{"id":117668,"date":"2019-10-15T14:30:21","date_gmt":"2019-10-15T20:30:21","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=117668"},"modified":"2024-02-24T13:03:30","modified_gmt":"2024-02-24T20:03:30","slug":"defining-modern-american-dream","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/defining-modern-american-dream","title":{"rendered":"The American Dream: How Has the Definition Changed Over the Years?"},"content":{"rendered":"

This is the first post in a five-part series that explores how the traditional “American Dream” does not fit today’s world. The rest of the series will discuss what once constituted success and whether these sought-after milestones should be left alone, tweaked, or changed altogether.<\/em><\/p><\/blockquote>\n

Whether you\u2019re a real estate investor, financial freedom<\/a> enthusiast, FIRE movement advocate, or all of the above, you are someone who has questioned the status quo of the traditional American Dream. As we each endeavor down our unique pathways, we are\u2014almost unknowingly\u2014part of a much larger movement.<\/p>\n

Together we make up a new assemblage of people who desire something different than what others have taught us is the \u201cbest\u201d pathway. We dare to ask questions and challenge the norm. We don\u2019t hesitate to think differently, even when family, friends, or co-workers raise eyebrows and chuckle at our dissimilar aspirations.<\/p>\n

We are all looking at this thing called the \u201cAmerican Dream\u201d and taking pause, trying to decide if deviating from the expected can bring more happiness and fulfillment. We hear stories of success that give us hope\u2014hope that there are<\/em> attractive alternatives better than our parents\u2019 and grandparents\u2019 journey.<\/p>\n

With a series of posts, I\u2019ll explore what many of us consider a broken \u201cAmerican Dream.\u201d I want to delve into some of the new conceptions and expectations within the growing community of modern thought, which is finding a home in places like BiggerPockets and among audiences like FIRE enthusiasts<\/a>.<\/p>\n

Let\u2019s begin with one of my favorite anecdotes I heard Brandon Turner explain in a BiggerPockets Podcast<\/a>:<\/p>\n

A boss takes their employee out to the company parking lot to show off their new car. The boss says, \u201cLook at my gorgeous new Lamborghini! It has all the bells and whistles. It\u2019s a blast to drive!\u201d The boss goes on to say, \u201cAnd Jimmy, if you work really hard this year, do everything you\u2019re told to do and more, work lots of hours of overtime, and really produce like an all-star for the company, I\u2019m going to be able to buy myself another one next year, too!\u201d<\/em><\/p><\/blockquote>\n

This little story epitomizes one of the unfortunate aspects of the current explanation of the American Dream: It involves working the best hours of your day for the best years of your life to make someone else<\/em><\/strong> wealthy.<\/p>\n

Related: <\/em><\/strong>Why Following the American Dream Just Might Rob You of Financial Control<\/a><\/em><\/p>\n

What Is the Current ‘American Dream’?<\/h2>\n

In my opinion, the current version of the American Dream follows these 10 steps. And this version has an asterisk that warns: the American Dream is only available for those who choose to work hard (40 to 100 hours per week).<\/p>\n

    \n
  1. Go to high school and get good grades.<\/li>\n
  2. Go to college and get good grades (while probably taking out student loans).<\/li>\n
  3. Get a good job.<\/li>\n
  4. Continue to spend more as one makes more.<\/li>\n
  5. Get married and have 2.3 kids and a dog.<\/li>\n
  6. Buy the nicest house and car one can afford (financing both).<\/li>\n
  7. Work for 40+ years to support one\u2019s family.<\/li>\n
  8. Retire at age 65.<\/li>\n
  9. Enjoy the good life.<\/li>\n
  10. Leave your children a nice inheritance when you die.<\/li>\n<\/ol>\n

    \"Front<\/p>\n

    This plan has worked for millions of Americans over the years and continues to do so today. But many of us are starting to question some of those dogmatic steps.<\/p>\n

    We ask ourselves questions like:<\/p>\n