The best way to go broke is by following the American Dream, and here’s why: the American Dream is all about putting your family’s future in the hands of companies that don’t have your best interests in mind. For decades, Americans have been sold the same old song and dance: work hard, buy a house, and put money into a 401k until you retire — but this system doesn’t work
On this episode of Investing in Real Estate, you’re going to learn about how America’s debt based society keeps you locked into liabilities, why today’s retirement plans no longer work, and how to get the results you actually want. Click play to learn more!
More About This Show
We live in a debt-based society that encourages people to go into debt to buy liabilities—cars, homes, the latest and greatest phones, and other expensive purchases. But buying liabilities only takes money out of your pocket every month.
On top of that, the American retirement system is broken beyond repair. When you follow this path that they’ve laid out in front of you, your entire destiny is connected to your job. Your income, your retirement, and your health insurance are all tied to this one company. And at the end of the day, your company doesn’t care about you. They’re not loyal to you – they’re only loyal to their shareholders and their bottom line.
For most Americans, the job isn’t exclusively about the income – they’re also tied down by benefits. The 401k, the health insurance, and so on. But are these “benefits” actually helping you? In some cases, maybe. But most 401ks have massive fees, are tied directly to the stock market, and are highly susceptible to taxes and inflation. If this is news to you, be sure to watch my video, “saving for retirement is impossible.”
Another layer to all of this is when you follow the American Dream, you become a slave to the credit card companies and the mortgage lenders.
Credit card debt in the US reached an all-time high of $1 trillion in the second quarter of 2023. People are maxed out on their budgets, living paycheck-to-paycheck, and putting their basic necessities on a credit card. More borrowers than ever are falling behind on their payments, accruing late fees, and being slammed by skyrocketing interest rates as a penalty. All for the sake of this misguided dream of upward mobility for the American people, and the façade of keeping up with Joneses. People are going into financial ruin.
Nearly everything in our world has changed over the last several decades—home prices, interest rates, college, the workforce, and on and on.. Yet we’re told that the key to success is to follow these old systems. The truth is: there is no security when you follow the American Dream. There’s no security in having a 9-5 job. There’s certainly no safety in using these outdated retirement plans like the 401k. None of these companies are loyal to you. They’re only looking out for their best interests.
That’s why it’s more important than ever to lead the charge on your financial future. You can do this by building your financial education, building multiple streams of income, diversifying your retirement plans, and buying tangible assets like real estate.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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