I participated in an Influencer Program on behalf of Mom Central Consulting for MassMutual. I received a promotional item to thank me for participating.
We’ve all heard of the American Dream, but what does that mean exactly? Is it owning a house, or having multiple cars in the driveway? What about a college diploma on the wall? Or is it just being happy & having a loving family?
While it can mean something different to different people, MassMutual recently found out that there are four main things that just about every family has in common. In MassMutual’s State of the American Family Study, they found that putting family first, being actively involved in household financial decisions, educating children about money and making sure that children aren’t burdened by parents’ care as they age are the core financial concerns of every household.
Times have changed & while in our parents’ days, college was just one of many options, it’s now become practically mandatory. Due to this, focus is shifting toward making sure to save for our children’s tuitions- 74% of parents surveyed in the MassMutual Family Finances survey said it’s never too early to start saving! More and more parents are beginning to insist on paying for their child’s education as well- only 39% of Generation X parents surveyed felt the need to pay, while 55% of Millennials felt it was their job. That’s a huge leap in just one generation!
Another thing that has changed with the current generation is the emphasis on teaching children about money. With the recent recession, many people were forced to realize just how little they knew about financial planning. I was lucky in that I was just coming of age at the time, so I didn’t actually lose anything, but it made it extra hard to get started and gave me a great example of why I need to teach my kids how to handle money. I wasn’t really taught much about it and while I really feel that there should be a class in school on the basics, I will be making it a priority to teach my boys once they are old enough.
I grew up with very, very little, and through the hard work of both myself and my husband, I have changed my situation. We bought our first house at 21, and I own my own business & work for myself in my mid-20’s. More importantly, we have two beautiful boys that we love &cherish. To me, this is the American Dream and I am proud to be living it!
What does the American Dream mean to you?