I participated in an Influencer Program on behalf of Mom Central Consulting for MassMutual. I received a promotional item to thank me for participating.
The American Dream is one of the biggest reasons that people have flocked to our nation, but new research has shown that the dream is interpreted differently by different people. MassMutual Financial Group recently released a report stating that American families have shown their resilience through tough financial times by adjusting their budgets appropriately to roll with the punches.
My American Dream
When I think about the American Dream, one of the first things I relate to that is financial independence. The perfect scenario for me would be owning my own home outright, owning a successful business and being able to provide for my family without struggling in the slightest. I would love what I do, be able to put my kids through college, be able to afford to care for my parents in their old age and be able to have a very comfortable retirement. It sounds great, right?
Unfortunately, the current business climate isn’t a healthy one for new business and the current economy is fair at best. Because of this, I have to carefully research every potentially life-changing opportunity that presents itself (or that I come up with). There is no guarantee that a business started today will survive tomorrow. Planning is everything.
My family and I are also on a very strict budget. We’ve traded in the occasional night out for a night in with a movie, games or fun activities. Although we would like to indulge in a few fast food or casual restaurant meals a week, we’ve now limited those meals to once or twice a month. Instead of watching cable TV or purchasing Pay-Per-View movies at $3.99 and up, we now use only a HDTV antenna and various streaming options to catch our favorite shows. We’ve cancelled our home phone service. We’ve limited our water consumption and our electricity use. I’ve learned to create our menu plan by the coupons that come in our newspaper. All in all, we’ve rolled with the punches of today’s economy and we’ve somehow managed to keep our heads above water.
Not surprisingly, MassMutual’s recent study MassMutual’s State of the American Family Study showed that I’m not alone. Many Americans are doing the very same things that I’ve done.
What the State of the American Family Study Shows
MassMutual’s recent study was very interesting to me, not only as someone heavily concerned with personal finance, but also as a parent. Some of the information compiled in the study might surprise you, too. For instance, how closely are your financial goals represented below?
The top five financial goals reported by American families include:
You can achieve your American Dream and MassMutual can help!
What’s your version of the American Dream?