Budgeting

The average American household wastes $10,000-$18,000 per year annually on non-essential items. Things like takeout, coffee, entertainment, impulse buys, and forgotten subscriptions.

Last night I was having a budget conversation with our 12-year-old. Like most kids he suffers from shiny object syndrome. If he has $10 in his pocket and goes into a store, he automatically "needs" the shiny object. 2 days later it is normally found in the corner of his bedroom going unused. Luckily, he has improved dramatically over the last few years which has resulted in him contributing over $2,000 to his Vanguard retirement account.

One basic lesson in economics and budgeting that I repeat frequently not just to my son but anyone that wants to listen is this:

You give your employer your time, in exchange for money.

Example: 1 hour of work and you get paid $25

The majority of mentally healthy parents do not want their 35-year-old child unemployed, depressed, broke and living at home playing Minecraft in the basement at 1:00 PM on a Wednesday. Parents want their children to grow up finding happiness, purpose, inspiration and financial security. Unfortunately, many young adults are stuck in a rut and not thriving.

• 1 in 3 adults age 18-34 live in their parents' home

• 42% of young adults 18-34 say they are struggling to make ends meet.

• 40.5% of 16–24-year-olds were not in the labor force nor actively seeking work (as of July 2025)

I empathize with this generation. Housing is through the roof, rent is insane, technology has hacked our dopamine centers literally rewiring our brains, college costs are crazy, processed food is 90% of supermarket options, and doctors hand out prescriptions like candy, numbing our bodies and brains to reality. Numerous people (me included) believe…

Books, mentors, and experiences have the ability to change your life. While these are few and far between, it only takes one to shift your perspective on life forever. I was lucky enough to read a handful of books 15-20 years ago that altered the course of my financial and professional life dramatically. None of these were recommended reading in public school or college. While not all are finance books, there is tremendous benefit from building correct psychological skills. Doing so will improve your financial well-being. Without the correct mindset, improving your financial health will be nearly impossible.

Top 5:

-Think and Grow Rich- Napoleon Hill

-Rich Dad Poor Dad- Robert Kiyosaki

-Total Money Makeover- Dave Ramsey

A vacation that is remembered by acquiring new monthly payments from credit card debt should be avoided as much as syphilis. A memorable vacation should include happy children, a smiling wife and/or an amazing experience.

• 36% of Americans planning vacations said they expect to take on debt to fund their trip. Of those, 26% said they will use a credit card and carry the balance over multiple billing cycles.

• 59% of travelers said they have gone into credit card debt from past trips.

• 8% of people who used credit cards to finance a vacation carry debt from the prior year's vacation.

Vacations are supposed to be relaxing, a time to make memories, possibly reassess your life goals, and return feeling refreshed and invigorated. If you are financing your fun, the opposite is true for you. Stress increases and the chain on your desk just got a little tighter.