Are You Living Your American Dream

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I participated in an Influencer Program on behalf of Mom Central Consulting for MassMutual. I received a promotional item to thank me for participating.

If you would have asked me 20 years ago what my American dream was, I would have told you the ability to travel whenever I wanted and not live paycheck to paycheck. Back then I was a broke college student with a car payment and student loans who moved every 6-12 months when my lease was up. Fast forward to today and my idea of the American dream hasn’t really changed but instead, has evolved. I still want the things I did at the age of 19 but I also have a clearer vision of what financial freedom means to me.

Some say the American dream is dead but I don’t believe them. I believe that if you make rational and not emotional financial decisions, work smart and set realistic expectations, you can achieve your goals. In a world of instant gratification, we have to remember what our values and priorities are.

massmutual state of the american family

MassMutual’s State of the American Family study showed that American families hold four core values 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.

the face of the american family

The face of the American Family may be changing but their values are not. Regardless of gender, ethnicity, age or sexual orientation these core values emerged. Two-thirds of parents strongly agree that they think about what would be best for their immediate families when making financial decisions and one of the top five goals report by American families is paying off the mortgage, which is one example of putting family first.

achieving the american dream

Interestingly enough, nearly half of the families surveyed say they want to pay for their child’s education. One in two women say saving for their children’s college educations is a top financial priority – and women also insist on paying for them. In fact, one-quarter say that they struggle to decide whether to save for their own retirement years or their children’s college educations. I, too, have had this debate with myself and while I may be in the minority, while I do want to assist with my child’s education, I refuse to jeopardize my retirement fund to do so. Part of our responsibility as parents is to educate our children about money and we can’t do that if we can’t make sound financial decisions ourselves.

The American Dream isn’t dead, it’s achievable. You have to be willing to do the research, have a plan and make the right decisions for the right reasons. To learn how MassMutual can help families achieve their American Dream today, please review the MassMutual Family Finances study

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About Sarah

Mom. Blogger. Runner. Hiker. Insomniac. Not necessarily in that order.

Comments

  1. Thank you for sharing this information I will have to check it out – even more so since we have 5 kids!

  2. It is great to see parents want to put their child’s education first. That allows them to live their American dream.

  3. I believe in instilling good money habits in your children. I’m teaching my 6YO daughter about money and managing it properly. Save, save, save! Thanks for sharing your post.

  4. I’m so thankful that we are done paying for my kids education. Now if only we could be done with the mortgage.

  5. With 3 kids, it is just not feasible to pay college tuition for all of them, but they do all have a college fund set up to at least assist with their college tuition. More than I had!

  6. That’s interesting to see the ways the different generations see saving for college. I would have thought it would have been opposite of the graph!

  7. The American dream just takes a LOT of work. But I’m glad to hear it’s still doable.

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