Budget Busters 1

jacobted Behavioral Finance, blog, Budgeting Leave a Comment

“What a fool believes, he sees.” Doobie Brothers Many of us have no idea how to go about creating and living within a budget. Yet many of us have been on a diet. Why does budgeting scare so many of us? Money influences our behaviors in ways we are not aware of. In a series of posts, I will demonstrate how many of the skills required to create a diet are the same as those required to build a budget. Skills that can be learned. Meet Mitchell. Mitchell just returned from his annual physical. Seems Mitchell put on some additional …

Life on the PGA Tour

jacobted blog, Financial Planning

This past week the PGA Web.com tour stopped in Raleigh, North Carolina for the Rex Open. My wife and I had the privilege of hosting Byron Meth and his wife and caddie Valentina at our home for the week. It was an amazing experience. Over the course of the week, we had the opportunity to get a close-up view of what life on the tour is really like. Far from the glamour many associate with the dream job of playing golf for a living, for up and coming professionals such as Byron and Valentina, life on the tour is a …

Is College Worth Going into Debt For?

jacobted blog, Budgeting, Financial Planning, Your Loved One Has An Addiction

One of the most impactful decisions many recovering addicts face is College. The financial implications should not be ignored. College is but one step in the road to recovery. There are many more unknowns that lie ahead. As families begin to comprehend the investment of time required heal as a family, it is important that they also comprehend the financial investment required to heal as a family. For many families, there is a sense of urgency, whether real or imagined. Before families make decisions that they may regret in the future, they need to plan, a unique plan reflecting their …

Financial Rehabilitation: It’s All About the Conversation

jacobted Behavioral Finance, blog, Your Loved One Has An Addiction

This week I gave a financial awareness presentation to a group of young men and women in recovery at a renowned treatment program in Southern Florida. I quickly realized that everyone in the room had no idea what their parents were thinking or feeling about their being in treatment – then I thought back to my family’s situation years ago and remember having the exact same feelings and concerns. Empathy for this is what I think continues to allow the work I do to have an impact, I care because I understand. Over the course of his active addiction we …

Budgeting vs. Planning: It’s About Time

jacobted Behavioral Finance, blog, Budgeting, Financial Planning

For most people in recovery, budgeting is an exercise that in the end confirms what they already know. Their expenses are too high, and their income is too low. They are then consumed by feelings of helplessness, hopelessness, and despair. Budgets focus on the here and now. They are merely a snapshot in time. And for those in the early stages of recovery, from a financial perspective the picture is bleak. Early recovery emphasizes living one day at a time, which conflicts with the long-term perspective required to live a sober life. Dreams are big and take a long time …

The Hidden Costs of Addiction

jacobted blog, Budgeting, Financial Planning, Your Loved One Has An Addiction

Several weeks ago, a rehabilitation center in New Jersey invited me to speak at their weekly family group meeting. They believed that my combination of a successful Wall Street career combined with 15+ years (and counting) of life with a child in recovery could be both educational and inspirational. If I said I wasn’t nervous it would be a bold face lie; to do a presentation like this successfully would require my being open and vulnerable about the rollercoaster of pain and pleasure that comes with the journey. Reflecting back on the time, I came to the realization that as …

Financial Control: One Step at a Time

jacobted Behavioral Finance, blog, Your Loved One Has An Addiction

I recently began providing personal financial coaching services to a group of women who are currently at a rehab facility in Utah. I was extremely nervous, afraid if I could not gain their attention and trust, that this would be my first and last class. I became frozen with fear, and not knowing exactly what I was afraid of made matters worse. And then it hit me. I was setting unrealistic expectations of myself. And I realized that my real fear is that I did not want the group to be so overwhelmed, that doing nothing would seem like the …