Recently I saw an article entitled "Visualizing The Cost Of The American Dream In 2025."
The opening paragraph reads: "The American Dream isn’t cheap. Owning a home, raising a family, and retiring comfortably now total over $5 million across a lifetime for a household. This milestone has grown increasingly out of reach as the median age of a U.S. homebuyer has risen to 56, up from 31 in 1981. Meanwhile, U.S. fertility rates have hit record lows amid rising unaffordability."
The article breaks down the cost of the American dream as follows:
I'm astounded by some of these costs.
Some figures are quite accurate. Owning a home is, indeed, increasingly unaffordable for many people, in large part because there are so few inexpensive starter homes to give young couples a foothold in the real estate market. Healthcare costs are similarly expensive.
Beyond that, however, are these figures accurate? Do people honestly spend nearly $40,000 on their pets? Over $38,000 for a wedding? Nearly $900,000 raising two kids, and even more than that on cars?
I have a feeling the Lewis family is working on a completely different scale of economy than what these figures illustrate.....
Zero Hedge took this data from a different article that took the data from Investopedia. They each regurgitated the same info. Nobody asked questions until you, Patrice!
ReplyDeleteThe average yearly expense is more than double of my husband and I and we are still paying a house payment for another year and a half. Expenses will be even less in 18 months. We raised 2 kids. We are beginning retirement. We have no big travel plans or expensive pets. This is high life talk. A survey of the American dream in high life terms. What a discouraging article for young people. We all had to work, scrimp and save to get where we are. Nobody makes payments or forks over the cash at the beginning. Investopedia is discouraging trying, dreaming, and the American way. They talk Bachelors Degree but I don't see college tuition/debt in their calculations for the couple, only for the kids. This is Swiss cheese financial data, full of holes, or pie in the sky!
Yep, things are hard. You learn to save and to forgo the wants so you can pay for the needs. Instant gratification never taught anyone anything. This must be why America is tied in knots and drowning in debt.
I think the key thing here is that this is how much it would cost to live the American DREAM.
ReplyDeleteThe vast majority of people, particularly young people, aren't doing the things on that list - taking a vacation every year, buying a car every year, or buying diamond rings and fancy venues for weddings.
The expenses listed for childcare include sending both children to a four year university- how many lower and middle class families can afford to do that now?
While older generations undoubtedly worked very hard to provide a good life for their families, an average single income family can no longer afford almost any of the original hallmarks of "the American Dream."
Clever article aimed at the “Dream” - they even made a dream household of 1 dog, 1 cat… but they’re not saying this is what people are doing. If people were true to live the dream (not frugally, clearly!) this is what it would cost.
ReplyDeleteAnd pets over your lifetime, if you are treating things like renal failure and feeding special diets that arise, annual bloodwork as they get older, a treatable cancerous tumor that needs removed… it adds up so yes. I think that is accurate.
The cost of living today is quiet different than the 80's when my husband I started our lives together. I lost my husband of 43 years to cancer. We had saved, invested and retired early while living simple lives. Our daughter just married. I gifted her and her husband a significant amount toward a home they purchased together. My thoughts - why wait until I pass for them to inherit. I can help them start a future together now and ease the housing burden. I realize a lot of folks can't do this but if you could...would you?
ReplyDeleteYes, I will, but my reward will come from God. My kids will think it is owed them because society has corrupted everything. Maybe if they have their own kids, they will understand.
DeleteJust trying to make it to the finish line with more forgiveness than regret these days.
Reader's Digest had a joke years ago that said Grandparents and Grandchildren get along so well because they have the same enemy. How right the joke was. And, it is not funny to live it out. Both sides detest us and have their hands out. They are needy, resentful, or both! My heart says be generous, but it is painful.
I'm sorry. Both generations sound greedy and entitled. I say cut 'em off and go on a round the world trip for $$$. You don't owe them anything. Be generous to yourself for once.
DeleteMs. Krab, That is your expected response. I was not speaking anything monetary wise in my comment. I'm talking about repeated sacrifices of time, energy, prayer, and emotional involvement without reciprocation or much appreciation. My Grandparents fiercely loved me with grief in their eyes and hearts that I didn't understand when I was young. I now see the world as they did. Sentiments such as yours is why I grieve. Keep your $3 million Hamptons paradise. I would happily give up my modest home and live in a one room nothing with my husband if we could have sincere relationships with family. My faith in Jesus and sincere relationship with my husband is what I lean on most. I pray you see your stuff as meaningless before it is too late for you. Every knee will bow before Jesus some time soon, it seems. I hope He tells me, "Well done good and faithful servant. " How about you?
DeleteAnd Krabby chimes in with standard female solipsism. "Be generous to yourself . . ." All of a piece With "Live your best life" and "Eat Pray Love." She urges the inversion of the traditional and moral order of God before self - and God instructs women to put husband and family before self. Hey, selfishness and greed are 'good' - it's the "American dream, or so we are told by the advertising, media, and financial minions - not to mention stereotypical boomers and feminists.
Delete"Holding their hands out" means money. Don't blame me for your poor writing. As for me and my house, I loved and was very close to my parents (now gone) and I am very close to my children. No generation detests anyone and we all have sincere love for one another. As for the second Anonymous, I couldn't care less what ridiculous misreading of the Bible you believe in. Has nothing to do with me. And I am the opposite of selfish and greedy. You all just can't stand the idea that a feminist could have a successful career and a loving family, so you assign bad characteristics to me. Jesus just loves narrow minded bigots like you.
DeleteKrabby dearest - "ridiculous misreading of the Bible" -
Delete1 Timothy 5-8: "But if anyone does not provide for his own, and especially for those of his own household, he has denied the faith and is worse than an unbeliever."
Proverbs 13:22: "A good man leaves an inheritance to his children's children . . ."
Proverbs 21:9: "'Better to live on a corner of the roof than share a house with a quarrelsome wife."
Titus 2:5: "To be self-controlled, pure, working at home, kind, and submissive to their own husbands, that the word of God may not be reviled."
Guess I'm going to hell then because I'm an Episcopalian. By the way, none of those are Jesus' words. And sweetikins, what makes you think I don't provide for my own and for my children's children (who currently don't exist)? I told you I adored my parents and I love my children. I'm not the one complaining that two generations despise me. That's your fellow anonymous Bible thumper. My children are well provided for.
DeleteGood to read our favorite playground bully going through menopause is still making us snicker! Ha ha! The joy! I just wait for her next nasty comment and then her defense of how HAPPY she is!
DeleteOf course she would have to be Episcopalian (they adulterated the Bible) or of no faith at all. Faith in self for sure. Mind you there is no mention of husband other than being married at 24. She is such a sweetie that he either hangs on her every word or ran off screaming long ago. I'm guessing the second option because she has claimed all her wealth was her own doing. "I did it all by my little selfie!" Very childish responses. Must have been an only child or an oops baby her parents weren't expecting, late in life, and spoiled rotten. You can tell by all her self importance.
Could it be possible the woman detested by family has better morals or maybe catches them in hypocrisy? Yet, she still seems to love them. You should admire that sacrifice. It's not always about $$$$.
Humility would do you well Krab! It might even lead to love for your fellow man. Nope, probably not, you will choose pride. Who's the bigot now? Sad....
Try reading your Bible. You will learn quite a lot! Most of us are pretty neighborly here. You could try being encouraging or empathetic and get some appreciation. That is how you receive kind responses, since you don't seem to know how. I'll start. What you did for your dog, the spinal surgery, was very nice. I'm sure your kids loved all the camps, classes, and hobbies, too. Hmm, that wasn't that hard. Try it!
One, you're nasty. Two, I was trying to be kind and empathetic to the other anonymous and then you friendly folk called me names. I didn't suggest that other person stop loving her family--I assumed that both generations are hitting her up for money, aka a handout. And sweetie pie, you're all about the Bible, but you're not kind or Jesuslike yourself, including making fun of husband and my sect of Christianity. Don't bother me again.
DeleteAnd no, I'm the second of four siblings, since you hinted. Maybe take care of the mote in your own eye.
DeleteThere is NO WAY health care is $414,208 over a 63 year average. NO WAY! One emergency can cost that. Deductibles, co-pays, eye dr.s, ear dr.s, dentists, prescriptions, because all that is also health care, is much higher than that estimate over 63 years.
ReplyDeleteI bet it cost that much for a pet for some people, I'm one. I have a Chihuahua that has a "sensitive stomch". For a small dog it cost (and I'm not kidding) $200 a month for Hydrolozed food for her. It is ridiculous! It's the company's cash cow. The price goes up about every 3 months. She's 9 years old. Without it though she will vomit up to 12x a day trying to expel the food her body doesn't like. The dog food company's know this and use it to their advantage.
ReplyDeleteI am a veterinarian - the hydrolyzed diets are usually manufactured in their own facility (think separate real estate, construction, machines, staff, and packaging) to avoid any cross contamination, thus adding to the expense. I am grateful that there is a diet available that controls your dog's problem! And grateful for you that she's a chihuahua, not a mastiff. :)
DeleteThat's really interesting info. Im glad it's not a Mastiff also!
DeleteIt's manufactured in the Purina facility which makes all kinds of food.
DeleteI seen an article on a major news site just yesterday about how the average wedding costs between $30-35k now. Most everyone I know just got married at the courthouse or a basic ceremony, but I've known people who have had super elabortate weddings that would cost $50-100k easy, so I guess the huge spenders skew those numbers for everyone else. And with such a high divorce rate, seems like a huge waste of money that could be put towards a house or really anything else that could benefit them in life. Childcare can be super expensive if it is required. And I know people will always say well if people can't easily afford to live in one place, they should move somewhere more affordable, but moving itself is a huge expense and trying to find someplace affordable can be even worse, so moving can be a bigger problem than staying put.
ReplyDeleteThat being said, I can see people spending that much on animals. People treat them like humans and will pay huge amounts on their medical care and medications to keep them alive. Plus vet care is crazy expensive now, costs more to take an animal for a vet checkup then it does a person; it's why so many people now pay for pet insurance. But depending on the type of dog people have how big it is and how much it eats, the food budget alone could be pretty high. But their chart only states pet ownership is for a set number of years and most people with pets will keep owning pets for life, so you'd have some expenses that you would have to pay for each animal, spay/neuter, any vaccines, etc. I have indoor cats and barn cats, but to feed 7 indoor cats a high quality food and provide litter for them runs about $60 a month, so about $2 a day or $750 a year. So that would be around $7500 for 10 years, and that is no additional vet costs or medications or specialty foods.
I would never spe--nd that much on cars. Re pets, yes, one beloved dog needed a $6K spinal operation, which I was glad to pay. I'm not sure how to figure out costs for raising my children, but both of them went to gifted kid camp in the summers, which probably added at least 50K. Music lessons, travel hockey, college--I don't want to think about it, but I'd do it all over again.
ReplyDeleteI’m guessing interested on borrowed money is the largest part of most of these costs. Certainly homes, cars, and probably education. I have no idea if they’re assuming carrying a credit card balance but assume so.
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