The American dream is no longer about getting rich, owning a home for small business owners, survey finds — here’s what the cost-of-living crisis has these folks chasing instead
Over half of entrepreneurs surveyed (56%) think they’ll have achieved the American Dream when they’re living comfortably — which requires a certain level of financial security and wealth. There are many ways to build wealth. For instance, you can stash away some of your monthly income in a high-yield savings account, a certificate of deposit (CD), or a tax-advantaged retirement account like a 401(k) or an IRA. You can also invest any spare cash to help generate passive income through dividends. Of course, it takes some time to reap the benefits of savings and investments — which could be why Gen X and boomers are more focused on living comfortably (after many years of building wealth) than millennials and Gen Z. But even the cost of living comfortably has increased along with the price of almost everything else. On average, you would need to be earning $68,499 a year after taxes to live comfortably, according to a recent Smart Asset study. That’s 20% higher than the average amount of $57,013 needed in 2022. Read more...
