Has the American Dream changed? Has your American Dream changed? When I was first starting out, which was quite some time ago, the American Dream was something different than I currently perceive it to be. I remember the American Dream being work hard and save your money.
If you wanted something you would save your money and then buy it. Debt was avoided whenever possible, especially when used for recreation. There was a certain sense of satisfaction and appreciation when you reached your goal and bought it. If you wanted something, whether it was a new home, a new car, or a boat, snowmobile or even an education you needed to earn it before you bought it.
What I believe the American Dream has become is instant gratification, at least this is how I perceive it. I have no research to back up my discussion only my personal observations. The American Dream has become finding the next hot stock or asset class, like gold or real estate or large cap stocks or internet stocks becoming rich and retiring very young.
Many believe that by studying the markets and watching all the business TV programs they can find and identify ‘something’ that will make them rich over night. They believe that there is an easy way to riches. Many are unhappy with their jobs and therefore seeking a way out.
A vast majority are unsuccessful and consequently believe that the American Dream is dead.
These get rich schemes are the result of an unrelenting media push to keep Americans speculating and gambling with their money. These bullies contend that others have been successful and why not you. Remember there will always be someone who wins when they are speculating and gambling.
There are three signs that you are gambling and speculating
- Stock picking
- Market timing
- Track record investing
The American Dream is not about:
- Get rich schemes
- Getting something for nothing
- Instant gratification
- Speculating and gambling
The American Dream should include
- Developing a plan
- Working hard at your plan
- Practice discipline when investing and making career decisions
- Set goals
Many do not enjoy their career and therefore looking for a way out. The Wall Street bullies have convinced you that they can help you reach easy street. However, a more prudent choice would be to find a new career path and then learn the skills necessary to achieve your goals.
Because of all the media attention that is bombarding us each and every day. We all need the assistance of a mentor or coach. We are all emotional beings and therefore susceptible to empty promises that can solve our problems.
As far as investing goes you need an investor coach to help you remain patient and reach your long term goals.
As always there a three simple rules to investing:
- Own equities and fixed income
- Globally diversify
With the help of an investor coach you can follow these rules and reach your long term financial goals and realize your American Dream.