Is the American dream dead? Have YOU achieved it?

[Kevin Slater]

This forum is for discussing economic issues.  Posts detailing political issues (in the US and elsewhere) have been deleted. And gents, avoid the snark. 

[jeezifonly]

Perhaps we might reconsider consider the weight of the word "Dream" in the phrase.

Lore, slogans and fairy tales tell our dreams can come true.  

If dreams CAN come true, doesn't it also mean that they might not? And might some external forces find that my dream gets in the way of theirs?

[Pepper Young]

I achieved the American Dream by inheriting it from my parents. 

[MikeBiDude]

The American dream now costs $5 million. Here's a breakdown.

WWW.USATODAY.COM

---

Inflation has darkened the American dream, Investopedia reports: Those lofty aspirations will now cost $5 million over a lifetime.

 

[+ Vegas_Millennial]

7 hours ago, MikeBiDude said:

The American dream now costs $5 million. Here's a breakdown.

WWW.USATODAY.COM

---

Inflation has darkened the American dream, Investopedia reports: Those lofty aspirations will now cost $5 million over a lifetime.

 

It's an interesting article, but it does not factor in the time value of money.  It is very possible to earn only $2 Million in one's lifetime but spend $5 Million, because over half of the amount spent SHOULD be in the later years of life, decades after retirement and paid from investments not salary.  The trick:  out of $2M earned in one's 20s/30s/40s, be sure to invest 15% in a Roth account in aggressive stocks.  Then by one's 50s/60s/70s/80s, a $5M life is within reach.

Also, it cites the median income for 1 person with a bachelor degree, but the desired expenses are for a couple (wedding, 2 children, and a median house).  I laugh when I hear articles that state a single person can't afford a 3 bedroom house or apartment, because a single person only needs a studio.  A median dual income family has more than enough lifetime income to pay for all items in the article.

On a personal note,  the only vacations I went on in my 20s were camping outdoors.  It was inexpensive and fun to do while I was young.  Now that I can afford it, I have the money invested to pay for the nicer hotels when I travel now and in the future.  And instead of pets, I prefer to spend on Escorts.