983: The American Dream Costs More Than The Average American Makes...Is the American Dream Dead?
Radical Personal Finance
Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
4.2 • 1.9K Ratings
🗓️ 13 December 2023
⏱️ 31 minutes
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| 0:00.0 | Welcome to Radical Personal Finance, a show dedicated providing you with the knowledge, skills, insight, |
| 0:04.4 | and encouragement you need to live a rich and meaningful life now, |
| 0:07.2 | while building a plan for financial freedom in 10 years or less. |
| 0:10.4 | My name is Joshua Sheets, I am your host and today I hope to give you a little insight and a little bit of encouragement. |
| 0:16.3 | But we begin with the bad news. |
| 0:18.6 | CBS News, quote, the American Dream costs far more than most people will earn over their lifetime. |
| 0:26.8 | The American Dream costs about 3.4 million dollars to achieve over the course of a lifetime, |
| 0:31.7 | from getting married to saving for retirement |
| 0:33.6 | according to a recent analysis from financial site Investopedia. |
| 0:37.0 | Meanwhile median lifetime earnings for the typical US workers stand at 1.7 |
| 0:42.0 | million dollars earlier research from the Georgetown University has found. |
| 0:46.8 | Such figures underline the financial pressures that many families face trying to afford a middle-class |
| 0:50.5 | life as expenses like child care, college tuition, and buying a home continue |
| 0:55.1 | to climb. |
| 0:56.3 | The Investopedia analysis tallies the average cost of achieving other aspects traditionally |
| 1:00.3 | associated with the American Dream, such as owning a house and raising two children to age 18. |
| 1:05.0 | Another analysis from USA Today found that funding the American Dream costs about $130,000 a year for a family of four. |
| 1:14.6 | Median household income stands at about $74,450 |
| 1:19.2 | according to the Census Bureau. |
| 1:21.6 | Article goes on for a few more paragraphs, |
| 1:23.5 | but we hear about some of the expenses, etc. |
| 1:27.5 | But this article sparked my thinking. |
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