"Young couples, not even 26, expect to buy a $500,000 house," he said. "This is the only generation where it was thought to be a good idea. Every other generation rented for the first five to 10 years of their lives. Well, guess what? Ed McMahon isn't coming. People have to build slowly. Yet we have this entitlement mentality.

"Half of solving this problem of over-spending is redefining happiness and stop equating materials things with happiness."