Note to reader; this blog and its advice are designed to help the reader attain the American dream. First of all, most people have to be sleeping to believe it. Secondly, we must be millionaires to enjoy the lifestyles that most took for granted 50 to 60 years ago.
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The classic “American Dream” including two kids, a house, and car costs more than most make in a lifetime.
- The American Dream now costs $3,455,305—that’s the estimated lifetime cost of common milestones including marriage, two children, homes, healthcare, cars, and education.
- The cost of raising two children to the age of 18 is now estimated at over half a million dollars ($576,896).
- The average lifetime cost of a home including a mortgage with a 10% down payment and a 30-year fixed rate of 7.2% is now about $796,998, according to Investopedia’s analysis.
The American Dream now costs $3,455,305—that’s the estimated lifetime cost of common milestones including marriage, two children, homes, healthcare, cars, and education. The American Dream was one of Investopedia’s top searched terms of the year, and is typically used to refer to major aspirational events and purchases like buying a home and car, getting married, having kids, and economically prospering. But rising costs have made the typical “American Dream” out of reach for many. In fact, the average lifetime earnings of Americans across all education levels is approximately $2.3 million—that’s over one million short of the estimated cost of the American Dream.
The American Dream Now Costs $3,455,305
Estimated lifetime costs of the “American Dream” including marriage, two children, homes, cars, and education.
| 1 | Hospital birth | $5,708 | Average out-of-pocket costs for those enrolled in large group plans ($16,011 covered by insurance). Total shown for 2 children. (2018-2020, Peterson-KFF) |
|---|---|---|---|
| 2 | Raising children to 18 | $576,896 | Average cost of raising a child until age 18. Total shown for 2 children. (2015 USDA, adjusted for inflation to 2022) |
| 3 | Car purchases | $271,330 | Average purchase price for used car. Total shown for 10 purchases (6-year old used car, lasting around 6 years each) over a lifetime (driving ages 16-80). (2023, iSeeCars.com) |
| 4 | College | $42,070 | Average cost of one year at a public in-state 4-year institution including room and board. Total shown for 2 children. (2020-21, National Center for Education Statistics) |
| 5 | Wedding | $35,800 | Average cost of a wedding and engagement ring (2022, TheKnot.com) |
| 6 | Home | $796,998 | Average purchase price for a home, with lifetime mortgage costs. Mortgage assumes 10% down payment, 30-year fixed loan at 7.2% interest. Does not include other costs including taxes, origination and lender charges, etc. (September 2023 purchase price and rates, Zillow, CFPB, St. Louis Fed) |
| 7 | Pets | $67,935 | Midpoint cost of lifetime care (15 years) for a dog and cat. (2022, Synchrony) |
| 8 | Health Insurance | $934,752 | Average family premium costs. Total showing 39 years of current annual costs (ages 26-65). (2018-2020, Peterson-KFF) |
| 9 | Retirement | $715,968 | 80% of 2022 median household income. Total showing 12 years (average life expectancy past 65). (2022, U.S. Census, CDC) |
| 10 | Funeral costs | $7,848 | Average costs of a funeral with a viewing and burial (2023, PolicyGenius) |
And when it comes to starting a family, the price tag gets even heftier, from hospital bills to college tuition. A hospital birth will cost you an average of $5,708 out-of-pocket for two children, for those enrolled in a large group health plan. But that’s just the beginning—the cost of raising two children to the age of 18 is now estimated at over half a million dollars ($576,896).
If your kids are planning on going to college, the average tuition (including room and board) for sending two kids to an in-state school for one year will cost about $42,070.
Pets
If your family includes a furry friend, you could be looking at up to $67k in lifetime costs for a dog and cat that each live for 15 years.
Home and Car
Of course for many, owning a home is a major part of the American Dream. However, mortgage rates have been on the rise as the Federal Reserve has continued its campaign to cool inflation by raising its benchmark interest rate. In October 2023, mortgage rates hit 7.79%, the highest since 2000. Home sales fell to a 13-year low in the same month, thanks to high mortgage rates pricing many buyers out of the market.
The average lifetime cost of a home including a mortgage with a 10% down payment and a 30-year fixed rate of 7.2% is now about $796,998, according to Investopedia’s analysis.
Further, the lifetime costs of buying cars for you and your family is estimated to run you about $271,330 for 10 purchases. That’s for a six-year-old used car, purchased every six years of adulthood from the ages of 16 to 80.
Retirement
So you’ve worked hard all your life to raise your family and now you’re looking to retire in your golden years? You’re going to need at least $715,968 saved if you’re planning on living off of 80% of your pre-retirement annual income, as experts recommend. If this total sounds impossible, check out our retirement investing guides to get started. It’s never too late.
Let’s not forget the Epiphany today. Today, the three magi worshipped the divinity of Jesus at the manger in Bethlehem on behalf of us Gentiles.
When the magi asked the Jews where the new king was to be found, they replied in Bethlehem, but they kept it to themselves that the prophets foretold him as king and that he would be preceded by a star.
What is lost in most of the English speaking world is that Christmas is a celebration of the birth of Jesus Christ. In many traditional Christian societies the Christmas holiday season lasted a couple of weeks around Christmas through early January. In early January three kings day was an equally revered holiday as Christmas.
Christmas in the USA and Canada is a joke where it is just one day and then the next day it is all but forgotten. Today’s Christmas in the USA is a month of getting all worked up for the right gift and most of all getting the right gift and then it is suddenly over on December 25.
I don’t bother with the January 1 celebrations as it carries no religious significance. In addition, January 1 is just a celebration to go back to school or work the next day in most of the English speaking western world. In traditional Christian cultures January 1 was really not celebrated and it was in the middle of the holiday season.
Objection, Your Honor Stone! I read your blog as often as your old one and I thank you for taking so much time to write for us (few).
Lately it seems that some very very big companies are buying up very big companies. Two of my customers got bought up twice, each time by a bigger fish, and a popular aftermarket auto parts supply outlet got bought by a private equity firm. https://www.performanceracing.com/magazine/industry-news/02-24-2022/jegs-acquired-private-equity-firm Apparently money does grow on trees. To me this is mind blowing the amount of money needed to buy out a company that I think is already huge. These massive company buyers must not have received the Zero Hedge economic collapse memo?
Sick and dying people don’t work or work a lot less than before.
Just talked to a friend last night who is active in the church choir and other activities. She said she knows many people who are getting colds that last more than a month. In addition, she also knows a lot of people who are getting sinus infections. Her choir group is on skeleton crew due to everyone being out sick. What is strange is that I also had a cold and it only lasted a week which is the standard time period. I’m not vaccinated.
I suspect that all her friends are vaccinated and their immune systems have crashed.
The unvaccinated folks will be pressured to look after the vaccinated sick and dying friends and relatives. If any of these sick and dying people mocked or bullied the unvaccinated folk then I feel there is no obligation to care for these people. They are getting the fate they deserve. I only care for the sick vaccinated people who respected my choice.
An acquaintance just passed away a couple days ago – diagnosed in October with a brain tumor. A former family member is starting radiation in a week (dead man walking). Another extended family member is having his blood replaced because of pancreas issues – his chances of being healthy enough to work again are slim and he may not survive. All vaxxed, boosted and in their 50’s.
My dad, who is quadrupled covid vaxxed, just got diagnosed with brain cancer last month. While he had cancer since fall of 2022, his MRI in August 2023 showed no brain cancer. He went and got a flu shot and suffered serious side effects in December of 2023 and they did another MRI and found stage 4 brain cancer. This is turbo cancer.
The doctors think he only has at most 1 year to live and he is going downhill fast.
My sister got diagnosed with breast cancer right after her Covid shots in 2021 and just had a fast growing melanoma removed a month ago. She is also quadrupled vaxxed.
I am willing to care for my dad as he respected my vaccine choice whereas I feel no obligation to care for my sister as she isolated me and mocked my anti-vaccine stance.
Given my loyalty to Jesus Christ and his teaching on forgiveness, I would still care for my sister as well. Nevertheless , my sister especially deserved the fate she is getting for being an agent of Dr Falsy and the bullying mainstream media.
I can go on about people around me suddenly having unexplained medical conditions.
The big lesson here is hold your ground against peer pressure to do the Devil’s deeds.
Pray to God to give yourself strength to follow his will in the face of peer pressure. Your spiritual and physical life depends on this.
I think Trump will be the inevitable Republican nominee. Nikki Haley is the only Republican candidate that stands a chance of beating Biden if the polls are accurate. I don’t think Trump nor any of the other Republican candidates have a chance of beating Biden other than Nikki Haley. Nikki Haley is just another establishment neo-con that works for the SoS as well as Trump.
A Trump nomination will insure an across the board Democrat control and ultimate destruction of the USA. In states with open primaries and caucuses the Democrats will cross over and vote for Trump to insure a Democrat victory. This is what happened in the 2022 midterm election primaries that propelled pro Trump republicans to their respective nominations and ultimate defeat by their democrat opponents. Check out this article that revealed these shenanigans:
https://www.foxnews.com/politics/clean-sweep-democrats-cash-in-boosting-pro-trump-candidates-republican-primaries
No doubt there are personality changes in people who got the Covid kill shot. I have visited my home office last summer for the first time since the Covid panic in 2020. Just about everybody in the office except one are vaccinated. Most of the same people were there but I noticed that they were much more subdued and zombie like since 2019. They seemed to have much less energy than before. There was one guy in the office who is not vaccinated (God bless him) who is his same old self.
The attorney I work for down there who is vaccinated also seems to be more spacey and also more subdued. He takes a lot longer these days to respond to conversations. Definitely signs of brain fog going on. Another attorney feels like he can’t handle numbers any more.
Here is what has happened to my immediate family members since they got vaccinated:
1) My father is in the worst shape. They first discovered cancer around his lungs and chest when they x rayed him for an eye problem in the fall of 2022. After multiple chemotherapy treatments the cancer has gone turbo and quickly spread to his brain. My dad is quickly going downhill and needs nursing care. The doctors and my gut feeling say that he has only 4 months to a year of life left. This is very stressful for all of us.
2) My sister has had breast cancer soon after her first two shots. She also has a resurgence of melanoma that she had removed before the Covid. Fortunately she is in better shape than my father, however, she feels she will not live as long as she previously expected.
3) My niece has heart palpitations and irregular heart beats since last year. She also has developing eye problems since last year.
4) My youngest cousin has suddenly become diabetic with type 1. In addition she got Covid a couple of times.
5) My other cousin who got vaccinated multiple times also got Covid several times.
It is obvious that these Covid vaccines exacerbate previous health conditions and create new health problems especially cancers. I don’t care what other people believe, the Covid vaccines bring on more cancer and other health issues. I see it for myself and I have read so many reports of previously healthy people suddenly suffering from major cancers and other health issues.
The Covid vaxxed are feeling depressed and have low energy due to all their health issues.
To add insult to injury, these Covid vaccines do not prevent these people from getting Covid. Vaccinated people end up getting Covid anyway.
I have not and will never take any Covid vaccines. I will not take any other vaccines anymore as I do not trust any vaccines anymore.
Those who are unvaccinated will have the responsibility of caring for the vaccinated family members who are sick and dying. We will have a lot of work if you care about your family members.
If they were vaccine bullies, I would not feel any obligation.
While I feel sad for my suffering vaccinated family members, I do not feel guilty. I have warned every one to hold off on these vaccines as the science behind these vaccines are new and unproven.
Those who bullied people into taking these vaccines and later drop dead or suffer health issues (I.e the vaccine bullies) deserve their fate.
These white liberal multiculturalists can live in high crime black neighborhoods to ease their own guilt, bring peace and reconciliation to these neighborhoods and ultimately die.
You are more likely to get bad paying, hateful tenants if you own SFR in majority colored areas. While the cap rates may be great it would be more difficult to collect money from these colored tenants and they are more likely to deliberately destroy your place. That is the sad reality of these hateful, resentful tenants in blue areas.
Stone,
I wish you a happy and healthy new year 2024.
Your wisdom has hit the nail on the head and served all of us well.
Thank you
I would like to take this opportunity to thank our good “Stone” for the selfless education he has been providing for us for many years.
May the Lord bless you and always give you the graces you need.
For the new year 2024, I wish you all the best, the best of health and much perseverance to keep on the right path in this wicked world.
Biotech rocking would help me out because the specialized pumps I rebuild are used in LC and GC mass spectrometers. Another one of my big customers got swallowed up by another bigger fish. They own a company that services mass spectrometers but send the turbo pumps to me. I am really small time in the big picture in terms of volume but it has been stated by many that the quality of my repairs are the best in the country.