some<\/em> 18- to 44-year-olds. It represents the views of most of them.<\/p>\nBut this still doesn\u2019t cover what I call \u201cthe startling statistic.\u201d<\/p>\n
Seventy-one percent said they know they need to save money but aren\u2019t willing to make changes to their current lifestyle.<\/p>\n
This is more than seven in 10 young Americans.<\/p>\n
(And imagine how many of the 29% who said they would make changes are stretching the truth \u2013 or kidding themselves \u2013 about their willingness to forgo spending now to meet long-term financial goals.)<\/p>\n
Houston, we have a serious problem.<\/p>\n
Most Americans will not reach financial independence \u2013 or even some level of financial security \u2013 without investing.<\/p>\n
But there can be no investing without first saving\u2026 which means deferring gratification and living beneath your means.<\/p>\n
If you\u2019re unwilling to do that, you\u2019re not likely to meet your most important financial goals.<\/p>\n
And who is to blame? Parents? Teachers? The government? Employers? Rich people? Capitalism?<\/p>\n
No. The answer is the face in the mirror.<\/p>\n
That\u2019s why it irks so many successful people when they\u2019re told that the key to solving the nation\u2019s wealth inequality is much greater redistribution.<\/p>\n
It\u2019s not that they are uncaring or hard-hearted.<\/p>\n
They know that high levels of redistribution is not about providing a social safety net, something that almost everyone supports.<\/p>\n
It means taking money from people who worked and saved and sacrificed and giving it to those who \u2013 by their own admission \u2013 are unwilling to change their lifestyles to secure their financial future.<\/p>\n
And this is done in the name of fairness<\/em>? I don\u2019t think so.<\/p>\nAs my brother \u2013 a retired builder \u2013 likes to say, \u201cEveryone talks about inequality of income. But no one talks about inequality of effort<\/em>.\u201d<\/p>\nThe American Dream is an achievement, not an entitlement.<\/p>\n
Moreover, the people who have given up on achieving it are missing out on the best part: not the destination but the journey<\/em>.<\/p>\nWorking harder, saving more, and investing wisely are struggles, yes. But they pay off enormously in the end.<\/p>\n
Arthur Brooks, a social scientist and former president of the American Enterprise Institute, emphasizes the concept of \u201cearned success\u201d as a key driver of human happiness and fulfillment.<\/p>\n
He defines earned success as the belief that you create value in your life \u2013 and in the lives of others \u2013 through effort, skill, and perseverance.<\/p>\n
Money alone doesn\u2019t make anyone happy. It is an end but a means to an end.<\/p>\n
Financial success does not guarantee happiness.<\/p>\n
Instead, people find lasting satisfaction when they achieve something through their own efforts, in their careers, their relationships, and in their personal growth.<\/p>\n
People who survive on government handouts \u2013 or other unearned rewards \u2013 often lack meaning and purpose in their lives. They lack dignity.<\/p>\n
Why? Because their success is unearned.<\/p>\n
When you build a career (or a business), raise a family, or master a craft, you have a sense of progress and achievement, not just material wealth.<\/p>\n
Anyone, regardless of their background, can achieve success in this country. But it does require hard work, perseverance, and self-reliance.<\/p>\n
(As the old saying goes, the only place success comes before work is in the dictionary.)<\/p>\n
I\u2019d like to reassure all the young people who are struggling.<\/p>\n
I know it\u2019s tough out there in this economy. I know that paying your bills and getting ahead is difficult. But that\u2019s why you need to reframe your thoughts.<\/p>\n
Instead of being afraid to look at your bank balance or overwhelmed by the complexities of investing, you can begin to think of achieving your dreams as an enjoyable challenge.<\/p>\n
Embrace the journey<\/em>.<\/p>\nAnd when you get to the destination \u2013 the place where money is no longer a major concern in your life \u2013 remember that the biggest payoff won\u2019t be where you are or what you can afford.<\/p>\n
It will be that feeling of earned success.<\/p>\n
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