Oh, the American Dream—the belief that anyone can make it big, buy a house with a white picket fence & live happily ever after. But lately, this dream is on backorder for most of us and especially those who don’t have a pile of cash to spare. Working hard isn’t enough anymore. Why does it feel like the American Dream is playing favorites with the rich? Let’s look at ten reasons why.
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The Mighty Credit Score
Your credit score holds power. If you have a good one, it’ll get you lower interest rates, better chances for home loans & even some jobs. But if your score isn’t up to scratch, you’ll be left behind. Wealthy people have the means to keep their scores shiny while the rest of us struggle to bounce back from one expensive emergency.
It’s Who You Know
The rich have all the right friends. Networking and who you know swings doors wide open that might otherwise stay slammed shut. For the wealthy, it’s easier to rub elbows with the movers & shakers to get the best jobs or investment tips. Meanwhile, the average Joe struggles to get into the same social circles and this makes climbing the ladder of success far lonelier.
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Where You Live Matters
Your zip code can affect your health, education—and even lifespan. Wealthier people are able to choose a neighborhood with tree-lined streets & clean air yet regular people are stuck living near factories belching smoke. They live in places that make the American Dream feel more of a fantasy.
Legal Eagles
Getting tangled up with the law is but a minor hiccup for the wealthy, thanks to their elite lawyers. For the rest of us, a legal issue turns into a nightmare that affects our jobs & housing, among other issues. It’s a disparity in legal firepower that keeps some people stuck in place while others fly free.
The Culture Club
Growing up wealthy gives you access to experiences & knowledge that’ll give you a leg up in life. For example, you have a greater appreciation of art and an understanding of how to move in influential circles. It’s a kind of cultural capital that gives you opportunities that most people would merely dream of. Never underestimate the power of culture in guaranteeing success.
Wealth Inheritance and Generational Wealth
Anyone born into a family with money has won the lottery from the start. You have the cash for school, maybe to start a business—or to just do stuff that can make you more money. Essentially, the American Dream is handed to you because your family already did the hard part. Sadly, those starting from zero have a way harder road ahead.
Limited Social Mobility
Moving up the ladder in the U.S. is harder than in a lot of other places. Those who are born into less-well-off families struggle to break free from this cycle. Even if you bust your tail and do everything “right,” that dream of doing better than your parents might just stay a dream. And there’s not much you can do about that.
Financial Literacy and Access to Financial Advice
Money talks—but understanding what it’s actually telling you is a completely different story. Those with cash learn to make it grow because they’ll receive advice. But anyone who’s not starting with much may struggle to get the same know-how on managing their dough for a better future.
The Cost of Failure
Failing costs money and not everyone can afford that price tag. For people with family money, taking a big leap isn’t so scary because there’s something to catch you. But those living paycheck to paycheck are terrified about risking it all on a new business or a career switch. One wrong move and you could be knocked out of the game completely.
The Premium on Time
Time is money—but rich people can buy more of it. Hiring someone to clean, cook, or handle the paperwork means you have extra hours in the day to focus on making more money. However, people who aren’t rolling in it spend their free time doing all those chores themselves, which means less time to chase those big dreams. They can’t even just take a breather.
Disclaimer: This list is solely the author’s opinion based on research and publicly available information.
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