The American Dream is a way of living that includes having a job with advancement potential, owning a home, feeling useful, spending less than you make, and having a high degree of independence, autonomy, and contentment in later life. Throughout most of America's history, these values have served as a beacon for anyone willing to work hard and work smart. Its lure is one reason many people immigrated to the United States.
From all over the world, people came to the United States, filled with the promise that they could follow the "American Way" to satisfying work, a home of their own, and ultimate financial security. With persistence, they "made it" and passed both their wealth and their work ethic on to their children. It was a dream made possible by personal enterprise, the rapid expansion of the American economy during much of the twentieth century, and the "can-do" attitudes of those who played by the rules and flourished in this nation of plenty and opportunity.
Now here we are in the new Age of Technology, and the landscape is changing. Achieving the American Dream today seems more complicated and its future more uncertain. Outsourcing, deregulation, global competition, skyrocketing health care costs, corporate scandals, uncertainty in the markets - crisis seemingly follows crisis. Although most of them are not of our making, they all can and sometimes do impact our financial well-being.
We have seen the stories on the news; we have known friends, or friends of friends, or neighbors, fellow Americans who are skirting - or already living in - financial chaos or those who must rebuild their lives after a serious setback:
If you believe these are rare occurrences, think again. These stories are signs of the changing times. The question is, "How can we adapt and thrive?"
We need a new model for living in the twenty-first century that shakes us from our complacency. Pro-activity is key. Already in numerous technical and manufacturing fields, skilled workers in India, China, and elsewhere are willing to do your job for a lot less pay! Are you prepared to go on to the next level of job or career if you are replaced? Or might you spend months, maybe years, looking for a job like the one you lost but that is no longer there? Outsourcing is just one of the signals of a changing economy and workforce. In addition, dropping wages, the eroded power of unions, and the decrease in skilled job opportunities are making it more and more difficult for many Americans to make ends meet.
Although you may be in your twenties or thirties, you should know how the nation's aging population is changing the economic and cultural landscape. And for those who are already (or nearly) retired, you need to understand how you may be affected by business inclinations and political infrastructure. Changing tax laws, the nation's health care issues, and legislation that impacts all facets of life quality are being debated and voted on almost daily. Each of us must look up from our too busy lives, take stock of our lifestyles, and become competent in the financial management skills of daily living and the unfolding future.
Those who master their destiny share many qualities, few of which are determined by society's definition of success - a formula that centers mostly on fame and fortune. Do you have what it takes? How many of these statements describe your principles and values? Individuals who will achieve their dreams in the twenty-first century:
The fact is that for much of the past century, most of us entrusted our financial well-being to others - parents, financial corporations, insurance companies, employers, and the government.We handed over critical decisions about health care, job security, and retirement income, choosing to live comfortably in the present while "knowing" we would be just fine in the future. In the process, generations lost the knowledge needed about the role of money in our lives. We lost the skills to be financially self-sufficient and to make the life decisions that lead to real security. Some of us even lost the courage to try. It is ironic that there are more people willing to teach courses about finances than there are people willing to take them. Ironic because there is more accessible information on personal finance topics than has ever been available to Americans before. The same corporations, insurance companies, financial professionals, employers, and government agencies on which we became dependent now want to teach people to become self-sufficient and financially competent. They are holding meetings, passing laws, and publishing information on the Web, in bookstores, at seminars, in courses, and in newspapers and magazines that exhort people to become "financially literate." Yet, too many of their intended audience are turning a deaf ear.
Other messages, however, also keep coming in loud and clear - messages like "Buy now and pay no interest" or "Pay nothing for one, two, or even three years!" This seductive communication from big business with its own agenda is drowning out the commonsense message of financial literacy.Whatever the product is, if it sounds free, it can begin to feel like a burning need. The idea of paying later is familiar and appealing because it has become a way of life - a really mixed up version of the original American Dream.
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Note: This article was sent to us by: Hugh S. Robinson at 03062010
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