Tyler, 28, has a good job as a sales representative. He's always found budgeting boring and has been intending to start a financial plan for years.

Recently, Tyler went fishing with some friends on a rented boat and had a great time. He sopped at a boat sale on his way home. Before he knew it, a salesman had convinced Tyler that the sale was just too good to pass up. So, Tyler bought a $10,000 boat and financed 80% of the cost for the next 5 years. He now finds himself relying on his credit card to get by each month.

What if Tyler had kept track of his money, used a budget, and had a set of financial goals? Knowing where his money went and having a financial plan would have increased the chance that Tyler would have made a more deliberate, informed financial decision.

The above scenario is from "Impact of Personal Choices" in our textbook.(PFIN 7th edition personal finance) What do you think of Tyler's decision? How could he have made a more informed decision? What does your textbook suggest that Tyler do now? Find another source that can help Tyler. Cite your source, this should be more than your opinion.