As a personal finance blogger, I of course think about finance a lot.
Numbers and statistics interest me. While I was at FinCon, I received several sets of interesting statistics, and I wanted to share the stats from Chase about the American Dream in 2013.
I think about my Dream a lot. For the longest time, I was letting money control my life. I thought about money 24/7.
I calculated my budget all the time.
I thought my “American Dream” (or whatever you want to call it – Canadian Dream, European Dream, etc.) was to have a big house, all the nicest things and so on.
However, none of those things make me happy, so why did I even care?
So, what is the Dream? What is the Dream not? How does someone reach their Dream?
What is the American Dream?
I am finally self-employed, and this feels like the “American Dream” to me. I don’t know how life could be much better right now! I have many dreams though, just like most other people.
Survey-takers stated that owning their home, getting married, having children, getting a college degree, and retiring at 65 were their dreams. Also, I thought it was kind of surprising that only approximately 20% thought that starting their own business was a part of their dream.
More than 77% considered homeownership the number one symbol of the American Dream.
I grew up and moved around a lot, and we always rented wherever we lived. When we bought our current house 4 years ago, I was definitely excited. It was definitely a financial goal of mine since I never really had a “home” that was mine since we moved so often.
Back in April, I published an article about whether I should pay off my house early or not. While we have put our home-buying process on hold, we do not plan on paying off our current home quickly. However, for our next house, I would like to buy it in cash or primarily cash.
With regards to housing – I want a paid off house. This is a part of my dream.
My Dream also consists of me being able to travel the world. I have been making many excuses lately, but I really want to start making a plan for long-term travel. I don’t even know what my first step should be!
What about family and the Dream?
I reconnected with family over the weekend, and I honestly couldn’t be happier. If you follow me on Twitter, then you saw how nervous I was for the week before I left St. Louis to see them.
My Dream includes continually building on these relationships. Family is important to me. I am willing to put things behind me in order to live a more happy and healthy life.
We also want children. We thought that we would wait until our 30s, but now we are thinking before then. My Dream definitely includes children. I never really had a close family, and it is something that I often dream about.
What did the survey takers say about children? 60% think that having children requires a dual income, and 37% have delayed starting their families because of finances.
As a personal finance blogger, I have seen a few bloggers and readers who have completely ruled out having children purely because they think they are too expensive. I personally couldn’t place a monetary value on children, but I know that others just can’t justify the cost. What do you think?
What my Dream is not.
I have many dreams, and if you are a long-time reader of my blog, then you know that I change my mind a lot. Oh well, at least I can admit that.
My dreams do not include a mansion, super nice cars, a boat (okay, maybe a small sailboat would be nice), an airplane, an elevator in my home and so on.
I do not need things like the above in order to make me happy. I have stopped letting money control me. Life is about experiences and spending time with those that you care about.
How do you obtain your Dream?
What made me really happy about this survey was that only 20% thought that reaching a dream was only for rich people. 55% believed that the Dream can be achieved through hard work.
I do believe that the Dream can be achieved by hard work. Just one year ago I did not think that I would be making the switch to self-employment. I never even thought once about it. However, I have been working hard throughout the past year, and because of my hard work I was able to make the switch to self-employment.
Is early retirement a part of the American Dream?
My goal is financial independence or early retirement. Self-employment has given me a nice little taste for financial independence, and I know that this is what I want.
When it comes to retirement, most respondents stated that they would like to retire by the age of 60, however most do not think that would be possible for them. Most of these respondents think that they would be working until they are 65 instead.
Also, approximately 34% do not think that reaching retirement at 65 is possible.
67% also never see themselves fully retiring. They think that they will be working a part-time job, and I think I would be the same. However, the reasons that the respondents stated were that 50% think that they would need the extra income in order to survive.
What is the “American Dream” to you? What are your financial goals?
How are you trying to achieve your Dream?
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Clarrise @ Make Money Your Way says
My American Dream is to help my family as long as I can and being a financially independent. Same as you my family matters most to me, they’re my top one priority in my life. Material things are useless if you don’t have a family that you cared about.
Michelle says
Yes, I agree! Family is so important.
Kostas says
It’s fantastic to see so many say that family is part of their American Dream. I see so many who disconnect from their families. To me family and financial independence are my American Dream.
Michelle says
Yes, I’m also happy that so many people have said the same 🙂
Sabrina says
Hello Michelle, I just recently started reading your blog and I really enjoy the read. Thank you.
I am not American but as you I also had and have dreams and I am happy to say that some I have already fulfilled which are my BA & MBA degrees, living in Asia was my all time dream and I did it for 3 years and now I live in the 6th country Holland which I am loving too. However, my dreams never included having kids 😉 but exploring the world. P.S. I have two step daughters which I learn alot from. So at the end life teaches you as you go a long but dreams fulfilled definitely make you a better person…at least I hope in my case 😉 Have a great day. **Sabrina**
Michelle says
Thank you Sabrina 🙂 I’m glad you are a new reader.
Sounds like you are living the dream 🙂
Taynia | The Fiscal Flamingo says
I agree that you can’t place a monetary value on children. I also think those that don’t have children because they are too expensive are super smart. We never planned to have children and then changed our minds in my late thirties. In the meantime we traveled the world, I built my career and overall lived a very carefree life. Many of my friends had kids right out of high school and are watching them graduate from high school this year. Now it’s their turn to travel and be carefree. For me, the American Dream is the freedom of choice, the right to choose what you want to do. And then being able to change your mind part way through.
Michelle says
Yes, the freedom of CHOICE! 🙂
Skint in the City says
I’m not American but there is lots of talk here in the UK too about living the dream, which usually is a shorthand for having money and material things. For me, like you, the fulfilment of a dream comes from identifying important goals and then working hard to achieve them, just as you’ve done re self-employment.
There’s a quote I love: ‘If you don’t know where you’re sailing to, no wind is the right wind.’ I think achieving dreams comes from keeping goals to a few key ones, then working hard to achieve them.
Re kids – I have two and yep, they’re expensive!!! But then, if I didn’t spend money on kids I’d spend it on something else eg holidays that only lasts two weeks.
Michelle says
Yes, goals are important. Helps keep me in check.
DC @ Young Adult Money says
I think the American dream varies from person-to-person and family-to-family, but for the most part financial independence and the opportunity to work hard to achieve financial independence is the American dream. I watched a show about a doctor who came to America with nothing in his 20s and is now a surgeon at a major US hospital. He believes his story is the American Dream, and it’s hard to argue.
Michelle says
Yes, that definitely sounds like a Dream to me!
Rebecca @ Stapler Confessions says
We are one of those families who have delayed having another child because of finances 🙁 With $200k in student loan debt (now $193k!), we just couldn’t afford another daycare payment. We hope to have another child once our preschooler goes to kindergarten. But I wish we could have another one yesterday!
Michelle says
I don’t blame you at all! I would want to be as financial prepared as possible as well.
EL @ Moneywatch101 says
The American dream or something like it for me would be to start a business that will help achieve financial independence in life. I understand that running a business will require 12 plus hours of work, but at some point preferably by age 50, I want it to run on its own. Then I can have freedom to do the things I enjoy.
Michelle says
Yes, a business running on its own is a great idea.
Brian says
But you already have a super nice car!
My dream is to do what my parents are doing right now, only about 10-15 years earlier than they did. They are retired, they travel where and when they want. They own their house and provided both my sister and I with wonderful education opportunities and never squashed our dreams.
We are on track for this, but might make a minor alteration and live in another country for a while and this might slow us down a little because it would most likely lower our income for a while, but we would be ok with that because the experience would probably trump the loss of income.
Michelle says
Haha yes, we do have nice cars, but these are ones that we enjoy!
That is awesome about your parents. I want to do something very similar!
Holly@ClubThrifty says
When we were in our early 20’s, we really wanted to own our own funeral home. But, after spending six years in the business, we decided that we didn’t want that kind of 24/7 lifestyle. Now our dream is just to have enough money to do whatever we want.
Michelle says
Yeah, that sounds like a hard and time consuming business!
Connie @ Savvy With Saving says
My American dream is to be financially independent, have my own business, own a home, and start my own family.
I personally can’t put a monetary value on having children either. While I wouldn’t want to bring children into the world if I wasn’t able to provide for them, I wouldn’t not have children just because I thought it was too expensive.
Michelle says
We sound so similar Connie! 🙂
Alexa says
My opinion is not having children because of the cost is flat out stupid. Trust me, kids ARE NOT that expensive. They are as expensive as you want them to be or as inexpensive as you want them to be. Take it from someone who makes around 20k a year and has 2 kids. My kids are probably even on the more spoiled side and I am not in debt and don’t a have fancy job. Kids need love and attention not tons of money spent on them. It kills me when people associate kids with dollar signs. It’s just not true! I have two amazingly beautiful, happy, healthy, smart kids and I am low income. If having kids is a dream of yours don’t even think about money.
Michelle says
Thank you Alexa for your input! I was hoping that someone would say this 🙂 I want kids, and the cost doesn’t deter me.
Jason B says
My American Dream is to travel. I don’t need the latest car or biggest house. I want to travel and bring my family and friends along for the ride.
Michelle says
Yes, same here!
Kasey @ Debt Perception says
I’d love to be able to retire early but at this point, I’m just hoping I’ll be able to retire, period. Unless I can include winning the lottery as part of my “American Dream?” 🙂 I think I’d be happy if I wasn’t drowning in debt, but if I could truly achieve my dream, I’d like to own a small home (custom built with secret passages), out in the country near a river with plenty of land to grow our own food. I’d also like to have my own business (or two since my husband wants his own) while continuing freelance until…as long as I can. I don’t really my dream is realistic so I’m just focusing on paying off my debt for now. One step at a time.
Michelle says
Keep trying Kasey! You never know what your life may be like just 1 or 2 years from now 🙂
Stefanie @ The Broke and Beautiful Life says
My dream is one of financial freedom. For me that’s the ability to do what I want to do without feeling stressed about my finances- whether it’s travel or buy basic necessities.
Michelle says
Yes, financial freedom is so important.
Dear Debt says
My American Dream is being debt-free, being financially independent and traveling all the time! I am an odd bird out as I don’t want kids or a house. I just want to be independent and travel! I don’t think I’m asking for too much 🙂 One day….
Michelle says
There is nothing wrong with not wanting kids or a house. Since I moved around so much when I was little, I really like a place to call “home” now.
This Life On Purpose says
I’d say homeownership is part of my dream. As is starting a family and being able to provide them with a full and happy life. Anything beyond that is just gravy 🙂
Michelle says
Great dreams 🙂
Money Beagle says
My dream is to have enough where I can retire comfortably someday without worrying about whether or not we have enough.
Michelle says
Yes, same here!
CeCe @Pink Sunshine says
To me it’s owning my own home (done), having a job I love (probably not going to happen), traveling (I get around), retiring in my 50’s (not gonna happen) and being able to afford everything I need (done) and most of what I want (I do okay). I have a good feeling you are on your way to accomplishing your version of the American Dream!
Michelle says
Sounds like you are doing great CeCe 🙂
Candice says
Thanks for the inspiration. I’ve been feeling the same way lately and I think I’ll write a post about my dream. It’s definitely similar to yours.
Michelle says
Yes, do it! 🙂
Michelle says
Kayaks are fun too! 🙂
Whitney @ EHFAR says
I can’t believe that few dream of having their own business. To me, that is one the ULTIMATE dreams. I HATE hate working for other people. The majority of time the people in “upper” positions don’t belong there, but just got lucky. I know I may sound bitter and that is life. However, I don’t thrive in a “corporate” environment and that doesn’t fit my personality.
I see homeownership as a given. We don’t currently own our home, but hopefully in the next two years we will. I don’t see having fancy cars as a dream. I’ve been driving the same car for 11 years (and only owned one!). The other car we have is an SUV that is also 11 years old (but we bought it to replace the vehicle that was in an accident).
I change my mind a lot too. My dream is still to work for myself and to still have that business when I have children. That way I can be a SAHM but still have my own professional business that is strictly mine.
Michelle says
We are so similar Whitney. I definitely want to be a work at home mom as well.
jefferson @SeeDebtRun says
So the American Dream is to work in your pajamas every day, according to Michelle? 🙂
That doesn’t sound so bad, actually.
Michelle says
Haha yes. Pajamas every day, all day!
Michelle says
Thank you Anna!
Practical Cents says
The american dream is very personal and I agree that it may change throughout life. For me it’s having the freedom and the funds to do whatever makes me happy and having meaningful relationships with friends and family.
Michelle says
Sounds like we have a similar dream.
Budget and the Beach says
It’s such a loaded question I don’t even know where to start. I do dream of owning a house someday but living in LA it seems damn near impossible, so I guess I have to wait and see if I decide to stay or leave here. At this point in my life it’s probably not going to be an early retirement unless something drastic happens, but definitely a comfortable retirement. I also do want to be married, but i don’t want kids, and that has nothing to do with expenses. And of course be able to travel and enjoy my life on a daily basis.
Michelle says
A comfortable retirement is what’s important. 🙂
Martin says
My “Canadian” dream is to be financially free by 30. I love being able to attend random MMA classes during the day and to do whatever I want. I hope to never be forced into the work force.
Michelle says
Good luck! 🙂
Mike says
My definition of the American Dream is doing what you love to do everyday. I really wish I stumbled across this quote from Warrant Buffet a few years ago:
“Success is really doing what you love and doing it well. It’s as simple as that. Really getting to do what you love to do everyday — that’s really the ultimate luxury…your standard of living is not equal to your cost of living.” It’s a good reminder of what really matters — instead of thinking of the next big purchase, save your bucks and figure out what really makes you happy.”
I really like to travel and have my sights set on that. I think the first step if you really want to travel is a book a flight, you’ll do everything needed before your departure date.
Michelle says
Yes, that is a great quote! Doing what you love to do everyday is very important.
Where do you want to travel to?
E.M. says
Some of those statistics are saddening, especially those that don’t think retiring is possible. I’m really not sure what my definition of the American Dream is. The stereotypical house with the white picket fence doesn’t really excite me. Home ownership would be nice down the road, but it’s not a priority, nor is having children. I would be happy doing something I love everyday – not sure if that means being self-employed yet or not. This way, hopefully I would be able to enjoy traveling and being close with my family. Great topic to think about!
Michelle says
I agree. It is sad to read certain retirement statistics.
Edgar @ Degrees and Debt says
I think that the dream is constantly evolving. Like you said right now I have similar dreams, be comfortable, love what I do, feel like I really earned it for myself. At the same time I think that if/when you reach your goals or even before then you might start to tweak your dreams to be in line with whatever your current situation is.
Michelle says
Yes, the dream is constantly revolving!
Allison says
Gosh dang Michelle—-tough question today.
For me, the American Dream is the freedom to do what I want. The freedom to make a life for ourselves any way we want. Its about living in such a way that we can explore our passions, and we are not subject to a government that dictates how we are to live.
Financially, its about having the means to support ourselves, and hopefully pay off the house early, and save for retirement, and have a little fun along the way.
Michelle says
Thanks Allison for stopping by! Yes, this is a tough question 🙂 It seems like many commenters agree with you, as I do too!
Matt Becker says
I love this thinking Michelle! The idea of an “American Dream” is so stupid to me because it’s ridiculous to think that all 300 million people should strive for the same things. It’s a marketing ploy much more than a reality. On the subject of kids, we want four of them even though we know that will stretch us financially. We can afford it, but it will make other goals either take longer or possibly a little less attainable. But that’s okay to us because having a big family is really important to both of us. Those bonds are what life is really all about.
Michelle says
Thank you Matt!
Little House says
The American Dream for me is pretty straight forward: own a paid-for house by retirement, retire around 65 (though I couldn’t sit idle for long, so maybe a side business), travel a little bit, and be happy! I’m fortunate that I love my job which allows me plenty of time off (summers, winter break, etc.) so I don’t feel like I’ve got my nose to the grind stone. That alone makes me feel like I’m accomplishing “The American Dream.” Now I just have to work on buying a house and saving for retirement!
Michelle says
Good luck! Sounds wonderful 🙂
Shannon @Financially Blonde says
I LOVE that you making us think about the “American” Dream. It is so easy to get negatively focused, and because of the poor economy feel as though the “dream” is impossible, but if we think about it and plan for it, then we can make it a reality. Mine is to attain financial freedom while I am young enough to enjoy it!
Michelle says
Good luck Shannon! I want to attain financial freedom while I am young as well.
Michelle says
Sounds like a lot of bloggers have this same dream 🙂
Andrew@LivingRichCheaply says
I think financial independence and having the freedom to do what I want to do is my American Dream. I also don’t think that having fancy cars and a big mansion is important to me. Now with a little baby, I do value family time a lot more. And I do think that a single income family is possible with kids, though it might be tougher. Also, I do agree that hard work and some sacrifice makes the dream possible.
Michelle says
Sounds like we have very similar dreams 🙂
Tie the Money Knot says
Great question, and one that probably requires thought but I’ll just answer with what comes to mind immediately (usually best answer anyway!). Here it is: the opportunity to live a life where my family and I have the opportunity to live a life where we can: take care of our needs, be healthy, be safe, and have the time to enjoy each other and our friends.
Michelle says
Yes, all great things!
Hayley @ A Disease Called Debt says
I’m not American but my British dream is to be financially independent and free to live a simple life with the hubby and daughter (and dog). A paid off house would be great but I’d just be happy with a cosy cottage rather than a mansion. I’d like to be successful in my chosen career (still not sure what that is though).
Michelle says
Good luck Hayley 🙂 These all seem great.
eemusings says
Regards to travel, I guess the first step is to try determine how you want to travel – permanently? Moving every few months? Every few years? Spending half a year in the US and half a year abroad?
Michelle says
We are still not sure. We definitely want to keep our home.
Fig Money says
So interesting! My american dream does include a house and family but right now I have neither! I definitely spent many years traveling which is also part of my personal dream. As far as starting a business I think for me thats also been part of my own American dream but it’s one thing that’s always been the scariest part!
Michelle says
Good luck with starting your business 🙂
Lisa E. @ Lisa Vs. The Loans says
I like the idea of early retirement, but instead of retiring from work altogether, I think I’d still be working on my own projects. So I guess my dream is to be my own boss!
Michelle says
Yes, I would be doing the same. I never see myself completely retiring, as I feel like I would be too bored.
Spelda Myrthil says
I just found your blog and i am in love with everything that you have posted thus far!!!!! i am a college student
(graduating in December 2013). I want to say thank your for taking the time to share your experience with us. 🙂
Michelle says
Thank you Spelda 🙂
Meghan says
My dream is to be able to semi-retire (from government work at least) and be able to build up a little property management / landlord portfolio at age 46. I’m 31 next month, so I have 15 years and 3 months to go, unless I get really brave between now and then!
Michelle says
Good luck Meghan 🙂
Jack @ Enwealthen says
In my mind, the American Dream is freedom, in all its many manifestations.
For me, that’s financial freedom – the ability to work at what I want because I want to, not because I have to, and to avoid the work I don’t want to do.
I suspect like many things, the fun part is in the journey as much, if not more so, as the destination.