The American Dream

Traditional American values promote the idea that anyone can, with hard work, become successful. The definition of “success” may vary between individuals, but it usually includes not having to worry about money. Yet, is that dream still attainable in today’s United States?

Living Wage

According to an August, 2018 publication by the Pew Research Center, today’s average income has about the same purchasing power as it did 40 years ago! There is a disconnect between the job market, in today’s supposedly thriving economy, and how far a worker’s paychecks can go into the month. These discrepancies are fueling efforts across the country to increase the minimum wage for all people.

Minimum Wage

Today’s Minimum Wage isn’t enough to live on. Minimum wage actually varies by state. Full time workers cannot afford a 2-bedroom apartment on 40 hours per week at minimum wage in ANY state. That’s why most people need 2 or more jobs just to make ends meet. Companies must pay a minimum wage… more difficult for the smaller business than any multi-national corporations. But today’s minimum wage is no longer a Living Wage.

Underpaid and Working Poor

According to a August, 2018 Forbes Article, about 12% of Americans are considered poor, and yet they are actively working! 1/3 of Americans have NO SAVINGS, and another 1/3 have less than $1,000 to tide them over in emergencies. Where has all the new wealth of America’s economy gone?

Transfer Of Wealth

Real wages have not kept up with the cost of living. Over the last few decades, there has been a verifiable decline in the percentage of aggregate income by the Middle Class. The standard of living has declined for most Americans. It also means people today often must hold 2 or more jobs just to make ends meet.

I know from firsthand experience

In the early 1980’s, I paid my own way through college as a full-time student, with a part-time job at a Parcel Delivery company. At that time, $12/hr was more than 3x the minimum wage of $3.35. That would be over $30/hr today. Quite frankly, the money I was earning part-time, before school, enabled me to afford college with minimal loans. The work I did also built character, discipline, and perspective. There were real growth experiences.

Those high wages were only possible because of union representation and their worker’s rights advocacy. Others places I had applied (Fast food, Retail, etc) had no such worker representation. Union influence over real wages has significantly declined over these last few decades. The vast majority of part-time, low-skill jobs offered today are at the minimum wage level.

So how could a young person today make the kind of money to reach their American dream? If not, How can we level that playing field to make that dream more attainable for more Americans?

Level The Playing Field

1. Self-Educate and Vote for your rights
2. Think Outside the box

There is honor, and worth, in a working person’s life. A great starting place for me was (a) Getting a good education (b) Get a good paying job (c) Insuring receipt of fair wages and fair treatment and (d) bettering myself [skills, education, experience] to earn more.  Those who work job after job their entire lives are to be respected, valued, and rewarded, for their contributions and sacrifices. Real wealth, unfortunately, is not created through employment. Even the best jobs are not intrinsically designed to make people individually wealthy, for fear workers would lose their incentive to keep working. There are, however, business models that actually PAY people to succeed by helping others.

Real Wealth, is created through residual income… money that keeps coming in even when you are no longer actively exerting the effort to create it. Passive income like dividends, capital gains, and interest income are some common financial devices that can help create alternate sources of income. These financial devices make money on money. Therefore, it takes seed money to get started. What if one has little or no money to invest in someone else’s investment?

Invest in Yourself

Royalties are money received over and over for effort expended once. We all know of Artists, Performers, and Authors, who make money every time their works resell. But what about the rest of us? What if we’re not that talented, or accomplished, but still wish to build a Royalty source of income. How can we create that kind of extra source of income above and beyond our ‘day job’ or chosen career?

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