Ken Morris: Is the American Dream fading away?
As always, the Fourth of July weekend was full of fireworks, parades, barbecues and family fun. Leading up to the holiday, both print media and the web were full of articles about our nation’s history. Many of them included how July 4 became so instrumental in the quest for our independence.
American history is full of rags to riches stories of people who rose from humble beginnings to amass astronomical wealth. Many of them fled their homeland under stress and came to the U.S. with only their shirts on their backs.
A woman with whom I do some volunteer work fled Vietnam as a child. Since arriving in her new country she has earned multiple degrees. Today, she lives comfortably with her family here in Michigan. So the stories continue.
Despite all the criticism, America is still the country where many people aspire to live. But even though we’re the land of opportunity, it appears the definition of the American Dream has changed. The meaning of success has evolved over the years.
The number of definitions depends on the number of people you ask. It used to be that owning a home and having a car in the driveway was the ultimate goal. White picket fence optional. But according to a recent GoDaddy survey of small business owners, that notion appears to have changed significantly.
In spite of inflation and higher mortgage rates, both of which reduce buying power, new home construction continues to be strong. But owning a home is becoming beyond the grasp for many Americans. The U.S. remains the land of opportunity, but the dream that used to define success is evolving. For many, it appears that home ownership is no longer part of that dream.
For example, just over half of those surveyed considered “Feeling happy in life” as part of the American Dream. Just under half cited “The freedom to follow my passions.” And nearly six out of 10 felt it was simply making enough money to live a comfortable lifestyle.
mug shotKen Morris.
To my surprise, fewer than half of those surveyed considered home ownership as a marker of success. Even more surprising, nearly a quarter of them indicated that home ownership wasn’t even part of the equation. They simply intend to rent forever.
Another surprise happened a few years ago when I met a craftsman with a stable full of adult toys, including boats, jet skis and snowmobiles. The surprise? He didn’t own a home.
Evidently, more and more people just don’t aspire to home ownership. It isn’t one of their life goals. For others, home ownership isn’t part of the equation for financial reasons. Regardless of why, owning a home is a declining goal for more and more people.
After reading the survey, and simply from listening to people over the years, it appears the concept of the American Dream is trending more toward a balance between work and overall happiness.
But I do believe with hard work, astute financial planning and careful spending, people can achieve home ownership, enjoy their families and perhaps still be able to afford a toy.
The American Dream may be evolving, but I still firmly believe that, in this land of opportunity, there’s nothing holding anyone back from achieving it. Regardless of how they define it.
Email your questions to kenmorris@lifetimeplanning.com
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