half Americans are skipping summer vacation right now due to financial challenges two-thirds of Americans are falling behind in their bills jobs report came back unemployment the highest it's been since 2021 the average wedding today is $330,000 when I saw that article I said there's no way that's the average wedding for a middle eastern that's the average American Wedding you can probably save $170,000 if you marry an American versus a middle eastern this doesn't apply to everybody people are feeling stuck in their jobs bosses are starting to worry what's the story all about companies like McKenzie
Synchrony Financial and exact Sciences are implementing strategies such as increased Mobility budgets job swaps and roll expansions to combat feeling of being stuck and provide new experiences for employees MacKenzie's goal is to help staffers gain a more Global understanding of the World by working in different cities or countries volunteer turnover within companies have decreased from 177% in 2022 to 12% in 2023 leading to fewer internal moves and promotions this has resulted in lower regrettable turnover and fewer opportunities for career advancement causing frustrations amongst employees companies like all state are prioritizing internal recruitment by setting up
career focused conversations and creating tools to see open projects within the company this strategy aims to fill more roles internally with all state increasing its internal hires from 45% to 60% showing that the company company values employees career progression Tom this is the unintended consequence of work from home and let me paint the picture for you people working from home could not have those dozen conversations with your boss a week that were mentoring opportunities hey look I got this halfway done what are your thoughts on that can you give me a few pointers to finish
this up all of that is off the table because you're just on a zoom with your team to get something done so you've turned yourself into a remote robot not a member of a team now companies are coming back back saying hey we want to develop the people inside and do internal hires to promote them but some of these people we don't have good visibility to some of these people really haven't developed and so companies right now we've seen a lot of layoffs this year not as much as a year ago and two years ago
but layoffs are coming and what companies want is the best of the best they're talking about we need to expose people to the fact that hey there's a promotion you could get why don't you Mentor with me a little more and aim yourself for that promotion are good quality people companies want to keep the best yet the work from home and everything has allowed some of the good people who made the bad choice to stay working for home didn't get the visibility to the boss and so now this is unintended consequences coming home to roost
you know the whole concept of people feeling stuck in their jobs do you know the average amount of jobs someone Works in their lifetime the answer is 12 so 12 different jobs the average job is about 3 to 5 years so you're going to plan on working for 50 years the name of the game is figuring out where you want to be long term you know there's a difference between having a job versus having a profession that's the difference between being a jack of all trades versus being a specialist I've been at my company in
the financial services world for 18 years most people don't spend more than 5 years at a job they go from job to job they're moving for a better paycheck a better opportunity people want a work life balance I want the perfect work life balance well Pat you talk about this all the time if you want SU uccess in your life buddy forget about a work life balance you better work you know the way that I operate is I like doing the Paro principle which is the 8020 rule 80% of my life I spend working reading
strategizing improving and then 20% yeah I'd like to enjoy life a little bit but if you want to have success in your life if you want to find meaning in your life you got to work your tail off last point you know they say should you follow the passion or should you follow the money well neither follow what your talent is what you're good at if you double down at that the money will come and you're also going to get passionate about it cuz you're good cuz they say that confidence will turn to confidence this
whole conversation about turnover and regrettable turnover and people feeling stuck if you follow what you're good at the rest will fall into place yeah so you know for me I think a big part of this is the company's fault so for example parents I can't get my kids to read how do you make them read I don't even understand and relate to what you mean you can't get your kids to read what do you mean you can't get your kids to read right now if you saw my daughter come behind me and walk p over
you I don't know if you saw that or not is because she came she's reading the book right now and she gave me a report after she read the 20 Pages why did she do that none of the benefits of the day she gets until she reads what are the benefits playing outside during the summer going in in the pool you get zero benefits unless if you read a book now you may say that's extreme that's your problem that's not mine that's my vision of what I want to do but when I'm sitting there and
I'm having conversations with my kids and I'm enjoying the conversations when they're pulling up stories that I didn't even know about did you know such and such person in 1850 did this did you know this person I'm like wow that's pretty I didn't know that how you learned that I read it in this one book you know so opportunities expand for your children the more well- read they are with the material guess what Mr and Mrs CEO if you say don't worry about it work from home you don't have to read you don't have to
do this babe you don't have to do do that you're raising people that have limited in their opportunities so you're running a corporation you're like oh don't worry I understand to work from home principal these Executives don't get it these rich Millionaires and billionaires don't get it we understand we have families all these guys care about his money but I care about your mental health I care about your emotional health give me a flipping break you just destroyed their career you wasted four years of opportunity for them and now you're sitting around and saying well
we are feeling stuck because Boston are starting to worry no you're worried you're worried because of the policies you came up with who told you that those were good ideas now you're paying a price for it and these guys are sitting around saying well listen I liked it and by the way even later on sometimes when parents make a decision that kids like temporarily when kids grow up you know who they resent the parents with low standards think about it you know sometimes you have a boss you're like man this guy's so chilled I leave
at 3:30 he doesn't say I come in at 9:45 no one knows like he does one of these wink stuff don't worry about it I got you but you know what you just did you just destroyed this guy's potential you destroyed this guy's upside why would you do the wink wink manager because you're so concerned about having people like you 5 years is gone that's it you lost 5 years so if you got 40 Years of running 1/8 of it is wasted because you had a lazy ass boss with low standards and a lot of
these companies are experiencing that and then the future potential of somebody is wiped out thinking this was a good idea anyways that's my thoughts when I think about stories like this because I think it's the standard of the boss that's doing it and they're hurting some of the people that maybe have a bigger vision and dream of what they want to do nearly half of Americans are skipping summer vacation due to flight cost this is a Newsweek story nearly half Americans are interested in taking a summer vacation are not doing so due to Rising air
travel cost with 44% citing expensive flights as the reason according to a Newsweek poll by Redfield and Wilson strategies the Consumer Price Index for airline tickets has increased by 25% over the past year with an 18 6% jump in April alone what Rising fuel prices and operational cost coupled with a supply demand and balance are driving up airf fars Jesse nerton CEO of dollar Fight Club stated fuel is one of the largest expenses for Airlines and AS Global oil prices have risen these costs have been passed on to Travelers the poll shows that 50% of
Republican voters and 43% of democratic voters are avoiding air travel this summer due to high cost cost of living increases are impacting travel plans and 54% of those not vacationing citing High living costs what does it have to do with Republicans so 54% of Republican voters skiing summer travel and only 43% does that mean Democrats are richer than Republicans or does that mean Democrats are more irresponsible with their money than Republicans Tom what do you think if you go down the split Democrats are more willing to use consumer credit there's multiple reports on this there's
some social demographic things in here but there's three things that work here thing number one we got 1.1 trillion credit card debt so people don't have the extra space on the credit cards number two we've been talking about it and people have been out there that are the deniers we are at a 25 to 30% cumulative inflation effect going back three years that has made everything more expensive at home so that point number three when fuel is expensive and it's more expensive to fly this year than it would normally be I don't have the credit
card space and my overall cost of living has kind of crushed me so there's a cumulative effect here that people can't fly and they ran the survey and they found out I mean if you look at it 4354 that's not so far apart it's basically half of America is saying I can't do it and this is sad this is biomics this is all coming home to roost here and now we're seeing what is it happening it's happening with people that can't afford to buy a house and now it's people that can't afford to even take
a vacation this summer there's a couple different stories here 2third of middle Americans say they're falling behind due to the cost of living so on the surface it's like oh my God 2/3 of Americans can't afford to pay their bills they're living paycheck to paycheck but if you unravel that a little bit that 2/3 number of Americans hasn't deviated in decades the top Americans the top 10% are going to be fine they're making A4 million dollars a half a million dollars some of those people are still somehow living paycheck to paycheck cost of living but
they're okay the bottom 20% I mean the welfare state they're not going anywhere on vacation maybe they're going to the beach if they're lucky or their local Lake but the mass proportionality of Americans 2third of them live paycheck to paycheck this was true under Bush when he gave the stimulus checks during 2008 this was true during Obama this was true during Trump it's true during Biden it's also unfortunately going to be true when Trump retakes the White House most likely what's my point these are the moves that you're going to have to make if you're
an American that you actually want to get ahead maybe you don't go on that vacation this summer maybe in instead of going to Europe or going to Paris or going to London or going to IA you stay in America bro go to Detroit see what's going on there go to the hills in Michigan go to the Great Lakes check out California so rather than your $55,000 vacation maybe it's only 2500 maybe that 2500 extra bucks you pay off your credit card maybe you put that into a Roth IRA little moves like this will get you
ahead one little point the flight that they talk about here where they said 44% of Americans are citing flights as being too expensive dude that's the tip of the iceberg a flight might be 200 bucks 500 bucks 1,000 bucks what do you think the hotel costs okay so when you go and travel the hotel's probably going to be triple the price collectively so if your flight's 500 your hotel cost will probably be 2,000 these little things here are little moves you can make are things to get ahead then you have this story about a wedding
cost $30,000 people are saying you know what forget a $30,000 wedding let me try to do a $3,000 wedding in the short term it might suck but in the long term when you're debt free when you save money and you actually have now 10 grand 20 grand 50 Grand to travel you'll thank yourself a few years later I think I learned a lot you know why Adam's having a hard time with marriage because it's expensive if I read it correctly what Adam just said is babe if we get married I'm going to take you on
our honeymoon to Detroit and and we're going to have a great time and our wedding will be a $3,000 shotgun wedding yes at a local church synagogue here in what do you call it Israel I'm sorry boa Ron we're going to get married here but think about it all that money we're going to be able to save to be at Elite Uber I mean maybe that's the dream he's selling can you imagine he's talking dirty to his girl Dave if you marry a guy like me I'm gon take you to Detroit no and nothing wrong
with Detroit Rock City pbd yeah I'm just saying that's how he selling the dream Vinnie go ahead what are your thoughts on this I get it when you said is under this president or that president or but if you think about it this is not only a republican conservative problem now you even said Democrats are complaining let's point right at the problem this is that biomics he the economy is good they keep bsing like they do every single day the price of everything is up groceries everything gas prices crime every number every metric of every
single problem that we have is all going up and I want people to point at it these are just horrible policies and I think if it was Trump you actually think if Trump was in this would be this out of control I think not I think it'd be the other way what did the CEO of that serial company say a couple months ago he's like hey we know everybody's poor right now half a box of cereal for dinal for breakfast and for din hey guys to hell with you know candlelight dinner steak bring her to
the house have some Fruity Pebbles you can go all the prices are up everybody's complaining nobody's happy and it's because we have an Administration like I'm not saying Biden anymore I'm done saying that we've all known forever it's not him making the decision it's this Administration they know what they're doing they're trying to ruin the freaking country I call it for what it is it's the policiy everybody's pissed off at this one thing and it's just non-stop pbd my question would be how do you grapple with the story that you tell about make sure the
young wolf in you takes care of the old wolf in you so what do I mean you know you've been pretty open about when you first married Jen you weren't buying her a lot of luxury things you bought her a Kate's fade purse for 500 bucks now you're buying her what ever she wants so what's the story there you actually save more and pay attention to finances short term long term you could do whatever the hell you want because I did that now I'm not going to take my girl to Detroit I'll take her to
Paris but I'll tell you this last night if you were here I got Jen probably the wildest gift she's ever gotten outside of the house and all this other stuff that we've done she got a really nice gift last night and when we were getting married my wife till today this is what most people don't know I bought a $3,000 ring for my wife literally it's to be exact $3,300 and that's not because I didn't have money but I bought a $3,300 ring for my wife and I said at our 10-year anniversary I'll buy you
a $50,000 ring something really nice she said I don't want it I'd much rather go to Monaco let's go and stay there for a week first class all this stuff no problem we went and we did that and then I said she says babe I really want a nice purse one day no problem one day after three kids maybe but I'm Mr coach I bought I don't know how many Coach purses I bought they were the best $300 coach they knew me I was like a one of these customers that are BBS I'm like nobody
buys more coach Pur than this gu I was a mad returning customer I would go back when we had Senna our third our first daughter I bought her a Chanel purse and I went to the hospital and I gave it to her and she was grateful for it and then our 15E anniversary just happened June 26 and she got a nice watch no I think that's how you lead your family so Adam I am way more on your end of being cost effective with the money now because life is so expensive and I that part
is we're being comical and I'm having fun with it but trust me I'm part of that community of saving that money you know where Jen and I went on our honeymoon we drove 2 hours and we went to Santa Barbara we stayed at barara hotel no flight no nothing we went we came back it was two nights that was it I'm like babe I can't afford to be gone for too long I'm running a company she understood she's like yeah I totally get it but I think the over under of Adam getting married is now
about 60 years old that's just what I looked at Vegas odds while we're going through this it was like above 50 I think now we're above 60 who knows Tom how much money did you spend when you bought a ring how'd that work out I was at a part of my career I had to be moderate and Kim knew it I got something that was really meaningful I didn't spend 10 grand on a ring and our honeymoon we had a relative let us use their time share in Hawaii which was not the best time share
but we used our money to go to dinner and all the places we could go to make the most out of the honeymoon and I promised her I said look give me a couple years and we'll go on an amazing trip where do you want to go she said I'd like to go to Italy and I said you got it and we have a Tiffany silver frame that's engraved that says happy 2nd anniversary all my love we went to Hawaii it was only two years later because there was an unexpected really big boom that happened
with the company I was with it was fantastic we're sensible but we took some of that and I took her as promised to Italy and we had the best time we were there about 10 days that was our delayed honeymoon
