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When I look back on my childhood in suburban Connecticut I am pretty sure that my family was living the American Dream. We had a modest sized house in a close nit neighborhood. It was not a mansion in a gated community but there was plenty of space as long as my sister didn’t hog the bathroom for too long when I had to go! We felt safe playing in the streets, had good friends, and a community of parents who kept us under control even when we wanted to let loose a little. There were a few new clothes for the first day of school but not those $300 sneakers that a few of the ‘rich kids’ were sporting. The American Dream meant plenty of food to eat, a warm house to live in, and a few gifts on special occasions. It was a simple way to live and we were happy.
Times have changed quite a bit from when I was a kid but I like to think that my version of the American Dream has stayed consistent with the way I was raised. I want my kids to have good food on the table, although my idea of good food now means organic and grass fed which was not really a concern when I was a kid. I want to provide my children with clothes, activities, and experiences that they will enjoy without giving in to every want and desire they express. And boy, do they want a lot! I want to save to put them through college, despite the fact that college costs have skyrocketed over the last few decades. While my American Dream may be similar to my parent’s, the cost of that dream is considerably higher.
Everyone has different financial goals for their lives but According to Mass Mutual, American families hold four core values very dear when it comes to their finances:
1. Putting family first;
2. Being actively involved in household financial decisions;
3. Educating children about money; and
4. Making sure that children aren’t burdened by parents’ care as they age.
While some ethnic and social groups placed higher importance on one of these core values over another, survey results show that when it comes to family finances, Americans are more alike than not. Check out MassMutual’s State of the American Family Study to learn more about how American families define their own American Dream.
Base Photo Provided by Morquefile
One thing my husband and I really need to be better about is teaching our children more about money management. If they are ever going to achieve their own American Dream, they first have to understand how to plan for it financially. If this is a topic you need to include in your parenting like we do, check out the MassMutual Family Finances study. They have some great tools to help the entire family become more money savvy.
The State of the American Family research series from MassMutual highlights the ways in which American families are putting their financial values into practice. It also explores how their perspectives are changing the way they manage and plan for their households’ finances now and in the future. I found it concerning that 7 in 10 Americans say they WANT to be actively involved in decisions about their finances, but less than 20% of those people say they are satisfied with their current financial situation. Clearly there is a disconnect there somewhere. People need to determine what their priorities are and figure out how they can best use their limited finances to achieve financial goals.
My husband and I are working hard to provide our children with what we believe to be the American Dream. Do they get everything they want? NO! Do they get a FEW things they want? Yes…within reason! They do, however, get everything they NEED. Good food, a warm house in a safe neighborhood, clothes they aren’t embarrassed to be seen in, etc. We are also working to make sure that when they grow up they can achieve their own version of the American Dream. We are saving for college and planning for our own future so that we will never become a burden on them when we get old. Planning for retirement and long term care is a big part of that. I want my kids to look back on their childhood and realize “I had everything I needed as a kid” and not “I had everything I WANTED as a kid”. There is a subtle but very important difference between the two!
Have you achieved your own American Dream?
What does it look like?
Diane is a professional blogger and nationally certified pharmacy technician with two teens, one husband and more pets than she will admit to. She has a BS in Microbiology but left her career in science to become a stay at home mom. Years of playing with LEGO and coloring with crayons had her craving a more grown up purpose to her life and she began blogging full time. She currently deals with emotional teens, suburban politics, and middle aged metabolism while sharing her opinions in an honest and down to earth fashion on her blog.
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