The American Dream is not dead. You have the power to go get it.
By: Noah Kerner, Acorns’ CEO
I remember watching my mother — a brilliant, savvy, hard-charging woman — become completely overwhelmed at an ATM. And her nervous reaction to money and interacting with it, in turn, instilled a deep-seated conservatism with my own money. Even small moments like these leave a lasting impression on any child, including me, when it comes to adult decisions.
So, in my twenties, instead of investing, I hoarded my savings, diligently putting money away but not investing — that just seemed too risky. This cautious approach caused me to miss early opportunities for compounding interest and wealth building earlier in my life. And it wasn't until I sought a financial advisor's help that I could start making smarter decisions with my money. It was the push I needed then, and I was lucky to be able to afford an advisor.
Reflecting on that now, I realize how crucial it is to help others avoid making the same mistakes, and it is one of the many reasons I have built and led Acorns.
Even a handful of decades later, when the market is unexpectedly turbulent, that little voice from my childhood urges me to pull my money out and hide it away to keep it safe. It's those times that I have to bring out my very consistently used mantra: "Every downturn ends in an upturn." And it's this patience, consistency, and willingness to wait that have shown me the long-term benefits of sticking to a long-term investment strategy.
'The American Dream is not dead'
Today, we often hear a different mantra that can drive many to adopt the same cautious habits of stashing money away: the American Dream is slipping away. Even something as simple as a grocery receipt today can validate that thought.
- Since February 2020, the cost of goods has risen by over 20%, leading to increased credit card debt, reduced savings, and growing concerns about meeting basic needs.
- Many young Americans are worried about the collapse of Social Security or expect little to no payouts.
- Alarmingly, one in five Americans over 50 have no retirement savings, and more than half are concerned they won't have enough to last through retirement. Traditional pensions are nearly extinct.
- According to Acorns' 2024 nationwide financial wellness survey, almost 1 in 4 people — and specifically, 1 in 3 Gen Z and millennials — fear homelessness due to their financial situation.
But the American Dream is not dead; this is a large part of why I do what I do. Why waking up every day to help everyday Americans get over the investing hurdle like I did continues to be such a personal mission. And you don't need a significant investment to start, or even a financial advisor. #investing
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