The “American Dream” isn’t dead…it’ll just cost you $5 million to sniff it. According to Phillip E. Battin, of Ambassador Wealth Management, this is the breakdown of expenses to make the American Dream a reality.
- Retirement - $1.6 million
- Health Care - $414,208
- Homeownership - $957,594
- Raising a Child, Plus College - $876,902
- New Cars - $900,346
- Vacations - $180,621
- Pets - $39,381
- Weddings - $38,200
Break that down over 45 years, between the ages of 20 and 65, and you’re looking at just over $111K annually. Of course, you could cut costs by not buying as many new cars and getting a house in an area that’s less expensive, but you get the point.
Source: Newsweek