Reinventing the American Dream
Krista Mollion
3x Founder | GTM Strategy + Fractional CMO for SaaS SMBs | → LinkedIn?? Top Voice I Work with me to transform your brand from barely noticed to unignorable I Self Made Stories Podcast ??
Welcome to Unignorable Brands, my weekly newsletter to help SMBs build online businesses they love. My name is Krista and I have made it my professional and personal mission to helpsmall brands gain visibility via creative, mostly organic marketing and business growth strategies. Thanks in advance for reading the latest newsletter edition. Hit the ‘Subscribe’ button to support this channel and share this newsletter with friends, family, clients, or entrepreneur friends! Enjoy!
People all over are fascinated by America, the land of opportunity.
It’s the country where dreams come true.
Thus the term “the American Dream.”
But the traditional American dream to graduate college, get a good job, get married, have kids, and live happily ever after isn’t quite the goal anymore.
It’s time to debunk the myths of the American Dream and talk about how to redefine success in modern times, whether you live in America or anywhere in the world.
Myth 1: A Good Education Leads To Success
In America, getting a good education is expensive. Many parents start saving for their children’s college fees at birth.
America’s ivy league universities are legendary.
But is a “good education” still necessary?
According to the U.S. Department of Education, as of 2024, approximately 43 million Americans had student loan debt. The total outstanding student loan debt in the United States is over $1.7 trillion, including federal and private student loans.
Also, approximately 30% of millionaires in the United States do not have a college degree. Given that there are an estimated 22 million millionaires in the U.S., around 6.6 million millionaires in the country have achieved their wealth without a college degree.
And in 2023, the unemployment rate among recent MBA graduates in the United States was approximately 4.5%. The underemployment rate for MBA graduates was also notable, indicating that some were working in positions that did not fully utilize their skills or education. These numbers bring the question if getting an MBA is worth it.
To summarize, a good education may no longer be the default answer to a successful adult life. Instead, one should explore various options depending on one’s big goals and then decide if a higher education is necessary or not.
Myth 2: Getting a Good Job Will Secure Your Future
Jobs are the stable option, right? Not always true.
Yes, businesses can have irregular income, especially in the early stages and you are vulnerable to market changes, competition, and economic downturns.
But if you do things right, business will give you much more than any job ever could. You can grow and build multiple revenue streams, you are in charge, and your earnings are uncapped, so having a business means building a legacy for your family.
With the high unemployment numbers and layoffs, a job can no longer be called the bulletproof option. Relying on one paycheck can be a risky choice, not to mention the lack of control over your superiors' decisions that could lead to layoffs or even bankruptcy.
In summary, a W2 job offers more stability but with less control and growth potential, while a business can offer greater potential rewards but comes with higher financial and personal risks. The choice depends on an individual’s risk tolerance, goals, and circumstances.
Myth 3: Buy a House As Soon As You Can
Buying a house in the U.S. has become less popular recently due to several factors:
These factors, combined with the challenges of saving for a down payment, especially for college graduates still paying off their student loans, have contributed to the decline in home-buying popularity.
In many parts of the United States, developers are building state-of-the-art condos, town homes, and communities to accommodate different demographic groups, from student housing to urban workers to families to retirees. Modern rental housing has many perks and amenities included in the rent that would make home owners jealous.
What if your house were actually making you poorer?
That’s what Ramit Sethi, the author of I Will Teach You To Be Rich, often finds when he interviews couples on his Netflix show about money.
Sethi argues that many people underestimate the true costs of owning a home, including maintenance, taxes, and insurance, which can outweigh the potential appreciation in value.
Sethi also emphasizes the importance of flexibility and liquidity, which renting can offer more readily than owning.
He suggests that instead of viewing a home as an investment, people should carefully consider their lifestyle and financial goals as a home can quickly become more of a liability than an asset.
领英推荐
Bottom line: Do the math and weigh out the options before deciding if renting or owning is better.
Myth 4: Hard Work Is The Path To Success
This one is hardly up for debate: Many people work hard for very little return. In fact, there are plenty of hard workers who are poverty-stricken unhealthy, and struggling.
Unfortunately, many just focus on the ‘hard work’ part and then victimize themselves for failure to defer blame to others.
Are you depending on others for your success?
Are you waiting for that promotion or opportunity?
Do you hope and pray a lot as a strategy for your future?
Do you try to do everything without help or proper guidance?
The truth is that hard work is only part of the solution.
If you want success, in addition to working hard, you must follow a few rules:
If you work hard and apply these steps, you will become unstoppable but hard work alone will certainly not be enough.
Myth 5: Getting Married Is The End Goal
Over the past century, life expectancy has significantly increased for both men and women. In the early 20th century, the average life expectancy in the United States was around 47 years. Today, life expectancy is about 79 years for women and 74 years for men, meaning that women live about 32 years longer, and men live about 27 years longer than they did 100 years ago.
Conclusion: Adults have more time to live so hurrying to get married is less urgent and can fall lower on the priority list than our ancestors.
Also. over the past century, women’s education and careers have seen dramatic changes.
In the early 20th century, few women pursued higher education. Today, women earn more bachelor’s and graduate degrees than men.
Women’s participation in the workforce has expanded from mostly domestic and clerical roles to a wide range of professions, including leadership positions in business, politics, and STEM fields.
Although the gender pay gap persists, women’s earnings have increased significantly. More women are also the primary breadwinners in their households.
As women today pursue higher education and careers on par with men, their goals have also shifted and getting married may be optional or only one goal on a long list of goals.
This reality may worry some conservatives but getting married later can have many advantages.
Waiting allows individuals to establish a stable career, build savings, and reduce financial stress associated with marriage and raising children.
Delaying marriage and parenthood gives both men and women time to focus on personal development, education, and achieving individual goals.
Individuals have more freedom to travel, explore interests, and take risks without the responsibilities of marriage and children.
Lastly, waiting can lead to a stronger, more mature relationship, as couples have more time to understand each other and build a solid foundation.
These factors can contribute to a more secure and fulfilling marriage and family life when the time is right.
The beauty of the world we live in today in the myriad of choices and resources people have to define their own success path without the confinement of the narrow definition of the American Dream from the past.
Your turn: what does your American Dream look like? Do you lean towards traditional or modern values?
Are You Growing an Online Business, Interested in Monetizing Your Content, or Trying to Build Influence in Your Niche? Then I Invite You to Join 34,000+ Subscribers Who Receive My Weekly Marketing for Small Business Tips?Here: https://kristamollion.com/insiders
Founder and CEO I Dakota Ridge Capital I Renewable Energy Tax Credit Expert Helping Family Offices/HNWIs and Mid-Sized Banks Preserve and Grow Their Wealth While Saving $$$$ Millions in Taxes
3 周Good article. I think education is as important as- probably more so - than ever. The question is what that education should look like. Paying over $250k for a 4-year BA in…a liberal arts degree may be a luxury that has passed its sell-by date. Government subsidies of higher education are not helping because colleges just ramp their prices to absorb them.
Digital Marketing Consultant | Helping Businesses Grow with Tailored Digital Strategies | 12+ Years of Experience in Delivering Effective Marketing Solutions
1 个月Krista, thanks for sharing!
Versatile Software Engineer and Technology Industry Champion
1 个月Buying a house has become harder due to those factors even for those who want one. Developers building to accommodate different demographic groups sounds like it could just further balkanize the country, something we don't need more of. While Ramit Sethi is right that we shouldn't view a home as an investment, it's my sense that very few people see it that way in the first place. The last point is perhaps more notable. A big reason for the change is not life expectancy so much as the culture pushing against the idea of marrying and having children. There's popular culture, of course, but also the constant messages we get about our careers being paramount. Meanwhile, as we marry less and have fewer children, we're also increasingly unhappy. It's almost as if all the money, promotions, awards and accomplishments don't fill our cup as much as we've been told, as if we don't derive so much meaning from them after all. What do so many people derive meaning from? Our families and our relationships. You know this - anyone who knows you more than in passing knows how much your kids mean to you. I derive a great deal of meaning from watching my son grow. Delaying parenthood also has medical risks, but that's a whole other discussion.
The unforeseen is beautiful and, given a chance, can be more fulfilling than we can imagine | Author | Consultant | Speaker | Kindness changes everything
1 个月Good afternoon my sister and people need to connect with you and they need to subscribe to your newsletter and how are you doing?????