How to reach the new American dream

American dream has changed. It used to be a college education, a steady job, a nice house (and a family to fill it), and a better financial picture than your parents. There is a new American Dream that is still about “doing better than your parents” but not in a financial sense. This dream is about fulfillment.

Boston-based artist, Ariel Freiberg, just got engaged, and she and her fiancé are gearing up for this new dream. “We were brought up to think it’s important to own a piece of property. It’s how you build your life in this country. But buying a house is not a major goal for us. It is not what will make our lives secure and it will not help us define ourselves.”

“The idea of the American dream is taken out from under us,” explains Anya Kamenetz, blogger and author of the book Generation Debt. “There used to be a contract with employers — healthcare, pensions, predicable employment,” but today there are none of those guarantees.

Additionally, the cost of a college education is far outpacing inflation, making it more difficult to make this first steps toward the American Dream, according to Tamara Draut, author of Strapped: Why America’s 20- and 30-somethings Can’t Get Ahead. The average student loans come to around $20,000, which means $200 a month out of an entry-level paycheck. On top of that between 1995 and 2002 median rents in almost all major cities have increased more than 50%.

Hillary Clinton recently gave a speech about how “a lot of kids don’t know what work is” and young people “think work is a four-letter word.” These were not renegade words, but rather an expression of the prevailing attitude among her fellow baby boomers.

The boomers mistake a rejection of their American Dream as a rejection of reality. But here’s some news: Young people know that work is a reality for everyone. It’s just that everyone needs to work toward something; so young people have a new American Dream.

“The new American Dream is much more entrepreneurial,” says Kamenetz. “And it’s about shaping ones own destiny: mobility, flexibility to do your own work and the ability to have a career as an expression of who you are as a person.

Here are some things to keep in mind as you craft your own version of the new American Dream:

1. Cushion an entry-level salary with a move back home.
The first step in restructuring the American Dream is to save money to ensure flexibility. Moving back with your parents is smart if you can do it. Most jobs are in big cities, and starting salaries simply cannot pay the rent in those cities. People who are not able to get subsidized housing from parents are much more limited in terms of their early career choices.

2. Get comfortable with risk taking.
The new American Dream is for risk takers. This is actually not groundbreaking in terms of the American Dream. For immigrants, the American Dream has always meant risk-taking. But today young people are taking risks that parents would have never dreamed of, like playing contact sports without any health insurance and signing up for a mortgage with a freelance career.

3. Protect your time.
The American Dream of Baby Boomers came at the expense of personal time and family time. Success is not having more things than your parents. It’s having more time. More time for hobbies, for travel, for kids. “It’s not about how much money you have, it’s about living your life on your own terms,” says Barbara Stanny, financial coach and author of Overcoming Underearning.

4. Don’t assume personal fulfillment requires a small career.
Sure, the new American Dream has nothing to do with financial studliness. But don’t sell yourself short in the name of personal time. “Higher earners with balanced lives don’t work more hours, they are just more focused,” says Stanny. “To make more money you don’t have to work more hours. There is a difference between settling for a low income and taking a job to feed your soul.”

5. Buy as small a home as you can.
You preserve the most options for your future if you can buy a home on one income. “The advice used to be: always buy the most expensive house you can afford because it’s an investment. Today it’s different. Buy only the amount of house that you need so it doesn’t become an albatross around your neck.” says Phyllis Moen, author of Career Mystique: Cracks in the American Dream.

6. Make decisions by looking inside yourself.
Be aware of the tradeoffs you’re making. For example, big cities are exciting and filled with career opportunity, but you pay a high premium for living there.

When talking about her decision to stay in Boston, Freiberg says, “There’s a certain vibration living in the city that feeds me and my fiancé — this inspiration is something that we can’t get in the suburbs.”

Choices are difficult today because the new American Dream is not as measurable as the old one. You cannot look at your bank statement or count your bedrooms to assess your success. The new American dream is about fulfillment, which is a murky, slippery goal, but young people like Freiberg know it when they feel it, and you will, too.