{"id":117798,"date":"2019-10-21T12:00:37","date_gmt":"2019-10-21T18:00:37","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=117798"},"modified":"2024-02-24T13:04:03","modified_gmt":"2024-02-24T20:04:03","slug":"american-dream-traditional-values-beliefs-helpful-harmful","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/american-dream-traditional-values-beliefs-helpful-harmful","title":{"rendered":"The American Dream: Are Traditional Values and Beliefs Helpful or Harmful Today?"},"content":{"rendered":"

This is the second 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. Read the first article\u00a0here: <\/em>“The American Dream: How Has the Definition Changed Over the Years?”<\/a><\/p><\/blockquote>\n

As we established in Part 1 of this series<\/a>, there is no perfect definition of the American Dream. But it does seem that the definition hasn\u2019t changed much over the last several decades. My survey of Generation Z resulted in several different ways to define the American Dream, but their definitions were more similar than different and their descriptions are in line with previous generations.<\/p>\n

In spite of this, is the American Dream “broken” in modern society? And if so, what’s wrong with it?<\/p>\n

Is it possible that the current understanding of the American Dream is just fine and that we should leave the old dogma alone and let it rest? NO! A thousand times, NO!<\/strong><\/p>\n

The American Dream needs some work. Some parts still stand firm\u2014like hard work, ingenuity, opportunity for all, safety, and security.<\/p>\n

But other aspects are old and weathered. We need to replace them with fresh ideas, thoughts, and ideals. Let\u2019s tackle some of these head-on, starting by revisiting the 10 steps of the American Dream from Part 1.<\/p>\n

Those 10 steps include:<\/strong><\/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

    \"Close<\/p>\n

    Should We Modify the “American Dream”?<\/h2>\n

    In this post, we will begin by looking at Steps 1 and 2.<\/p>\n

    Step 1: Go to high school and get good grades.<\/h3>\n

    This step is pretty solid. It has stood the test of time. (And I\u2019m not just saying that because I\u2019m a high school teacher.)<\/p>\n

    Getting a high school diploma is essential. Getting the most out of one\u2019s free public education is even more critical. But some classes are better than others. Getting a 4.5 weighted GPA is not as crucial as taking courses that will actually benefit the student later in life.<\/p>\n

    (For more insight on how a teenager can maximize their high school education, take a look my post “Teens & Finance: 5 Classes Your High Schooler Should Take to Start Out on the Right Financial Foot<\/a>.”)<\/p>\n

    But as you will read in the hash out of Step 2, the goal of high school should not be getting accepted into the best (aka most expensive) college possible. As a matter of fact, college is not<\/em> required to live a happy, fulfilled life!<\/p>\n

    This idea is blasphemy coming from a high school teacher, I know. But the hard truth is that many college graduates do not get their money\u2019s worth. And the number of those netting a negative ROI from their investment in a college degree will only continue to climb alongside the staggering tuition increases.<\/p>\n

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

    Step 2: Go to college and get good grades.<\/h3>\n

    To college or not to college? That is the question.<\/p>\n

    I have no resolute answer here. Each individual will need to weigh the pros and cons of a college degree when aligned with their future aspirations. And this is incredibly tough to do when you\u2019re trying to figure out your long-term goals as an 18-year-old. It\u2019s incredibly daunting for someone that age to accurately diagnose their future objectives and ambitions.<\/p>\n

    Here is a text I received today. I honestly received this from a former student about four hours before writing this article. The former student is at a four-year university and is halfway through the first semester of her freshman year:<\/p>\n

    \u201c<\/em>Mr. Sheeks! I want to tell you something that I think you should hear, as well as your classes. Recently I decided to completely change what I thought I was gonna do in college and with my career. I originally came in with the thought of being a doctor… but have recently realized that it is not the path. I want to start my own business, as well as hopefully teach.\u201d<\/em><\/p>\n

    So many students have emailed, texted, or told me very similar stories over the years. Fortunately for this student, she figured out her real ambition very early on in her college career and will save thousands of dollars by switching her major her freshman year\u2014not as a junior or senior. Hopefully, she doesn\u2019t change majors again.<\/p>\n

    My path had a wild change of direction when I was young, as well. In college, I majored in business with an emphasis in marketing and management.<\/p>\n

    At 18, all I knew was that I wanted to be rich. I made fun of my friends in college who were majoring in education and aspired to be teachers: \u201cWhy on Earth would you want to spend your days with bratty kids and make no money while doing it?\u201d<\/p>\n

    This was a typical rant I would say to those friends. I was half-serious and half-joking.<\/p>\n

    \"is-college-worth-it\"<\/p>\n

    I graduated with that business degree and decided to travel. Traveling lasted for six years. I learned a lot about what is actually important to me and what my genuine values are. I had changed.<\/p>\n

    At age 27, I decided being rich wasn\u2019t as alluring. Enjoying my job and feeling rewarded and fulfilled were my new goals. I went back to school to get my teaching license.<\/p>\n

    After 17 years in the classroom, I\u2019ve never doubted my change of career paths even once. Unfortunately, I spent four years in undergrad, two years getting my teaching license, and another two years getting a graduate degree\u2014all while using student loans to pay the way. I could have done it all in five years had I known at 18 what my 27-year-old self was going to want to do.<\/p>\n

    Notwithstanding the fact that college can be extremely pricy and that a student may change their major two or three times, another factor to consider is that college can be completely unnecessary altogether. Major corporations such as IBM, Google, Apple, Costco, and Ernst & Young are starting to relax their requirements for new hires to have a bachelor\u2019s degree. They see the value in training their employees from a very young age. In fact, it helps with retention and employee productivity.<\/p>\n

    And we haven\u2019t even gone into the years of financial and opportunistic handcuffs that student loans can have on a graduate for decades.<\/p>\n

    I\u2019m not saying that someone should not<\/em> go to college and earn a four-year degree. There are no hard rules here. But what is<\/em> certain is that the long-standing belief that one has<\/em> to go to college to fulfill the American Dream\u00a0today is shattered at best.<\/p>\n

    In the next post of this series, I’ll dive into more of the remaining 10 steps of the American Dream and what\u2019s wrong with them. Until then, here are some quotes from (likely familiar) authors regarding the decision to go to college.<\/p>\n

    Related: <\/em><\/strong>3 Reasons You Should NOT Follow the American Dream and Buy Your Own Home<\/a><\/em><\/p>\n

    What Do Personal Finance Experts Have to Say About College?<\/h2>\n

    \u201cEducation is great. We\u2019ve all seen the studies about how much more money people make over the course of their careers when they go to college, grad school, or become doctors and lawyers. I\u2019m not here to argue with that. It is absolutely true that over the course of a 40-year career, you will likely earn way more money with higher education. But only if you have a 40-year career. And only if your goal in life is to actively earn a lot of money.\u201d
    \n\u2014Scott Trench in “    3 Negatively Cashflowing ‘Assets’ That Devastate 20-Somethings\u2019 Finances<\/a>” on BiggerPockets<\/p>\n

    \u201cThe most important investment you can make is in yourself. Ask any billionaire, and they\u2019ll tell you it is the best investment you can make. Invest in your knowledge, skills, and performance, which will ultimately help you earn more because you can bring more value to the marketplace. Obtaining skills, along with knowledge, are things that people can\u2019t take from you. However, if you\u2019re considering investing in a college education, think twice before accumulating that bad debt. Those are years you won\u2019t get back\u2014often spent on irrelevant information\u2014and those loans will keep taking money out of your pocket for years. Instead, consider books, seminars, events, and training with a mentor. This information tends to be more transferable to the real world. Do what you can afford, and as it pays off and increases your income, keep dedicating a part of everything you make to more learning.\u201d
    \n\u2014Sterling White in “    The Top Reason You’re Broke<\/a>” on BiggerPockets<\/p>\n

    \u201cIf your goal is to achieve financial independence<\/a> and retire early through real estate investing, a higher education will likely set you back. Why? You do not need a formal education to invest in real estate.”
    \n\u2014Craig Curelop in “    5 Roadblocks on the Path Toward Financial Freedom<\/a>” on BiggerPockets<\/p>\n

    \u201cUnless you\u2019re planning to become a doctor or lawyer or go into a profession that requires a special degree, you may not need to go to any formal training programs after high school or college to earn money if you look for great learning opportunities in a job. In fact, you can be paid to learn in the real world instead of paying high tuition fees to learn in a classroom setting\u2026 Am I saying that education isn\u2019t important? Not at all. Education is the foundation of success. I\u2019m saying that school is just one place to learn.\u201d
    \n\u2014Robert Kiyosaki in\u00a0    Rich Dad Poor Dad for Teens<\/em><\/a><\/p>\n

    \"\"<\/a><\/p>\n

    How do you feel about the traditional American Dream? Does it still apply? If not, how would you tweak it?<\/em><\/p>\n

    Weigh in with a comment below.\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

    Is the traditional version of the American Dream alive and well? This article analyzes the pros and cons of education as it pertains to the pursuit of the American Dream. In particular, it considers why going to college may not be the best pathway to success.<\/p>\n","protected":false},"author":212026,"featured_media":117244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4433],"tags":[],"class_list":["post-117798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/117798","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/212026"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=117798"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/117798\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/117244"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=117798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=117798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=117798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}