| It turns out that there are several enemies of the American Dream. And their influence is pervasive. These groups are squashing - indeed destroying - the hopes and dreams of millions of Americans. For some, the damage they do is incidental. Others do it deliberately, because they have an agenda. They have a product or service to sell... or a donation to solicit... or a political candidate to elect. Regardless of whether they do it intentionally or unwittingly, these groups make it far less likely that you'll achieve your most important financial goals. That's why I regularly call them out. That way you can recognize their arguments for what they are: garbage. Garbage that clutters your mind, spoils your mood, lessens your motivation, and makes it far less likely that you will live your version of the dream. Let's consider a few of the enemies here, starting with the public education system. It's bad enough that Americans graduate from high school without the most basic financial literacy. Most high school graduates cannot calculate compound interest, don't understand IRAs or 401(k)s, and can't evaluate the pros and cons of fixed-rate vs. adjustable-rate mortgages. (Many of their teachers don't understand either, which is a big part of the problem.) Moreover, as parents were shocked to learn during the COVID-19 lockdowns, some teachers routinely describe the U.S. as a fatally flawed and grossly unequal nation where the little guy doesn't stand a chance. The rich just get richer while the poor get poorer. Not true. (And, in the book, I provide plenty of evidence to counter this mischaracterization.) Another group that routinely steps on the American Dream is the mainstream media. A negativity bias runs through its news coverage. And in some ways, this is understandable. It takes time to build things. Most positive developments are gradual. They are longer-term trends. That means good news is glossed over or unreported, while bad news - which often happens immediately and makes good television - is repeated ad nauseum. No wonder polls routinely show that only a quarter of Americans believe the country is on the right track. (This number remains almost constant through expansions and recessions and under both Democratic and Republican administrations.) Why is media coverage so negative? Because that's where the money is. Media companies prosper based on the size of their audience. And since human beings are hard-wired to be on a continual lookout for potential threats and dangers, the media pile them on (both real and imagined). It's not that the things the media reports aren't true. It's that they are regularly taken out of context and delivered without a counterbalancing perspective. (Mitigating factors make a story less sensational. And the less sensational a piece is, the less likely it is to be viewed, heard, liked or shared.) If the mainstream media is unduly negative, social media - which helps put every idiot in touch with every other idiot - is even worse. With no reputation to protect, no integrity to uphold, and no credibility to safeguard, "stuff" from various sources circulates based on algorithms that have nothing to do with truthfulness. It's the negativity bias of cable news or supermarket tabloids... on steroids. I should also call out the doom-mongers in my own industry, financial newsletter publishing. There are editors and marketers who take all the bad news in the media and then hype it up to the most absurd conclusions imaginable. Why? Because it sells, year in and year out. After all, you are going to lose everything you've worked for your whole life unless you take Joe Blow's scary newsletter and learn how to protect yourself from the coming currency collapse, stock market crash, economic Armageddon, and/or Greater Depression that lies dead ahead. Most of these guys - and they do tend to be "guys," not women - have been saying much the same thing not just for years but decades. Their reasons get a regular update to reflect the latest headlines... but the dystopian conclusions remain the same. Why? Because fear sells. As one perma-bear editor told me over dinner one night, "My job is to sell gloom and doom to grumpy old men." Sadly, fear and pessimism only make it less likely that you will meet your financial goals. These aren't the only enemies of the American Dream, of course. I discuss two others in my book: public intellectuals and politicians. We'll consider their motivations - and their negative impact on your dreams - in my next column. Good investing, Alex | 
