Podcaster Mandi Woodruff-Santos Says Saving and Budgeting Isn’t Enough To Build Wealth

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Mandi Woodruff-Santos is the co-host of the “Brown Ambition” podcast. Her advice has been featured on “The Dr. Phil Show” and in The New York Times, Teen Vogue and more.

Recognized by GOBankingRates as one of Money’s Most Influential, here she shares the importance of investing, why mindset matters and why lifestyle creep can become a huge financial issue.

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What’s the one piece of money advice you wish everyone would follow?

It’s not enough to save and budget. You have to pursue higher earnings and learn how to invest for long-term growth as well.

What’s the most important thing to do to build wealth?

Change your mindset around wealth. Tell yourself it’s possible to build wealth, that you can learn anything and that you can do it! Once you begin to internalize your ability to build wealth, it makes it easier to take the steps needed to increase your earnings, start investing and learn along the way.

What’s your best tip for fighting the impacts of inflation?

Invest, invest, invest!

What’s the biggest mistake people make when it comes to money?

Letting lifestyle inflation creep up so that even as you start earning more, you still feel broke and aren’t able to save and invest.

Make Your Money Work Better for You

Jaime Catmull contributed to the reporting for this article.

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About the Author

Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and People.com. Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert. 
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