 On April 2, 2011, Suzy Orman again mentioned her opinion of the "new
American Dream": freedom from debt. I am very fond of her idea, and I will tell
you why in just a moment. It is important to first take a look at the image of
the American Dream many of us grew up with.
The old American Dream, the one I grew up with, portrays us as owning a home and
car, going on exotic family vacations, buying fun things, and working at a
secure job to pay for all of it.
Herbert Hoover and his promise of the American Dream: "A chicken in every pot
and a car in every garage."
Where did this image come from? It may have started from Herbert Hoover's 1928
campaign promise of "A chicken in every pot and a car in every garage". Hoover
knew that everyone wanted prosperity, and that it was possessing material goods
that made people feel as if they were prosperous. His vision implied that
prosperity would look like things, and it may have created a materialistic image
of what his voters thought their lives should look like.
However, when our reality and our image of prosperity are misaligned it is
tempting to use dangerous tools, such as credit, to force the two to come
together. That is where we get in the most trouble. To a degree it is about
being dishonest with yourself. The person who refuses to accept their current
financial reality and then chooses to use credit in order to create an
appearance of what he thinks prosperity looks like is only going to steal from
tomorrow's potential prosperity.
The very first American Dream
In a sense Herbert Hoover's view of the American Dream wasn't the first time a
President had a dream for Americans. What was wrong with this one, by Jefferson?
"We hold these truths to be self-evident, that all men are created equal, that
they are endowed by their Creator with certain unalienable Rights, that among
these are Life, Liberty and the pursuit of Happiness." Today, how many people
are truly experiencing life, or liberty, or happiness? How can they really be
happy with their things when they are crushed with student loans, mortgages, and
credit card debt? I like the idea of a "new" American Dream even though it was
the original American Dream! Life is about liberty and happiness. We can enjoy
those things without more things! |
