Money, opportunity, and the American dream
photo by sophie confer
Everyone treats money differently. Some save consistently, and spend little, letting frugality determine their relationship with money. Others spend lots and save little, and some are happily in the middle. No matter your attitude towards this life-governing concept, it is widely accepted that, in our current socioeconomic environment, money is a vital part of a stable life, and thus key to the American Dream.
A money mentality, or money mindset, is a person’s attitude towards money, and also their relationship with it; every person has a unique money mentality, per ramseysolutions.com. This can be for a variety of reasons: differences in income, desire for goods, childhood economic situations, and more. These factors all help piece together the complex puzzle of a person’s money mentality.
To get more on this, I spoke to Grace Humes, 10, about her attitude towards money.
“I believe the money I work for should be split between spending and saving. I save a bit more than I spend, but I allow myself to buy things that make me happy,” Grace explained.
High school is the perfect opportunity to establish a healthy relationship with money.
“The way I handle my money now can affect my mentality as an adult; I see it as a trial run. I don't have any bills to pay, which allows a lot more flexibility on what I can buy for myself,” Grace added.
The American Dream is defined by Oxford Languages as, “the ideal by which equality of opportunity is available to any American, allowing the highest aspirations and goals to be achieved.” Money is not a part of the defined American Dream, because money may not be everyone’s goal.
But opportunity is influenced by resources. The Nuclear American Dream—heterosexual parents, a two story home, a boy, a girl, and a dog—is the image that many picture when they hear ‘American Dream.’ These people achieved their ‘American Dream’ because of the stereotypical economic and racial privilege they have.
Thus, the American Dream requires money. And, no matter your money mentality, the American Dream is not guaranteed. If the dream is “the ideal by which equality of opportunity is available to any American,” then it is immediately discredited by one thing: those with more money are provided with better opportunities than those of poverty. And sadly, a strong money mentality cannot mend this systematic issue.
Having a good relationship with money is important in removing daily financial stress, and may help one lead a happy life. But with that in mind, it should be said that a strong money mentality still won’t provide the same equal and fulfilling opportunities as those with economic privilege.
Because, in our world, equal opportunity is not an ideologized gift.