We've all heard the term the "American Dream", and we all define our American Dream differently. Perhaps the way we are currently living our lives given the coronavirus will fundamentally change what the definition means.
Historically, for some, it's a comfortable home in a nice neighborhood with a white picket fence and a safe yard for the kids to play in. For others it's a well-paying job in a career that inspires, or perhaps starting a successful business or impactful charitable organization. For many, educating their children and having the ability to enjoy retirement is part of that dream.
No matter how you define your American Dream (of yesterday or tomorrow), one thing is true for all of us: In order to achieve our dreams, we need to translate those dreams into a plan. From that plan we need to develop achievable action items. Only through implementing those actions can we expect to achieve our own version of the American Dream.
What you hope to achieve is the foundation of your financial plan. The successful plan will include action items and guideposts, so that along the way, we can be sure we're headed in the right direction and avoid the inevitable pitfalls. The past five weeks have validated this long standing assumption that a solid financial plan, guiding an implementation, provides a greater opportunity for success by limiting the potential of making an emotional investment decision which could cause long lasting, irreparable harm.
What is your American Dream? Have you developed a plan? We're quick to bank on the possibility of success, but there's more power in knowing your probability of success. Remember, failing to plan can mean the difference between a dream deferred and a dream achieved.
Let's hope that, collectively, as we all pursue our vision of the American Dream, we not only lift up ourselves and our families, but our communities as well.