Budgeting vs. Planning: It’s About Time

jacobtedBehavioral 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

jacobtedblog, 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 …