Financial Expert Explains Why She Chooses to Rent Instead of Buy Despite Being a Millionaire (Exclusive)

“Buying a home to prove something to your group chat is one of the most expensive forms of validation money can buy,” Haley Sacks tells PEOPLE

NEED TO KNOW

• Millionaire Haley Sacks recently spoke to PEOPLE about why she still chooses to rent instead of buy

• The finance expert who goes by Mrs. Dow Jones online says the decision comes down to comparing the true cost of homeownership with the benefits of investing

• For her, it’s about following the numbers — not traditional expectations

Haley Sacks, a financial expert better known online as Mrs. Dow Jones, has people rethinking one of the biggest assumptions about building wealth after revealing that, despite being a millionaire, she still chooses to rent.

In a recent social media post, the 35-year-old explained that when her HVAC or dryer breaks, she simply calls her landlord instead of footing costly repair bills. She also highlighted that the money she would have spent on a down payment is working for her in the market — all while she enjoys a Brooklyn Bridge view from her apartment.

Her post, however, left many followers wondering when buying actually makes more financial sense than renting, so Sacks sat down exclusively with PEOPLE to explain why, in her view, the answer isn’t as simple as people think. “Sometimes buying wins. Sometimes renting wins. The mistake is deciding the winner before you’ve done the math,” she emphasizes. 

Over the years, Sacks has built a following by making investing and personal finance feel approachable through humor and practical advice. 

As host of the Financial Tea podcast and the New York Times bestselling author of Future Rich Person, she has become known for challenging long-held money assumptions such as the idea that renting is a waste of money.

“If renting is ‘throwing money away,’ then so is literally everything you spend money on and don’t get to keep forever — food, gas, your gym membership,” Sacks says. “Renting buys you shelter and flexibility. Owning buys you shelter and a mortgage. Neither is ‘free.’ ”

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For Sacks, one of the biggest mistakes people make is comparing monthly rent to a mortgage payment without considering everything else that comes with owning a home. She argues that the financial picture is much broader than the price listed on a real estate website.

“A house isn’t just the purchase price,” Sacks says. “It’s property taxes, insurance, maintenance, repairs, closing costs and the opportunity cost of tying up hundreds of thousands of dollars in one asset.”

Sacks’ now-viral post illustrates her philosophy with everyday examples. For instance, when her air conditioning stopped working, the $15,000 expense wasn’t hers to absorb. The same applied when her dryer broke, and it became a replacement appliance rather than an unexpected financial setback.

“Renting caps my downside. I know my number every month, and if something breaks, it’s not my bill and not my problem,” she shares. “Predictable costs plus liquid, compounding capital… that combo won for me. Not forever. Just right now.”

That broader perspective, she says, changes the conversation entirely because it forces people to consider not only what they’re spending, but also what they could potentially earn by putting their money elsewhere instead of locking it into real estate.

“But most people never consider that comparison,” Sacks reveals. “They assume buying automatically builds wealth, when, in reality, your investments can absolutely outperform your home, especially if you’re consistently investing the money you didn’t sink into a down payment and ongoing ownership costs.”

Rather than relying on the conventional wisdom that buying is always the financially responsible choice, Sacks says she approached her decision by crunching the numbers.

“I did the math instead of trusting the folklore, babe,” she tells PEOPLE. “A 20% down payment in NYC is easily six figures. Invest that instead.”

And although her comments resonated with many people who currently rent, Sacks emphasizes that she isn’t arguing against homeownership. Instead, she believes the right choice depends on personal circumstances, financial goals and whether the numbers actually support buying.

Reflecting on how her own thinking has changed as her wealth has grown, Sacks tells PEOPLE the biggest shift came once purchasing a home became a choice rather than a milestone she felt obligated to reach.

“Once homeownership stops feeling out of reach and becomes optional, you find out real fast whether you actually want the house or just want to stop feeling behind,” Sacks admits. “I’m not anti-homeownership at all. If I plant roots somewhere for the long haul or find a property where the math genuinely beats renting-and-investing, I’ll buy.”

More broadly, Sacks believes younger generations are beginning to redefine what financial success actually looks like.

Rather than following the same path previous generations considered the only route to stability, she sees more people questioning whether traditional milestones still fit today’s economic realities.

“The old checklist – house, car, 2.5 kids, the same job for 30 years – was built for an economy that doesn’t exist anymore,” Sacks says. “We’re trading ‘checking the box’ for ‘building the actual life,’ which means admitting a house isn’t a personality trait or a guaranteed win. It’s one tool in a much bigger toolkit.”

For Sacks, that shift is about making financial decisions based on individual goals instead of outside expectations – a mindset she believes ultimately creates greater flexibility and long-term wealth.

“I’ll take someone who rents, invests aggressively, and stays flexible over someone who overextends on a house because that’s what a ‘successful adult’ is supposed to do by 30,” she tells PEOPLE.