David Bach

And so the third bucket is a dream account.

And that's usually what people consider their buying a home account, right?

They save money in an account for a down payment.

Now, do they save all that money in a year?

No, some people save that money over five years, six years, seven years, eight years, nine years.

And how do people really buy homes in America?

40% of first-time homebuyers, their parents help them with the down payment.

Now, is that fair for those who don't have a parent that can help them?

It's not really fair.

But it is how most young people today who are buying homes, almost one out of two, the parents

are helping with some of the down payment.

And when home prices were an average of $140,000 around America, which is only 20 years ago, people believed that home prices had hit their top.

People would say to me, home prices can't keep going up.

And now the average home price across America is over $438,000.

Again, it's like an escalator.

If you don't figure out how to get on it, it just leaves you behind.

And this stuff's just not taught in school.

In an ideal world, everything I'm talking about, nobody would even need to listen to this because it would have been taught to you in school before you graduated high school.

The challenge is we don't yet teach in most schools financial literacy.

It's starting to change, but it's not in most schools and it's not a requirement to graduate.