America is a powerhouse. In terms of economy, entertainment, news, politics, you name it. So what is it about the mentality of Americans has enables them to be involved in so much? Is it a good mentality? Are they happy? Are they as rich as they seem? Let’s determine what makes Americans tick, today on The Savvy Scot.
America was founded on the idea that personal freedom is of utmost importance. This is ironic since America had slaves for a long time. But I digress.
America is land of the free, home of the brave. Americans take this meaning to heart. They are more patriotic than Brits. The American flag is displayed proudly. Veterans are honored.
But what about the mentality of Americans on a personal level? How are personal finances discussed in America?
The topic of personal finance is not discussed in America. Not really, anyway. It’s not taught much in schools, whether primary schools or universities. No one is really sure why. Some believe it’s because the federal government doesn’t want a well-educated populace. Think about it. If everyone knew a great deal about personal finance, not as much money would be needed for everyone to live. People would realize they could retire early. This means a negative impact on the economy.
Yes, personal finance isn’t really taught in schools. It’s a shame because most American children leave high school without the knowledge to actually do well on their own. They may know algebra and biology but that’s near useless upon graduation. So they go to college. Since they don’t know much about finance, they take out too many student loans. This is very common in America. If the federal government really doesn’t want its population educated on personal finance, this student loan crisis may make the plan backfire.
Many millennials are turning to the ‘minimalism movement.’ It’s a movement where they break free of the traditional American Dream. Instead of buying a big house and forcing themselves into a 30-year mortgage, many are buy small houses or not buying at all. It seems like the millennial generation is waking up to personal finance. It’s almost as though personal finance is being cool with the younger Americans.
Older Americans are still very much 9-5, get married, get a mortgage, work, work, work type. In America, the harder you work, the larger your bank account. That’s almost a certainty. They call America The Land of Opportunity. Even in 2016, this remains true.
This is the life of the ordinary American. Millennials notwithstanding. It’s just more and more millennials are staying away from this lifestyle.
Americans go to high school until they graduate at age 18. Most go straight to university – no gap year. An ‘undergraduate’ degree is most common. This typically takes students four years to attain. It can be done less. Many take 5+ years. People who take more than four years to graduate are jokingly referred to as ‘Super Seniors.’ The senior year should be their last year but they keep repeating it, essentially.
After graduating, they look for a job. Sometimes people get a job in the field which they got a degree in. More often than not, it’s unrelated. With the down economy of the recent future, it’s still common for many young people to live with their parents after college for some time. That time may be a few months to a few years. Though living at home with your parents has a negative stigma to it once you’ve graduated college.
The first job is your typical ‘9-5’. These are 40-hour work week jobs that typically include 2 weeks work of vacation days. These days are used for everything: vacation, sick, weather, doctor’s appointments, you name it. So while it appears you have 14 days, usually you only end up with about 7 to actually take a vacation.
This pattern continues for the next 40 years. In years past, Americans would stay at the same job for decades. Today, it’s not uncommon for people to leave a position after only 2 years. The American economy is certainly changing. The millennials are really breaking out of this typical mold.
Often in the American news, topics of stress, obesity and depression are discussed. And when you view happiness reports from around the globe, the United States is rarely the happiest country. It’s usually about middle of the road with other developed countries.
It think this shows that in an ideal life, Americans (as do everyone) want it all. A great career, a great family, happiness… But having it all is hard to achieve without also bringing on the maladies of stress, depression and obesity. A balance must be struck.
Despite the struggles, Americans spirit lives on. It is believed that if you work harder than anyone else, you’ll achieve more than anyone else. Working hard earns respect. Taking a lot of time off is looked down upon.
Yes, the money mentality of Americans is one of great intentions. It can be trying for some people at times. And this work ethic may take a toll on other areas of life. But overall, Americans do believe a good life is achievable. It’s only a matter if you’re willing to achieve it.
Bio:
Will Lipovsky is a personal finance freelance writer and internet marketer. His most embarrassing moment has been saying to a Microsoft executive, “I’ll just Google it.” You can get in touch with Will at FirstQuarterFinance.com.
A great breakdown of the American mindset … well written!
You might be surprised to find out that many states in the US are requiring that Personal Finance be taught in High Schools. I believe that there are currently only 13 states, so we still have a ways to go.