The Evolution of the American Dream and Why it Matters for Personal Finances ⋆ [FinCon]

The Evolution of the American Dream and Why it Matters for Personal Finances

Chase American Dream Study
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This is a post from Tom O’Donnell, Chase Card Services

Hello FinCon13 attendees!

Now that FinCon is over and we’ve all had a chance to digest what we learned at the conference, here is a bit more food for thought from the Chase Blueprint and LearnVest American Dream survey.

After I spoke at FinCon about the American Dream, how it has changed and what that means for American’s personal finances, many of you wanted to know more about the survey. More so you were interested in learning more about what it actually meant and what can we do to help consumers achieve the American Dream.

The American Dream is alive and well, but it’s different today. My American Dream may not be your American Dream. As bloggers and financial professionals focused on helping consumers take steps toward a better financial future, it is our job to help consumers in their financial endeavors, whether related to the American dream or not.

Here are four tips that can help your readers stay on the straight and narrow towards their American Dream:

1. Build and maintain financial literacy. Consumers can do this by first understanding the financial products they already have. Doing so will instill the knowledge and confidence they need to manage finances effectively.

2. Understand and manage complexity. We know that the financial health of consumers struggling to recover from the recession is closely linked to the complexity of their personal financial situation. Consumers can better manage complexity by determining the number and variety of financial relationships that they have and identifying the right comfort level that is right for them.

3. Manage budgeting, spending and borrowing. In order to manage successfully, consumers should have a plan in place for their finances; spend mindfully – think before you spend, “does this purchases help me fulfill my American Dream?” and turn good practices into habits – practice makes perfect.

4. Understand progress and experience success. Consumers are more successful when they can see the financial progress they’ve made and celebrate their successes – big and small. It makes it more likely that they will continue forging ahead on their path to the American Dream!

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