Most people fail financially because they were never taught the basics of money management. As Lou Scatigna, CFP® discusses in his book, The Financial Physician, a core issue that leads many people to fail with their personal economics is financial irresponsibility. There are many elements that coincide with financial irresponsibility, but it all starts with spending more than you earn. Living beyond your means creates debt, and it also leads to serious problems when you get close to retirement because you have no money saved.

Do you feel like you need to be more financially responsible? Host Lou Scatigna, CFP® explains how you can get on the pathway to better money management in this segment from The Financial Physician.