DiscoverInvesting in Real Estate with Clayton Morris | Investing for Beginners1094: The American Dream Is Collapsing Before Our Eyes - Episode 1094
1094: The American Dream Is Collapsing Before Our Eyes - Episode 1094
Update: 2024-10-10
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The promise of The American Dream has long attracted people from all over the world to build a better life for themselves and their families. The American Dream promises that if you just work hard enough, you can have the life you want. Yet there are Americans working full, long careers and still can’t afford to make ends meet when it’s time to retire.
On this episode of Investing in Real Estate, I'm going to discuss how The American Dream is collapsing before our eyes. We're going to cover the history of The American Dream, how the retirement system has transformed, and my favorite tool you can use to build a comfortable life for yourself and your family.
On this episode of Investing in Real Estate, I'm going to discuss how The American Dream is collapsing before our eyes. We're going to cover the history of The American Dream, how the retirement system has transformed, and my favorite tool you can use to build a comfortable life for yourself and your family.
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Transcript
00:00:00
[MUSIC]
00:00:05
News flashed, the American dream as we know it is dead.
00:00:08
Today I'm going to show you why and how you can build your own dream instead.
00:00:12
Let's get right into it.
00:00:13
So the promise of the American dream has long attracted people from all over the world to build a better life for themselves and their families.
00:00:20
The American dream promises that if you just work hard enough, you can have the life that you want.
00:00:24
Of course, the system is now structured entirely different.
00:00:27
Those that don't work are rewarded with the most benefits.
00:00:30
It's unbelievable.
00:00:31
Yet Americans right now, they're working full long careers and still can't afford to make ends meet when it's time to retire.
00:00:37
This is a shame.
00:00:38
And at one point, the middle class was the largest generation.
00:00:42
Families could afford a home, a nice car, raise a family, all on one income.
00:00:47
Not today.
00:00:48
Nearly everything in our economy has shifted in the last few decades.
00:00:51
College has become astronomically more expensive.
00:00:54
The job market has gone through a complete overhaul.
00:00:57
And the housing market, especially has changed dramatically.
00:00:59
Post-World War II, the American dream became intricately tied with the idea of home ownership in the United States.
00:01:06
All sorts of photos from Life Magazine showed a family in their front yard with a car in the driveway and a home behind them.
00:01:12
Today, many Americans still believe that sentiment.
00:01:15
In fact, a new survey out by LendingTree found that 94% of Americans believe that owning their own home is part of the American dream.
00:01:22
94%.
00:01:24
But today, buying a home is much different than it was during the building boom.
00:01:27
Today, we have an affordable housing crisis in the United States with an incredible demand for homes right now.
00:01:33
So while people are working endless hours to make ends meet with their nine to five job, with one day hoping to actually own a home, there aren't even enough homes available to buy even if they wanted one.
00:01:43
And if they can afford it anyway, most millennials can't.
00:01:47
Baby boomers are able to swoop in and buy them up.
00:01:50
But at least Americans can look forward to the final stage of the American dream, right?
00:01:53
Retirement.
00:01:55
But no.
00:01:55
Retirement has changed dramatically as well.
00:01:58
Outcomes are dire for retirees because most Americans are still relying on outdated accounts and old systems.
00:02:04
The 401k, for example, is only the most popular retirement plans in the United States.
00:02:09
And yet it yields the most mediocre results.
00:02:12
In recent data from Vanguard, the average 401k balance was only $112,000 in 2022.
00:02:20
That's right.
00:02:21
Since the dissolution of pension plans, the 401k has lost position as a secure retirement plan.
00:02:27
Can you live for the rest of your life off of $112,000 in this economy?
00:02:32
Are you crazy?
00:02:33
For the most part, a 401k will never lead to wealth.
00:02:37
It's a total lie that's been sold to Americans.
00:02:40
It hasn't worked for decades, and it's not going to help you build wealth, and your parents or grandparents might have access to a decent social security check, but it's a Ponzi scheme.
00:02:50
It's a program that's going down the toilet fast because it's not being funded properly.
00:02:54
Social security is crashing.
00:02:56
Today, the average monthly social security check is a Paltry $1,700 a month, and benefits are expected to decrease significantly after the year 2035.
00:03:06
Political corruption and the best interests of Wall Street are at the foundation of many, if not all of these outdated systems.
00:03:14
None of it is meant to help you create wealth.
00:03:16
At its core, the American Dream isn't really about the white picket fence of the 401k plan.
00:03:22
It's about financial freedom and the ability to accumulate wealth and pass it down to future generations.
00:03:28
If you want to realize this dream for yourself, you've got to stop holding out hope for these outdated systems and practices to come save you like the 401k plan, or a pension plan.
00:03:38
And if you're ready to create financial freedom for your family, the best place to start is by downloading my totally free PDF.
00:03:45
It's called the financial freedom number cheat sheet.
00:03:47
The freedom number is a concept that I created and used in order to break free from the rat race and the chains of the traditional retirement accounts.
00:03:54
I share it for free because I simply believe its ability to transform lives is so powerful.
00:03:59
I want to give it away for free.
00:04:00
I hope you'll check it out.
00:04:02
Again, totally free.
00:04:03
Just go to our website morrisinvest.com/freedom and we'll have a link in the description and we'll send it to you right away into your inbox.
00:04:11
Again, morrisinvest.com/freedom.
00:04:14
And for more information on this topic, check out this next video.
00:04:17
It's called Don't Buy a House.
00:04:19
Do this instead and we'll see you in that next video.
00:04:30
[Music]
00:04:40
[BLANK_AUDIO]
00:04:50