Cost of the American Dream in 2024: $3.4m ∙ An Expensive and Elusive Ideal
Cost of the American Dream in 2024: An Expensive and Elusive Ideal
The American Dream, the notion that anyone can achieve prosperity and success through hard work, is a cornerstone of American society. However, in 2024, this dream seems increasingly out of reach for many Americans. A video uploaded by ClearValue Tax on January 9, 2024, explores the rising cost of the American Dream and the challenges faced by millennials and future generations.
The Rising Cost of Living
The video opens with a staggering figure: $3.4 million. This is the estimated lifetime cost of living the American Dream, according to Investopedia. This includes major expenses like marriage, raising children, homeownership, vehicles, education, and healthcare. The video breaks down these costs further, detailing the average cost of a wedding, a home, and raising children to 18.
One particularly concerning statistic is the cost of healthcare. The video states that the average cost of health insurance premiums for a family over 39 years is $93,475. This highlights the significant financial burden that healthcare places on American families.
The Challenges Faced by Millennials and Gen Z
The video also acknowledges that the $3.4 million figure is just an estimate and may vary depending on individual circumstances and lifestyle choices. For example, someone living in a major city like New York City would likely face significantly higher housing costs than someone living in a rural area.
The video then delves into the financial realities of millennials and Gen Z. According to a Harris poll, millennials believe they need an annual salary of $525,000 to be happy about their finances, while Gen Z is more modest, with a desired salary of $128,000. The video suggests that millennials' higher desired salary may be due to their awareness of the rising cost of retirement and the financial challenges faced by their generation.
A Sobering Reality
The video paints a concerning picture of the American Dream in 2024. It is becoming increasingly expensive and difficult to achieve, particularly for younger generations. The video concludes with the sobering statistic that 9 million US citizens now live abroad, suggesting that some Americans are choosing to leave the country in search of a more attainable dream.
Overall, this video provides a valuable and thought-provoking look at the changing landscape of the American Dream. It is a wake-up call for policymakers and individuals alike to address the growing financial challenges faced by many Americans and to ensure that the American Dream remains a possibility for future generations.
Here are some additional points that could be included in an article based on this video:
The video mentions that confidence in the American Dream has fallen significantly in recent years. This could be further explored by discussing the factors that have contributed to this decline, such as income inequality, rising costs of living, and political polarization.
The video briefly touches on the concept of the "new American Dream," which involves leaving the United States. This could be expanded upon by discussing the reasons why some Americans are choosing to emigrate and the potential consequences of this trend for the United States.
The video ends with a call for action, urging viewers to learn more about financial education. This could be expanded upon by providing resources for viewers to learn more about budgeting, investing, and other financial topics.