a negotiator. So this is really also a kick in your ass to ask for more.

• 5:21Haley Sacks?

  Seriously, negotiation is the most lucrative skill that you will ever learn. You will shock yourself with what you're able to get simply by asking, whether it's your credit card company, negotiating medical bills, and of course, with your employer, ask for more. Oh, and I also want to say that they all got a piece of the backend too. And the movie has absolutely blown through all of its records. So they're each going to get an extra $20 million in bonuses. Okay, now let's talk about peptides, baby. I know it's sort of weird that we haven't talked about peptides yet on this show. But yes, GLP-1s are definitely a big part of the conversation. They are making everyone skinny, but they are also low key restructuring the entire American economy.

• 6:04Haley Sacks?

  And I went into a black hole this week learning about it. And we need to discuss the data because seriously, these diabetes treatments have gone from like cultural moment to full blown economic force. One in eight adults, you guys, already takes one. And as of January, they released the pill for $149 a month instead of $1,000 for the shot, which in four months has netted 2 million prescriptions from 70,000 pharmacies, which is the strongest GLP-1 launch in history. But what's crazy is that these drugs have a huge ripple effect on the economy. Like GLP-1 users cut grocery spending by 10%. Chips and baked goods are down.

• 6:47Haley Sacks?

  Vegetables are up 38%. Doritos has losses and Morgan Stanley find that GLP wants also reduce alcohol consumption by up to 75%. And the top 10% of drinkers account for 60% of all alcohol sales. So you do the math. And then there's airlines. Airlines could literally save a combined $580 million in fuel if America gets 10% skinnier. So Goldman Sachs said all of this could add 0.4% to US GDP and by 2035, 31.5 million people could be on these drugs, which would save $264 billion in healthcare costs. Like this all just really blew my mind because we think of drugs as healthcare stories.

• 7:31Haley Sacks?

  But if that drug changes what people eat, drink and weigh on a plane, it's also a macroeconomic story. So like the question isn't really like which industry is getting hit. It's which ones are ready to get hit. Other topic very close to my damn heart, wealth taxes. You guys, I've covered this a lot on Mrs. Dow Jones. They're having a moment. New York just announced one. California has a billionaire tax headed for the November ballot. We're seeing like every celebrity and their mom move to Florida to avoid one. Bernie, of course, always Bernie proposed one federally. And politicians love these taxes. I feel like they're, it's a really good thing to just like put in your campaign.

• 8:11Haley Sacks?

  People are going to vote for you if you talk about it, but I just want to actually break down what happens when you try to collect on them. So, okay, in New York, for example, Mayor Mamdani posted a video outside Ken Griffin's $238 million penthouse, announcing an annual surcharge on properties above $5 million owned by non-NYC residents. And it got 470,000 views. Griffin, of course, called it like creepy and weird and said, New York doesn't welcome success. And announced that Citadel is expanding in Miami instead, which would potentially be them pulling back on a $6 billion redevelopment

• 8:52Haley Sacks?

  that would have created 6,000 jobs. Okay, now let's talk about in California, what's happening as they try to do this. So in California, they're trying for a one-time 5% tax on billionaire net worth, which is estimated to raise $100 billion and it just got 1.6 million signatures, which was double what it needed. But then Larry Page, Sergey Brin, who founded Google, and Mark Zuckerberg left. So that is an estimated 38% of California's billionaire wealth just out the door, which would potentially cost $4.5 billion a year in lost income tax and wipe out the gains of this before a check is even ever written. And here's the thing, the story has also played out before, like in 1990, 12 European

• 9:36Haley Sacks?

  countries had wealth taxes, but today only three do. And then if you look at France, they lost 42,000 millionaires before scraping their wealth tax in 2018. Or look at Norway. Norway raised its wealth tax and more ultra wealthy households left in 2022 than in the previous 13 years combined. So yes, like I said, politicians love the idea of a wealth tax. I think it really does like help you get votes, but history is less enthusiastic, which is why I'm really skeptical of them. Like I definitely think that we need to tax the ultra-rich more heavily, obviously, but a wealth tax has historically failed to generate

• 10:16Haley Sacks?

  revenue in other countries. So I would rather like, I don't know, maybe just reform the tax code, like have a tax on anyone with over a billion dollars in assets, maybe like close some of the loopholes billionaires used to stay rich. I just think it never works. And so I don't understand why we're even going down this road when there's so many other solutions that could get us to more income equality. Okay, let's go into our episode now. This was one of my favorite episodes we've done. Hannah and Brendan were amazing. I'm really excited for you to hear it. Stay rich.

• 10:53Speaker 03

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• 11:23Speaker 04

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• 11:52Haley Sacks?

  Before we start the show, before we jump into the real interview, we always ask three rapid fire questions. So the first thing is what gives you the financial ick?

• 12:01Speaker 01

  I can tell you what gives you the ick. Just reviewing finances, that's your ick.

• 12:06Speaker 02

  I really do not like to review the finances. I love to go to lunch with my financial team, but I do not like to have-

• 12:14Speaker 01

  While you're there, you're just talking about having lunch with life and what's- You love talking about what's upcoming that's going to power more finance.

• 12:20Speaker 02

  Yes, exactly.

• 12:21Speaker 01

  But you don't like reviewing foundational elements of finance.

• 12:25Haley Sacks?

  You like the culture around reviewing your finances, but you don't like the nitty gritty.

• 12:30Speaker 01

  No, she likes the tossed salad and the caviar that comes with reviewing the finances.

• 12:35Speaker 02

  I also know another financial ick that I have. I hate raising money.

• 12:41Haley Sacks?

  Oh. Which is so crazy because you're a VC.

• 12:43Speaker 02

  Well, not anymore.

• 12:44Haley Sacks?

  Oh, okay. So we got to get into that.

• 12:46Speaker 02

  Yeah.

• 12:46Haley Sacks?

  Yeah, that's hard. We were just talking about that. Like I'm on my book tour and I am asking for many favors and it can feel very icky. Like it's-

• 12:53Speaker 02

  So icky.

• 12:54Haley Sacks?

  There's an art to it.

• 12:55Speaker 02

  Really is. And for those who don't have it, it's a really hard thing to learn.

• 12:59Haley Sacks?

  And you think that it is sort of you have it or you don't?

• 13:01Speaker 02

  I do.

• 13:01Haley Sacks?

  Okay, I love it.

• 13:02Speaker 02

  Yeah.

• 13:02Haley Sacks?

  What about you, Brendan? What's your financial ick?

• 13:07Speaker 02

  I know what yours is.

• 13:08Speaker 01

  Oh, yeah, tell me. I'm ready.

• 13:09Speaker 02

  You just do not like when something is not optimized. If you heard any friend say that they booked a trip without using points or without, you know, doing their plus points for the upgrade or booking, looking at multiple sites.

• 13:25Speaker 01

  Optimization.

• 13:26Speaker 02

  It's really, it hurts your soul. The non-optimization, it hurts you inside.

• 13:33Speaker 01

  It bothers me a lot. Just that people don't even explore the intent of betterment in finance. You know, started to date Hannah, then I'm like, we need to like, figure out what's going on behind.

• 13:48Speaker 02

  Yeah, yeah, yeah.

• 13:49Speaker 01

  Like, where's your foundational elements? And it's like, I started to look into all these companies and like, there was just no optimization. It's, she'd inherited it from, you know, dad or grandpa or whatever in accounts. And like, I just always said to her, I'm like, we're younger, we're smarter, and we know more people at this point who are younger and brighter. Like, let's go explore working with those people. And we've restructured our whole team.

• 14:13Speaker 02

  And also, it took us a long time to even get to the team that we are now super happy with.

• 14:18Speaker 01

  We failed along the way.

• 14:19Speaker 02

  Yeah, we had major mess ups.

• 14:22Speaker 01

  Major mess ups.

• 14:23Speaker 02

  While trying to get to the best possible place.

• 14:26Speaker 01

  Intros from other people, like-minded, who introduced us to people who are good people, but bad at that section of their job.

• 14:35Speaker 02

  Wow, okay, that's crazy.

• 14:36Speaker 01

  And put us in a very bad financial position when we were crushing it. Twice.

• 14:41Speaker 02

  Wow.

• 14:42Speaker 01

  Two different sections of our finance buried.

• 14:46Speaker 02

  What exactly happened?

• 14:50Speaker 01

  It's like tough to even say, but like.

• 14:52Speaker 02

  Well, one scenario.

• 14:53Speaker 01

  We ended up in hundreds of thousands of dollars worth of debt.

• 14:55Speaker 02

  Yeah.

• 14:55Speaker 01

  Which we had to swim out of for two years.

• 14:57Speaker 02

  Which we're now out of.

• 15:00Speaker 01

  Dude, investing in things and moving money to things that we were just like trusting the process and not, it's a bit our fault too, because you're not doing all the due diligence, but that's why you hired someone to trust them. Like, I don't have time to, I mean, we should have time and you should read into it and like, claw to be super, AI is super helpful in this scenario because like, you could vet things more and understand like, the jargon. But, you know, we were just pumping incoming and we were having great years and like, some of the best years of our life. And then we ended up with like, almost a million dollars worth of debt. We're like, what the fuck happened?

• 15:35Haley Sacks?

  Because they were just investing it in companies that were going to zero?

• 15:38Speaker 01

  And tax structures that didn't work.

• 15:40Speaker 02

  The tax structures, I think, were more, more about that. I mean, you can get losses on companies that you invest in and it doesn't necessarily really hurt your bottom line. But there was also a scenario where I got gifted a stock through a family member and we basically came up on 800K. And then our money manager at the time didn't really ask us or have a conversation with us around if we wanted to sell it or get out and like, keep it. And the stock ended up going to zero. So we missed out.

• 16:19Speaker 01

  Basically, her dad invested in it early.

• 16:20Haley Sacks?

  We were gifted at 800K, so that's also the fair market value for taxes, everything. And then it went to zero? Wow.

• 16:29Speaker 01

  Bad.

• 16:30Speaker 02

  Really bad.

• 16:30Speaker 01

  And this guy was like...

• 16:31Speaker 02

  I mean, listen, it was 800K that...

• 16:33Speaker 01

  He was like...

• 16:33Speaker 02

  It was 800K that we never had.

• 16:36Haley Sacks?

  Yeah, 100%.

• 16:37Speaker 02

  So, that was the only mindset I could end up like, living with. But, yeah.

• 16:43Speaker 01

  But her dad like, invested in, early in some companies and he'd always, super, I want to do the same thing for our kids. You break that up amongst your children. So if it goes, if it works, and you know, he exited.

• 16:54Haley Sacks?

  Everyone gets a little bit.

• 16:54Speaker 01

  Yeah, so he gave a piece to everyone, which was like, so awesome. And he got in really early, it was awesome. And we were like, I remember, we were in the Peninsula Hotel in Paris on like a, we were DJing for a car, you were DJing for a car.

• 17:08Speaker 02

  Brendan had just told me at the airport, I couldn't buy a bottle of water.

• 17:11Speaker 01

  I was like, what? We're flying business, someone paid for it. We're two minutes away from getting free water on the plane. Like, yes, we don't even spend $6 right now. Like, that's how bad of a situation we were in. Don't buy the water. And she's like, I'm so thirsty. I'm like, it's only a couple of minutes. You're so thirsty, couldn't even get a water.

• 17:29Speaker 02

  We were flying business. There was gonna be a bottle there. I was like, oh, my God. So then they woke up like the next morning in Paris. I was DJing for the, um, the Quail, which is like the car show that the Peninsula owns. So there's one in California and there's one in Paris. And I had DJed both and we were in Paris for the Quail.

• 17:48Speaker 01

  And then Hannah's like, let's order a room service. And I'm like, no chance. We had to put our card down. Oh. So like it, well, the brand wasn't paying for incidentals. And I'm like, a green juice is like 30 euros. You're like, no chance. And then while we're lying in bed, her dad calls like, have some great news. And I was like, let's get breakfast. I love it. And we ordered breakfast. Little did we know, we're still in the hole from that breakfast.

• 18:09Haley Sacks?

  Yeah. But that's what's so interesting too about your lifestyle is that even, and I feel like this is true of influencers in general and not specifically you guys, because I know that you're on top of your finances now and things are really, like, have improved so much since then. But there is so much like luxury in what you're presenting, what people present, but then like the reality behind the scenes of what's happening can be so different. So like you could see you in an amazing outfit at the Peninsula in Paris DJing and have no idea that you're actually in debt.

• 18:42Speaker 01

  Yeah.

• 18:42Haley Sacks?

  How much would you say that you spend on clothing per year?

• 18:45Speaker 01

  Oh, me? Less than a grand.

• 18:48Haley Sacks?

  Less than a grand?

• 18:49Speaker 01

  I don't.

• 18:49Speaker 02

  Brendan doesn't buy anything.

• 18:51Speaker 01

  Cause it's all incoming through the work we do. So to me, it's just a game of how can I make, like I haven't paid for one thing. I got this shirt last week from Beckham. These are rag and bone.

• 19:00Haley Sacks?

  Yeah.

• 19:00Speaker 01

  Free converse.

• 19:01Haley Sacks?

  Yeah.

• 19:02Speaker 01

  Oh, I buy these socks traditionally on Amazon twice a year.

• 19:06Haley Sacks?

  But it's very different as a girl because it's like

• 19:07Speaker 01

  My underwear was free.

• 19:08Haley Sacks?

  Your image is so meaningful, like so much of what we like.

• 19:12Speaker 01

  But I do all the dressing and I do all the gifting. So the PDFs come all week. All the shop my links and I go through it all and I order and then we do try ons once a week.

• 19:21Speaker 02

  Yes, it's a very.

• 19:22Haley Sacks?

  You really got her on a schedule.

• 19:24Speaker 01

  Yeah.

• 19:25Haley Sacks?

  Hannah. Hannah and I are both type B.

• 19:28Speaker 02

  You're like blink if you're okay. Things are okay. Don't worry.

• 19:32Haley Sacks?

  We do fast. We go through the PDF.

• 19:35Speaker 01

  Well, it's pretty chill. We smoke a joint.

• 19:37Haley Sacks?

  Yeah.

• 19:38Speaker 01

  One of us smokes a joint.

• 19:40Speaker 02

  I have to get in the mood to try things on.

• 19:41Haley Sacks?

  Yeah, exactly.

• 19:42Speaker 01

  Every time we're like, why don't we do a piece of content around this, which we say every single time.

• 19:46Speaker 02

  Every single time.

• 19:47Speaker 01

  The best content and it's the funniest looks or outfits and like you're wearing full leopard print or like.

• 19:52Speaker 02

  But I mean, there are obviously like my seasonal Zara purchases.

• 19:57Haley Sacks?

  Yeah, I like that. I've like shopped your Zara pics before. I like that you have to do high, low.

• 20:03Speaker 02

  Yeah.

• 20:03Haley Sacks?

  I say that a lot to women too, because it's like, you know, there's so much data around looking good in the workplace. How it will increase your income up to 30%. I love that. And people, but I think are like I had, I was on with Stod Guy and he was like, yeah, that's why you should buy an investment piece. And I was like, okay, but like not everyone can afford like those like $1,100 Brunello trousers. Like unfortunately, we do need to make go. Okay, so research says that our relationship to money is solidified by the time that we are seven years old. And I think it was Hannah, you were talking earlier about how growing up, like money wasn't really talked about. I grew up the same way with wealth, but where it was just something that was not on the table as a discussion.

• 20:45Speaker 02

  Yeah.

• 20:45Haley Sacks?

  But how we grow up around money really affects us. So for both of you, what did wealth look like in your households growing up? Like maybe you could speak a little bit more to that.

• 20:54Speaker 02

  So I guess wealth in our household, my, first of all, my parents divorced when I was two years old.

• 20:59Haley Sacks?

  Young.

• 21:00Speaker 02

  Very young and I didn't even know about alimony until I was. Yeah, until I was like 18 because that's when I actually saw my parents fight about money for the first time.

• 21:13Haley Sacks?

  Oh, because it was off the. Now that I was Cheryl, yeah.

• 21:17Speaker 02

  Well, now that I was out of high school, you know, things were, yeah, there was a renegotiation. And so that was really the first time I even understood that my father was bankrolling my mother's lifestyle and, you know, my entire life. I mean, I obviously knew that I was on my parents payroll. But like, there were certain things that, you know, I know, I like, for instance, I had a cell phone when I was 14. I got my first phone and I almost felt like my phone was on a family plan. Like, it was very much like they were all, every, everyone had eyes on at least my sort of thing.

• 21:58Speaker 02

  I never, I got my first credit card when I went to college and that was like the, the blue Amex where I had an allowance. It wasn't like unlimited spending. That's also when I learned my dad's credit card number by heart.

• 22:13Haley Sacks?

  Yes.

• 22:13Speaker 02

  And that was really what supplied my shop up addiction in college very early.

• 22:20Haley Sacks?

  Yes.

• 22:20Speaker 02

  But, you know, I would always have to ask my parents for cash if I was going to go out on the weekend. But then at the same time, also, you know, when I was in lower school, my dad would come and pick me up every morning from my house to take me to school with his driver. And when the days that he couldn't pick me up to go to school, his driver would pick me up to school. So it was like I had a driver that took me to school. I knew that my dad had these, you know, was a high powered executive in the entertainment industry. But like, I didn't have a credit card. I didn't have a cell phone.

• 22:51Haley Sacks?

  Yeah.

• 22:51Speaker 02

  And that was totally, that was totally normal then.

• 22:54Speaker 01

  I had a driver who drove a bus.

• 22:58Haley Sacks?

  And then Brendan, you were, you grew up in Canada.

• 23:00Speaker 01

  Yeah.

• 23:01Haley Sacks?

  So tell us more about that.

• 23:03Speaker 01

  I grew up in a very small farm town in Canada, still 2,500 people, one stoplight. That's my, uh, my parents still live there.

• 23:10Speaker 02

  Everyone in this room just looked up at you.

• 23:12Haley Sacks?

  Oh, that's cool.

• 23:15Speaker 01

  It is cool to someone. No, I really appreciate my roots and that I'm from there. Happy to not currently reside there, but beautiful little place in the world.

• 23:27Haley Sacks?

  But Brendan, you came into the relationship with Hannah with much more financial confidence than it sounds like you had Hannah. So where did that come from?

• 23:34Speaker 01

  I mean, I think mine just comes from, I don't. Come from a family who had the means that your family had. And we also just, we discussed money a lot in a lot of negative ways. My dad continues to hold money over my mom's head. Like it's everything. It's insane.

• 23:57Speaker 02

  Cause he works, she doesn't, or they both work?

• 23:59Speaker 01

  He works, she doesn't, but he told her to stop working when she would have liked to. But it was an era back in that day. It was like cool to, or not cool, but like you were more successful if your wife didn't work or whatever. And she was, and by the way, being a mom is a full time job. We all know that, or being a parent. But you know, she did a fantastic job raising us and I'm super thankful for it. But you know, money was like a, a negative thing. I've watched my, my dad cut my mom's credit cards up.

• 24:30Speaker 02

  Wow.

• 24:31Speaker 01

  In the last five years.

• 24:32Speaker 02

  So in your relationship though, do you both have money that the other person doesn't have say over? Like, how do you manage your finances? Who would you say?

• 24:41Speaker 01

  No, we're all.

• 24:41Speaker 02

  No, we're all connected.

• 24:43Speaker 01

  We, at one point, we had separate bank accounts for a while because I was largely on my decision. Because I was, I, when I started making my own money, I was just so into my, I'm my own, seeing my own success in a pillar. And I was trying to hit goals and understand if I get out of debt. I also didn't like how she spent at the start of our relationship because you know, her spending was just different than mine. I'm super frugal, as we can tell from this convo.

• 25:11Speaker 02

  Yeah.

• 25:11Speaker 01

  And I just couldn't let go of the idea that I could share. Like, I didn't want someone else to bring me into a zone that I was controlling that I was in, you know? But then, whatever, after a while, I was like, this is so, there's so many tax advantages to being together and claiming income as a married couple and all these things.

• 25:30Speaker 02

  We've also been together for 14 years. So like just for context, you know, I think like probably the first seven years, eight years, we had separate finances. And then in the last. Seven years we've had joint finances.

• 25:50Speaker 01

  Probably true. I don't know.

• 25:51Speaker 02

  Or maybe it was like the first five years we did it and the last nine years we have or something.

• 25:56Speaker 01

  Also, like, we own a company together. All our income goes into one holdco. You know, it's like just everything. And then we can, all our expenses, you know, there's so many write offs being entrepreneurs.

• 26:07Speaker 02

  Yeah.

• 26:07Speaker 01

  So we, it just makes so much sense.

• 26:10Speaker 02

  Yeah.

• 26:11Speaker 01

  And we're, our spending is super similar now. I mean, as you have the ink, I go over every credit card statement line by line and look and see, but she'll be like, oh my God, I didn't even, you know, it's like.

• 26:21Speaker 02

  But I've been reformed.

• 26:22Speaker 01

  Yeah.

• 26:23Haley Sacks?

  It sounds like you had a really positive impact.

• 26:25Speaker 02

  People say people can't change and I like to say that is not true. If someone wants to change, they will.

• 26:30Speaker 01

  A hundred percent.

• 26:33Speaker 05

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• 27:03Speaker 03

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• 27:33Haley Sacks?

  So on financial tea, though, we do love a legal safety net. So how did you guys approach the prenup conversation?

• 27:40Speaker 01

  Hmm, we did a postnup.

• 27:41Haley Sacks?

  Oh, wow. Okay. So what'd that look like?

• 27:43Speaker 01

  Because we got married. For my visa. So I was, my visa was running out and I was like, listen.

• 27:50Speaker 02

  Can we back up? Brendan proposed.

• 27:53Haley Sacks?

  On a boat and then you hurt your teeth. Obviously I was a follower at the time.

• 27:58Speaker 02

  Oh, my God. Yes.

• 27:59Haley Sacks?

  I remember the whole thing. I was so excited.

• 28:02Speaker 02

  Wow. Okay. So yeah, so Brendan.

• 28:04Haley Sacks?

  We have a real relationship, but also so parasocial.

• 28:08Speaker 02

  Brendan proposed, there was a trauma, but then, but then we realized that obviously we wanted to get married. I wanted Brendan to have a visa. I knew we were going to be together for a long, it wasn't like we got.

• 28:20Speaker 01

  I had a visa.

• 28:22Speaker 02

  Oh, sorry, for the green card.

• 28:23Speaker 01

  And I was like, hey, I can go apply for another one of these. Fine to do it, but like, we're gonna, we're already engaged.

• 28:31Speaker 02

  Yeah, we're already engaged. So.

• 28:33Speaker 01

  We might as well get the green card process going.

• 28:34Speaker 02

  But that also meant that there was going to be 100 days where we couldn't leave the country, where he couldn't leave the country. So I was like, looking at the calendar, because originally we were gonna, you know, prolong the situation. But then I was like, you know what, the only next 100 days that we have is like, in this quick block.

• 28:54Speaker 01

  But I can't leave.

• 28:55Speaker 02

  Yes. So we got engaged in, in August and we got married at the courthouse without telling anyone in our family in October.

• 29:06Speaker 01

  Because our lawyer, my immigration lawyer was like, listen, you can tell your family, but a lot of times, more than half the times, you tell people you got legally married, they're like, why are we even having a wedding? And it's just like paperwork, but parents get obsessed with it and they're like, you had a wedding? I told my friend that she did it right after us, told her parents and they were so upset. And I was like, I told you.

• 29:26Haley Sacks?

  Yeah. So wait, when did they find out?

• 29:29Speaker 01

  We told them after.

• 29:30Speaker 02

  After our wedding.

• 29:31Speaker 01

  We got married at 10:00 in Morocco and we told them at like 10:30 and they're like, what? But they're so happy you're celebrating, you know?

• 29:37Speaker 02

  I don't even, it was in one ear and out the other.

• 29:40Haley Sacks?

  But I'm surprised that your dad was not like, Hannah, you're already married. Here's the prenup.

• 29:44Speaker 02

  We knew we were gonna get a prenup, but it was actually a postnup.

• 29:49Haley Sacks?

  Oh, okay.

• 29:49Speaker 01

  Because he had already legally been married.

• 29:51Haley Sacks?

  You did it in the time before the big wedding?

• 29:53Speaker 02

  Yes.

• 29:53Haley Sacks?

  So you got legally married and then the postnup happened in the time between October and when the Morocco.

• 29:59Speaker 01

  No, we did the postnup post wedding.

• 30:01Haley Sacks?

  We did?

• 30:02Speaker 01

  Yeah, post our real wedding.

• 30:03Haley Sacks?

  Yeah. Oh, wow. We did? Not before?

• 30:07Speaker 02

  Regardless.

• 30:08Speaker 01

  No, he was like, no, this is so nice.

• 30:12Speaker 02

  Yeah.

• 30:12Speaker 01

  We also, most people would be like, we're married, like, not most people, but if you were in the relation for the wrong reason, you'd be like.

• 30:17Speaker 02

  Which is a huge red flag.

• 30:19Haley Sacks?

  Yeah.

• 30:20Speaker 02

  Brendan and I were always very, very communicative and we knew from the beginning that we were going to have a post-nup, pre-nup situation.

• 30:28Haley Sacks?

  Yeah.

• 30:28Speaker 01

  And after we got engaged, we redid like our wills and situation and like, so you know what the other person's about. So I was like, I don't even want a dollar. Like I'm, and they're like, you have to like, you can't just take nothing. Like you have to take a dollar. I'm like, why? You know, like I'm fine out here working for myself.

• 30:46Speaker 02

  So it was a whole thing and we just did it with, with our lawyer and yeah, it was, we did it with my family lawyer.

• 30:53Speaker 01

  Yeah.

• 30:54Haley Sacks?

  Did you have any like clauses that you're, like, what was like the breakdown?

• 30:57Speaker 01

  The post-nup?

• 30:58Haley Sacks?

  Yeah.

• 30:59Speaker 01

  No idea.

• 30:59Speaker 02

  I don't know. It seemed very straightforward.

• 31:01Speaker 01

  We probably need to redo it now. We have kids and.

• 31:03Haley Sacks?

  Yeah. Yeah. People, Beyonce has redone her pre-nup multiple times.

• 31:08Speaker 02

  Oh, really?

• 31:08Haley Sacks?

  With J C. Yeah.

• 31:09Speaker 02

  Yeah, we should probably look into that. Something we haven't refreshed in a long time. Definitely not since having Claude. Maybe we did something under Peston.

• 31:16Speaker 01

  No, I think we just did the, redid the will.

• 31:18Haley Sacks?

  You gotta get the will and the life insurance going while we have kids.

• 31:21Speaker 01

  Life insurance is cranking.

• 31:22Haley Sacks?

  Huge.

• 31:23Speaker 02

  Well, we have the life insurance. We have, we have the will. We have his, like the kids guarantors or whatever.

• 31:29Haley Sacks?

  The kids guarantors. Wasn't that what they're called?

• 31:31Speaker 01

  Yeah.

• 31:32Haley Sacks?

  The kids.

• 31:33Speaker 01

  No, if we pass away.

• 31:34Speaker 02

  If we pass away, they, we have.

• 31:35Haley Sacks?

  Is it called the guarantor? Oh, I'm not of my nephew.

• 31:38Speaker 02

  I think so.

• 31:39Haley Sacks?

  Yeah, I feel really good about it.

• 31:40Speaker 02

  My cousin is ours.

• 31:41Haley Sacks?

  I'm always like, this would be like a Sandra Bullock movie. If like you both died and then I got my nephew and like I have to like start over like with this baby like going through the grief.

• 31:49Speaker 01

  Sandra Bullock, actually.

• 31:50Haley Sacks?

  Thank you so much. Your kids are in a lot of your content and I, you were just in this big Tom's campaign. It's everywhere. And so first of all, where do you draw the line between family and business? And also, how do you handle?

• 32:05Haley Sacks?

  Your kids as basically employees, I would say.

• 32:08Speaker 01

  Yeah, we employ them.

• 32:09Haley Sacks?

  Okay, wait, so do they get paid for your contacts?

• 32:11Speaker 02

  Yes, but before we go into, and I'll let you kind of spearhead the financial side of this conversation, I just want it to be known that I do struggle with the fact that we fully have jumped in and our kids are on social media, on our social media. In the beginning, it felt like, because I had shared so much about our journey and our struggle

• 32:36Haley Sacks?

  The IVF.

• 32:37Speaker 02

  to get pregnant.

• 32:37Haley Sacks?

  Yeah.

• 32:38Speaker 02

  And then when we finally did.

• 32:41Haley Sacks?

  Yeah.

• 32:41Speaker 02

  It just felt like, of course I needed to, yes, the Barack, yeah.

• 32:45Haley Sacks?

  Yeah.

• 32:46Speaker 02

  Of course I needed to share my kids with this community that was so invested.

• 32:52Speaker 01

  And a lot of times people comment on it, like even on my YouTube, whatever, like, thanks so much for sharing. Like, it's so polite.

• 32:57Speaker 02

  Yeah, but at the same time.

• 32:59Speaker 01

  For sharing your kids' lives with us.

• 33:01Speaker 02

  Like, people, people really love, and they have so many internet aunties, and it's amazing. But at the same time, I'm very aware of the dark side of the web and all of the predators and all the things and all the things that I now have subjected my kids to, whether I like it or not, that exist with putting your kids online. So it's something I struggle with all the time.

• 33:24Speaker 01

  There's definitely some weird moments, like we landed in Nice, like when Preston was two, and someone was like, Preston!

• 33:29Haley Sacks?

  And you're like, whoa. Yeah.

• 33:32Speaker 02

  So we have to talk to our kids about safety and code words and how we.

• 33:36Speaker 01

  We gotta like prep our au pair about like, if people come up, they might not know.

• 33:40Speaker 02

  Yeah.

• 33:40Speaker 01

  You know, like you gotta have a sense.

• 33:42Speaker 02

  So we take a lot of precautions and safeties in our own home that we talk to our kids about to prepare them for these types of scenarios. But it's not lost on me that I know, you know, it is a really big topic and it's one that I feel like I'm a living guinea pig for.

• 34:00Speaker 01

  We don't specifically put them on there to monetize. Like, it's not like, there's definitely like, we're not like, hey, do this, like, act so you can get.

• 34:11Speaker 02

  I don't want to be filmed right now. I'm like, oh, okay.

• 34:14Haley Sacks?

  But you got more views when they're in it, though. Like, I feel like Claude's gone super viral.

• 34:18Speaker 02

  Claude is a viral girl. She's just, I mean, the attitude she gives is like no other.

• 34:23Haley Sacks?

  Yeah, yeah, yeah.

• 34:24Speaker 01

  But again, those are like not planned moments. You just happen to catch them. It's not like you're like out there trying.

• 34:29Speaker 02

  No, she just loves her reflection. So I usually just like put the camera up and let her do her thing.

• 34:34Haley Sacks?

  She's such a diva.

• 34:36Speaker 02

  Whether she's peeling her egg quietly to herself, you know, that was like such a random. I was like, I just needed her to be engaged while I was getting other things done, you know? She was just looking at herself peeling her egg. It was unbelievable. People are like, she peels an egg better than I do. Okay, but anyway, you can go into.

• 34:53Haley Sacks?

  Okay, tell us about the custodial Roth IRA. Because when your kid works for you or has a job in general.

• 34:58Speaker 01

  You can write off the certain amount of money by putting.

• 35:00Haley Sacks?

  You couldn't, yeah, creep, but basically a Roth IRA for them, but it is.

• 35:03Speaker 01

  Yeah. And then it's just, I mean, it's earning interest year over year. It's incredible.

• 35:08Haley Sacks?

  It really does. Like, you can.

• 35:09Speaker 01

  So we pay them, we max it out for them each year because they're in a lot of our content. And then like for the TOMS campaign alone, it just maxed it out in one thing. So it was perfect.

• 35:17Haley Sacks?

  That's amazing. That's so, I mean.

• 35:20Speaker 01

  15K.

• 35:21Haley Sacks?

  Yeah, I think by the time they're 60, they're gonna, and that is all tax-free wealth because custodial Roth IRA is the same as a regular Roth IRA, but it is for kids who are under 18. The parent manages it, sets it up for them, invests it, most importantly. And you can start it as early as zero years old. But of course, no one has a job when they're zero. So it really is the kids that can do that are like, if your parents are influencers.

• 35:47Speaker 02

  Right, right.

• 35:47Haley Sacks?

  Or, you know, your Beyonce's kid and, you know, I think.

• 35:51Speaker 01

  You're Northwest.

• 35:52Haley Sacks?

  You're Northwest saying on the song Glory, when she was like two days old, she cried on it. Like.

• 35:58Speaker 01

  Our kids are in a, like, you know, we would have no problem backing up that it's a real income.

• 36:04Haley Sacks?

  100%. Yeah, yeah.

• 36:05Speaker 01

  I don't feel like I'm just like using a loophole. It's like, no, that is there for this. And we're lucky that the internet put us onto it. And then we brought it to our accounts. They were like, for sure.

• 36:15Haley Sacks?

  Yeah, it's also crazy too, how much growth you can have just by starting early, like.

• 36:20Speaker 01

  100%.

• 36:21Haley Sacks?

  You know, whatever you guys are able to create.

• 36:23Speaker 01

  Interest compounding year after year after year for the next 19, 20 years.

• 36:26Haley Sacks?

  It's so crazy.

• 36:29Speaker 01

  So then, you know, a friend of mine who I knew in New York who'd like sleep in my bed and we're like, he was, he had like, not a lot of money, but he was a great guy. But he didn't get his, like, couldn't use any of his money his parents left till he was 50. Which I kinda like, like, giving someone money when they're 21 or whatever.

• 36:49Haley Sacks?

  No, I think it destroys the ambition.

• 36:51Speaker 02

  I couldn't do that.

• 36:52Haley Sacks?

  Yeah, I didn't have any.

• 36:53Speaker 01

  I think it should be late, like, you have to show and prove and make, make it. And then, like, that is a nice.

• 36:58Haley Sacks?

  Yeah.

• 36:59Speaker 02

  We've continuously moved back the years for, for my small trust that I have.

• 37:05Speaker 01

  Yep.

• 37:06Speaker 02

  That my parents, that my grandfather, my grandmother, actually, let me correct myself. My grandmother.

• 37:11Haley Sacks?

  Yeah, you heard her, that's a female. But speaking of that, like, you know, I remember once I was talking to you and we were talking about trust and generational wealth and you were saying that, like, everyone thinks that you're just using your, your family's money to get all these things. And it's like, no, you actually haven't.

• 37:33Speaker 01

  This is like a big.

• 37:34Haley Sacks?

  Can we clear this up?

• 37:35Speaker 01

  Yes, this is, and I would love to, because people.

• 37:37Haley Sacks?

  Okay, let's.

• 37:37Speaker 01

  By the way, I, we love chatter. If you don't have a Reddit thread on you, you're pretty much irrelevant, in my opinion. You know, like, you need people talking about you, or like, you're not doing it.

• 37:46Speaker 02

  This is gonna make the reddits light up.

• 37:49Speaker 01

  No, light it up.

• 37:50Speaker 02

  Light it up, baby.

• 37:51Speaker 01

  Light it up more, it's like the best free PR of all time. We get people all the time, like, we can take your reddits down, like, a thousand a post. I'm like, this is the greatest PR, I would pay to for more of them, this is incredible.

• 38:00Speaker 02

  I don't read them.

• 38:01Speaker 01

  Yeah.

• 38:03Speaker 01

  Yeah, Hannah, you cannot read them.

• 38:05Speaker 02

  I don't need to.

• 38:08Speaker 01

  I read all of them. It's hilarious. Anyway, when we started dating, Hannah was living in this old synagogue at Rivington in Ludlow. It was a shit apartment. We came back from Miami after meeting, and she's like, come over. I came over, I was like, damn, this girl's killing it, like, this is amazing.

• 38:24Speaker 02

  My first apartment out of college.

• 38:26Speaker 01

  Which you didn't even see, your friend went and saw.

• 38:29Speaker 02

  My best friend, I was in the middle of finishing up my senior project and I like literally needed to move into a place as soon as I left school. I had my best friend go look at this apartment, sign the like, send me the lease, I signed the lease. And my dad was going to pay for like the first year and a half of my rent out of college.

• 38:49Speaker 01

  Yeah. So then I go there and I'm like, place is sick. No, like I just met her in a nightclub. I was like, oh man.

• 38:55Speaker 02

  Yeah, like I really locked up.

• 38:56Speaker 01

  Are we on the jet next week? Like what's up? You know, and I have like no idea about her. And then I started having friends over and they're like, sick, like this place is crazy. Like what's this person do? And I'm like, not much. So then I'm like, she DJ sometimes and like, she's like trying to get this rare seed library going with her like old gay friend. You know, like up to some entrepreneurial things. Anyway.

• 39:17Speaker 02

  Listen, if you're in the food world, you know how important it is to, you know, really save those seeds. Heritage seeds. We don't have a lot of them. Everything's a jam.

• 39:26Speaker 01

  After a bit, I'm like, people are coming over and like, there's no answer. And I'm like, this is a bad look. Like, so then I'm like, where, where's the money coming for this? What's happening? So then I start digging in a bit. And then it's like, oh, well, I get a draw monthly from my trust. And I'm like, why? She's like, well, that's what they do. That's a trust for four. I'm like, no, not really. She's like, yeah, like how else would I like have money to go like do these things and like buy shoes and stuff like you'd work. Why don't you live like us for a bit? And she's like, what does that even mean? I'm like, here's what we're gonna do. And that's when it all started.

• 39:59Speaker 02

  This is the rom com I need, by the way.

• 40:01Speaker 01

  This is like, let's look under the hood and see what's happening. So we moved into the coolest apartment at 50 Spring, which was now shout out Kava, cause it's there down, but it was a cabin in the back.

• 40:12Speaker 02

  For your business. I remember Ava Donaldson worked with you. Yeah, yeah, yeah. Ava Donaldson. Shout out to Ava.

• 40:19Speaker 01

  So we moved in there, which was a better financial decision. Now we're obviously splitting rent. So it's good, but then it was like.

• 40:26Speaker 02

  But I wasn't all, I wasn't like completely out of it. Like I had a, an assistant that I had made up that was me. That was how I was negotiating my fees at these nightclubs because I knew all the owners. I didn't want to like, be the one to be like, hey, you've got to pay me $200 tonight instead of 75.

• 40:43Speaker 01

  It was a genius move.

• 40:44Speaker 02

  So I was like trying to move the needle. Yeah.

• 40:47Speaker 01

  But then I was like, okay, but if you really want to live like us. Who aren't earning money from trusts, which I then gotten arguments with her other friends who are set up the same like, that's what it's for. I'm like, it is not like you're making 60K at work and you're spending 200 a year because

• 41:02Haley Sacks?

  Don't touch the principal.

• 41:03Speaker 01

  Yeah, I'm like, it could just be earning you more money to a setback.

• 41:06Haley Sacks?

  Yes.

• 41:06Speaker 01

  You should just understand. And Hannah was like, I'm down for the challenge. And she's like, we made the call to her accountant and was like, cut it off. And it was like, cool. Now it's what you earn, like eat what you kill. And that mentality created a beast. Hannah is a monster now and in like a financial way, you know, like she works so hard. She's such a hustler. That one paradigm shift like changed everything for our relationship, our stability, your drive, your like destiny to succeed in all this. If you're a lesson, you'd be like, fuck you. You, you created this for me. Now you're taking it away from me. So to come to it on your own terms, to me is like incredible.

• 41:45Speaker 02

  And in my best like financial year, I made close to like five million bucks, which was a couple of years ago. I mean, and we've had ups and downs over the last 14 years of living online, but like I've been

• 41:58Haley Sacks?

  Five million is a lot.

• 42:00Speaker 02

  We also were in debt, you know, like there's a lot of stuff behind the scenes that people think, people like think that, like you said, that like I like that this work that we do is all

• 42:11Speaker 01

  Like free and money, fly and business ourselves. Like we haven't paid for a business flight, maybe ever that hasn't been a points upgrade. That's how we pay for them. But otherwise, like, we're just getting, it's part of the job. Like we earned it through our work and lifestyle, you know?

• 42:27Haley Sacks?

  That's pretty amazing. So, okay, so shut down the haters. Everyone who says that they are just

• 42:31Speaker 01

  Not really. Don't shut them. Keep

• 42:32Haley Sacks?

  Keep the haters going.

• 42:34Speaker 01

  We're here for them.

• 42:34Haley Sacks?

  Yeah, absolutely. It's still, you're inclined to your own opinion.

• 42:38Speaker 01

  Yeah.

• 42:38Haley Sacks?

  But I will say that Hannah and Brendan, like the house in the Hamptons, the apartment.

• 42:44Speaker 01

  The house in the Hamptons is hilarious. Like people are like, oh, daddy's money bought it. Hannah's daddy's money. I'm like, cool. Think what you want. Like we have, we used In full transparency, we used money from her trust for our first down payment on our apartment

• 42:59Speaker 02

  On our first apartment.

• 43:00Speaker 01

  Our first apartment. And as soon as we could, we paid it back in. The exact same 430,000 we took out, we put back in. And I was like, because to me, it was just an interest free loan that we were super lucky to get.

• 43:12Speaker 02

  Yeah.

• 43:13Speaker 01

  But we also matched up, we took 430, it was like 800, we put the rest of the money down ourselves. But use that, but it was like, that was on our payback, it was on my Learnvest. Like, we were paying that back and we paid it back.

• 43:25Speaker 02

  And then when we sold our apartment, we used the capital gains to put the down payment on our house in Hampton's.

• 43:34Speaker 01

  Yeah.

• 43:34Haley Sacks?

  Smart.

• 43:35Speaker 01

  We rent it for about 110 a month.

• 43:38Haley Sacks?

  That's a lot.

• 43:39Speaker 01

  To me.

• 43:40Speaker 02

  Yeah.

• 43:40Speaker 01

  By the way.

• 43:41Speaker 02

  They've done some great upgrades.

• 43:42Haley Sacks?

  Yeah.

• 43:42Speaker 01

  Their renters have to pay the expenses while they're there. What's the hardest time to run your pool, your AC?

• 43:47Speaker 02

  Yeah.

• 43:47Speaker 01

  So we don't pay any of that. We pay off season, you know, all the utilities off season, which is like just running Nest at 50 degrees. You know, it's like a joke.

• 43:56Speaker 02

  And this is our first summer that we haven't had to rent.

• 43:59Speaker 01

  Yeah.

• 43:59Speaker 02

  And so we are not renting our house this summer.

• 44:01Haley Sacks?

  That's so cool.

• 44:02Speaker 02

  And our kids are going to go to camp and we'll just.

• 44:05Haley Sacks?

  And Aunt Haley is coming over.

• 44:07Speaker 02

  Exactly.

• 44:09Haley Sacks?

  That's so, congratulations.

• 44:11Speaker 01

  Our renovations look a little slimmer this year because I just can't, it's, I always just, it's like a net zero operation for me.

• 44:17Haley Sacks?

  Yes.

• 44:17Speaker 01

  But, you know, we get so many things, get like Kohler is a big partner for us. So they pay us to put our new sauna and cold plunge. You know, like.

• 44:24Haley Sacks?

  Yeah.

• 44:25Speaker 01

  It's a, to me, it's just game.

• 44:26Haley Sacks?

  That's so smart about how you set things up.

• 44:28Speaker 01

  Yeah. Yeah, for our house in the city, everyone's like, again, dad, it's dad's money. I'm like, cool. Like, he would never spend a dollar on our house, A.

• 44:34Haley Sacks?

  Yeah.

• 44:35Speaker 01

  And I got 700 grand of product for our house.

• 44:38Haley Sacks?

  So crazy.

• 44:39Speaker 01

  And to me, that's like 1.5 million worth of equity because you renovate anything in New York City and it's like 2X.

• 44:45Haley Sacks?

  Yeah. And also like as a, someone who consumes your content, it's really fun to see, like it works on both sides that you're getting those upgrades, but also it is.

• 44:54Speaker 06

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• 45:23Haley Sacks?

  Like great content where people love your opinion.

• 45:26Speaker 01

  Sometimes I wish I was like just a home guy, but I'm like, I don't have enough money to keep this.

• 45:29Haley Sacks?

  Okay, but let's talk about your vibe as a home guy because your apartment tour went super viral.

• 45:34Speaker 02

  Crazy.

• 45:35Haley Sacks?

  People are worried about your kids. They're like, are Claude and Preston okay? They don't have windows.

• 45:40Speaker 01

  Yeah, the bunker.

• 45:41Haley Sacks?

  Yeah, I would never live there. I'm like, you wouldn't live there?

• 45:44Speaker 02

  Yeah.

• 45:45Haley Sacks?

  You wouldn't live there?

• 45:46Speaker 01

  Obviously you have opinions, outside opinions, but two, like, people don't understand New York City living. Like, a lot of people only have a front window. I always think like, if I was like, okay, one of you haters, like, I'm just gonna gift you this apartment. They'd be like, I can't do it.

• 46:00Haley Sacks?

  Yeah.

• 46:01Speaker 01

  Not enough light.

• 46:02Haley Sacks?

  Yeah.

• 46:03Speaker 01

  You'd be like, incredible. Everything would change online. Like, I just got gifted the best apartment in New York, too. But like, again, who cares? But it works for us. Would we like more light? Of course.

• 46:14Speaker 02

  100%.

• 46:15Speaker 01

  Do we go outside? That's the other thing with New York City, like.

• 46:19Haley Sacks?

  Do we go outside?

• 46:20Speaker 01

  Well, New York City is funny, right? Like, Heron Preston, who's on our roster as well, as you know, put it the best way once when he made this book, which was like, New York City, the halls are the streets and the restaurants are our cafeterias. Like, you're just in class for short times at home, but you just want to be outside. That's the beauty of New York.

• 46:39Haley Sacks?

  Yeah.

• 46:40Speaker 01

  You're not in LA in your house, in your car. Like, New York is like, you sleep at your apartment, you sometimes entertain, but really, you want to be in the city.

• 46:48Haley Sacks?

  Yeah, I agree. I'm not like a dinner party. Like, when I first in my apartment, someone tried to have me like have a huge dining table. And I was like, certainly not. Like, for what? Like, the one Shabbat I show, throw a year? Like, it's like.

• 47:00Speaker 01

  We had an outdoor space at our last apartment. We were like, we're gonna barbecue and host. And it's like, you just want to be out with people.

• 47:06Haley Sacks?

  Yeah, 100%.

• 47:07Speaker 01

  That is New York City. The energy you feed and stay young off and be cultured is from being in the streets.

• 47:13Speaker 02

  And also, I have to say, this is not our forever home. So, we will get to an apartment that has sunset views and has windows.

• 47:23Haley Sacks?

  Yeah.

• 47:24Speaker 01

  But also like.

• 47:24Speaker 02

  We also had an amazing deal on this apartment, and it has so much character, insane ceilings, like.

• 47:30Speaker 01

  And we rent it out for shoots and make more money than it costs us to carry it monthly, so.

• 47:34Speaker 02

  Yeah. And it's in the perfect location.

• 47:36Haley Sacks?

  Yeah, so there you go. And that's on that.

• 47:38Speaker 02

  And I get to, we get to walk our kids to school. So, that in itself is a huge luxury that a lot of people pay a lot more money for in order to have.

• 47:51Haley Sacks?

  Okay, we're gonna wrap things up, but you guys are very, obviously very busy, very successful. You have your fingers in a lot of different pies. But I would hate to have this episode end without just getting a quick breakdown of all the revenue streams because there's so much going on. Wait, Brendan, you need to also tell us how much you made on your best year because obviously it's like a safe space.

• 48:09Speaker 01

  I mean, my last year was my best year. I almost made 2 million bucks.

• 48:12Haley Sacks?

  Hell, yeah. There you go, Papa.

• 48:15Speaker 01

  This year I'm gonna clear 2.

• 48:16Haley Sacks?

  Hell, yeah.

• 48:17Speaker 01

  That's just by doing influencer.

• 48:20Haley Sacks?

  So good.

• 48:21Speaker 01

  Yeah, everyone thinks I'm just living off Hannah's money. But I'm like, I have goals. I set them, you know, and I stopped managing other people at Previa 2 years ago and just realized I was sharing.

• 48:31Haley Sacks?

  Brendan is my boss, by the way, like my management company.

• 48:33Speaker 01

  I own the company which owns all of us.

• 48:36Haley Sacks?

  Yeah. Oh, you're my boss as well?

• 48:37Speaker 02

  Well, I'm like, no, I'm like, I'm always coach's wife.

• 48:40Haley Sacks?

  Okay.

• 48:41Speaker 01

  But you're a part of my household, our household, so you do theoretically. But 2 years ago, I was still managing other talent at Previa and I was like, why am I sharing all the cheat codes with everyone? I'm making 2/3 of my money being me and I'm just moonlighting. I'm spending like less than an 1/8 of my time on my influencer, like creator life. And I'm doing all the other time on this talent. I'm making less than 1/3 and like, suddenly I just woke up and Gabe's like, I've been trying to tell you. And I'm like, what have I been doing? So I just like, cut all them. And then I had the best year of my life immediately. And then last year was my second year doing it. And I like, yeah, I cleared like 1/7.

• 49:17Haley Sacks?

  But you're so good at optimization. Wait, so walk us through it and then this will be last question. What are the revenue streams?

• 49:22Speaker 01

  The revenue is content creation is like that.

• 49:25Haley Sacks?

  So brand partnerships, speaking engagements.

• 49:28Speaker 01

  Brand partnerships, DJing still for me is, yeah, appearances.

• 49:32Haley Sacks?

  Appearances.

• 49:32Speaker 01

  DJing for me is like an 8th of mine. I'm probably gonna get more into it just because I'm finding love for it again. I actually like really hated doing it after 12, 15 years.

• 49:42Speaker 02

  TBD if I find my love again. We think I might. I'm trying to.

• 49:45Speaker 01

  We're gonna do this little outdoor series this summer by our pool and our umbrella with like the DJ stuff and livestream it.

• 49:51Speaker 02

  I've taken 4 years off of DJing. Once I had kids, you know, and it was the pandemic, like things changed so much. But never say never. Once you're a DJ, always a DJ.

• 50:02Haley Sacks?

  Yeah.

• 50:02Speaker 01

  But that's like another portion of the revenue stream and then.

• 50:05Speaker 02

  Then we monetize our houses, we rent them out.

• 50:09Speaker 01

  Yeah, location services on our houses.

• 50:11Speaker 02

  And also rentals.

• 50:12Speaker 01

  Yeah, rentals.

• 50:14Speaker 02

  Affiliates.

• 50:15Haley Sacks?

  Yeah. Oh, how's that doing?

• 50:18Speaker 02

  It's doing all right.

• 50:19Haley Sacks?

  Yeah.

• 50:19Speaker 02

  You know, I'm growing over there, but it's also not my main driver at all.

• 50:24Haley Sacks?

  Yeah.

• 50:24Speaker 02

  But it's been really fun and I love it. And someone just reached out to me who's very high profile and was like, hey, like your Substack is the number one driver to my company. Like, I would love to figure out a partnership.

• 50:37Haley Sacks?

  Wow.

• 50:37Speaker 02

  I was like, okay, cool. So it works.

• 50:39Haley Sacks?

  Yeah.

• 50:40Speaker 02

  You know, and I think Substack is a really great discoverable tool.

• 50:43Speaker 01

  Yeah, it's a great promotion. And you make like, what, like 20 or 30 grand a year right now on Instagram?

• 50:47Haley Sacks?

  Yeah, yeah.

• 50:47Speaker 01

  Like nothing.

• 50:48Haley Sacks?

  There you go.

• 50:48Speaker 01

  And then I make another like 50K off my YouTube ad rev.

• 50:51Haley Sacks?

  Yeah.

• 50:52Speaker 01

  Plus partnerships over there. So there's all sorts of different small lovers, but nothing, the big earners.

• 50:58Speaker 02

  There might be another book in my future.

• 51:02Haley Sacks?

  Oh, you gotta talk to me, girl.

• 51:03Speaker 02

  Mm hmm.

• 51:04Haley Sacks?

  I don't know.

• 51:05Speaker 02

  Different type of book.

• 51:06Haley Sacks?

  I don't know if Gabe could handle another book, to be honest.

• 51:08Speaker 02

  Well, he just might.

• 51:09Haley Sacks?

  Yeah.

• 51:10Speaker 02

  He's gonna need to get in together.

• 51:13Haley Sacks?

  Yes. Okay, what kind of, can you give us like a little taste?

• 51:17Speaker 01

  More of like a story.

• 51:19Speaker 02

  Like a coming of age story, growing up in New York.

• 51:22Haley Sacks?

  Oh, heavens, we're gonna get into a TV show.

• 51:24Speaker 01

  Correct.

• 51:24Haley Sacks?

  That's what I'm hearing.

• 51:25Speaker 02

  It's all about owning your IP, people.

• 51:28Haley Sacks?

  That's what, that's what Justin Bieber's about, too.

• 51:29Speaker 02

  Yeah, it is.

• 51:30Haley Sacks?

  If you're not the owner, then you're just working for who is.

• 51:32Speaker 02

  Exactly.

• 51:33Haley Sacks?

  Yeah, you gotta own it.

• 51:33Speaker 02

  Yeah, that's kind of a salacious story.

• 51:35Haley Sacks?

  Ooh, is it true?

• 51:37Speaker 02

  It is.

• 51:38Haley Sacks?

  Okay, there you go.

• 51:38Speaker 01

  Based on true events.

• 51:39Speaker 02

  Based on true events.

• 51:40Haley Sacks?

  Okay, we're seated. Well, thank you guys so much for coming on Financial Tea. I love you guys and I admire you and I think that there's so much to learn and obviously so much behind the curtain, so thank you for showing us.

• 51:52Speaker 02

  You know what? I feel like we've been waiting for this exact moment to be able to spill all the things that people have been talking about for years.

• 52:02Haley Sacks?

  It's glass table talk.

• 52:03Speaker 02

  Yeah.

• 52:03Haley Sacks?

  All right, stay rich.