Have you ever wondered what it truly means to be American and pursue the American dream? Or, what the American dream really is?
Many people associate the American dream with immigrants, those people who come to America from other countries in search of a better life. This perception isn’t necessarily true since a lot of people who are born in America actively pursue this dream.
The American dream is founded on the principle that America is the land of freedom and opportunities and the government should protect each individual’s right to go after what makes them happy. No one is obligated to choose the same path as their foreparents but can create their own path to economic prosperity.
Economic prosperity is elusive to those saddled with debt. Sadly, this represents 80% of the American population. This is mainly because America runs on credit and people find it hard to resist the urge to buy now and pay later. Credit cards and credit scores rule the day and finding a homeowner without a mortgage is close to impossible.
With this being the reality of everyday life, it’s no surprise that the American dream is really to achieve financial freedom and be debt-free!
Your journey to financial freedom and living debt-free doesn’t have to be textbook. While it’s undeniable that you’ll need help, this help can come from unconventional sources. However, it must include these crucial elements to be effective:
- Begin at an early age — making critical financial decisions as soon as you graduate college or before if you can manage it is a significant step in the right direction. The financial decisions you make in your youth follow you to adulthood; if they’re not sound ones, you could end up paying for it, literally, for the rest of your life.
- Tell you about financial pitfalls to avoid — living a debt-free life means spending your money wisely. You have to choose what to spend your money on and what to stay clear of. Credit card debt is one of the easiest to get into and the hardest to get out of, so you’ve got to think long and hard about having credit cards.
- Give you an understanding of mortgages — everyone wants to own a house and many times the first thing you think of to get it is a mortgage. But, is taking out a mortgage the best thing for you?
Many people don’t know this, but you can own a house without taking out a mortgage! When planning your financial future, you should examine whether or not you need a mortgage and learn about your other options.
The American dream of living free of debt is achievable despite the credit culture. You can build a life and own a home without being indebted to financial institutions or credit card companies — the choice is yours!