Should you spend your cash on things you want, but don’t really need? You can, but first you must be in control of what you’re paying for both essentials and incidentals, according to Ramsey Solutions Financial Expert and author of the book “Everyday Millionaires”, Chris Hogan.
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“We’re spending almost $18,000 a year on non-essentials,” he told Fox Business’ Maria Bartiromo on Tuesday. “If you look at the average income, that’s almost 33 percent."
His advice: “Be intentional with your money. You work really, really hard to earn it, let’s not let it fall through your fingers.”
Knowing and understanding how much you're doling out can be key, he said.
“Personal responsibility is crucial,” Hogan said, adding that parents have an obligation to teach their children how to grow up to be productive citizens.
“Teach your kids young, “ he said. “Guide them -- unrealistic expectations lead us to more cycles, and parents need to make sure they take care of themselves.”
Hogan said a big fear is that we’re going to have parents who wind up being burdens on adult children, because have nothing saved for retirement.
“We do need to make changes, we need to educate… take control of our futures,” he said.