Alexa Von Tobel

We never intend to lose our jobs, break up with our live-in loves, or face any number of the curveballs life throws our way. But they happen all the same, so have a bailout plan just in case. Sounds corny, but I call this the 'freedom fund' because it gives you the freedom to get out of a jam without climbing into debt.

Without any formal personal finance education or trustworthy resources to tell them otherwise, the majority of people in the 18-to-24-year-old age bracket do not know how to use credit effectively, tackle debt or make wise decisions when it comes to spending.

Trillions of dollars in out-of-control entitlement spending cannot be remedied by cuts in NASA, or even in the entire discretionary budget, defense included. Rather, the financial bleeding needs to be staunched where the hole is and nowhere else.