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!
Links from the Show
Join the Future of Real Estate Investing with Fundrise
Join BiggerPockets for FREE
Find an Investor-Friendly Agent in Your Area
Dave's BiggerPockets Profile
Henry's BiggerPockets Profile
The American Dream Now Costs $4.4 Million
The American Dream Trap: Maneuvering Major Expenses in Your Financial Adventure
Reach Your American Dream Faster with “Set for Life”
Jump to topic:
(00:00) Intro
(01:20) The Cost of The American Dream
(04:01) Housing Costs
(05:14) BIGGEST Cost to Americans
(06:43) Kids Are Too Expensive
(08:28) Cars Cost SO Much
(10:15) How Much Do You Have to Make?
(15:42) You NEED to Make More Money
(19:53) What to Give Up
(23:43) Some Good News
(25:22) We WON’T Sacrifice THIS
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/on-the-market-268
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On The Market