Can You Afford the American Dream?

2024/11/11

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A recent report estimates the American Dream now costs $4.4 million over a lifetime, significantly more than the average American earns. This includes costs like housing, retirement, raising children, new cars, vacations, and weddings, but excludes daily living expenses like food.

The American Dream is estimated to cost $4.4 million over a lifetime.
The average American with a bachelor's degree earns $2.8 million in their career.
The biggest expenses are retirement ($1.6 million), housing ($930,000), and raising two children with college ($832,000).
Other significant costs include new cars ($811,000), weddings ($44,000), and annual vacations ($180,000).
The report doesn't include daily living expenses like food, making the true cost even higher.

Shownotes Transcript

The American Dream) was once an everyday reality for most Americans. Now, it’s seemingly impossible for even high-income-earning households to achieve. What went wrong, and is it still possible for financially savvy families to realize the American Dream? A new article dissecting** the cost of the American Dream** shows that the white picket fence, single-family home), and two new cars) cost significantly more than you might think.

In this episode, we’re going over the** eye-watering costs of the American Dream**, the** income you’ll need to achieve it,** and why most Americans may never get there. But, as financially independent podcasters, we’re living proof that you don’t need everything this article describes to reach financial freedom. We’re sharing what you might want to** give up to achieve **your version of the American Dream.

From college costs) to raising kids, buying cars, and purchasing a home, we’ll walk through the costliest factors of the American Dream—and some good news, as one big expense is actually getting cheaper.

In This Episode We Cover

The** astronomical cost of achieving the American Dream **in 2024

What you should** give up if you want to reach **financial freedom) faster

The **household income you have to make **if you want to achieve the American Dream

Why so many Americans are struggling with rising costs but stagnating wages

One significant expense that’s getting surprisingly more affordable

The things we’ll never give up spending money on (even if it sets us back)

And So Much More!

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