- ORIGINAL NEWS
Homeownership isn’t for everyone, money coach says: Don’t fall for artificial ‘pressure to buy’
- SUMMARY
Many people aspire to achieve the American dream of success and financial freedom.
However, this pursuit can often lead to a sense of guilt for those who are the first in their families to achieve these milestones.
“Financial survivor’s guilt” arises from the lack of guidance and preparation for managing the emotional toll that comes with newfound success.
One common example of guilt is the purchase of a home.
While homeownership is often seen as a sign of success, it can be a significant financial burden.
Expenses such as closing costs, property taxes, insurance, maintenance, and unexpected repairs can deplete savings and lead to debt.
Before investing in a property, it’s crucial to consider not only the initial costs but also the ongoing expenses and whether the purchase aligns with your lifestyle and values.
The traditional path to the American dream, which involved obtaining a good education, finding a stable job, and buying a home, has become increasingly challenging in recent times.
Factors such as rising student loan debt, soaring living expenses, and economic instability have made the dream feel unattainable for many.
As a result, the definition of the American dream is evolving, with people re-evaluating their priorities and seeking paths that align better with their aspirations and circumstances.
- NEWS SENTIMENT CHECK
- Overall sentiment:
neutral
Positive
“In her upcoming book, “Financially Lit!: The Modern Latina’s Guide to Level Up Your Dinero & Become Financially Poderosa,” author Jannese Torres discusses how she became the first woman in her family to graduate from college, build a career and achieve what she believed were marks of success.”
“As part of its National Financial Literacy Month efforts, CNBC will be featuring stories throughout the month dedicated to helping people manage, grow and protect their money so they can truly live ambitiously.”
Negative
“Yet in her pursuit of the American dream, she realized that she didn’t know what to do with her financial success.”
“The American dream feels out of reach even for households that bring in more than $100,000 a year”