It Took Me 10 Years to Realize This About Wealth in the U.S.

The Uncomfortable Truth About the American Dream

When I came to the U.S. ten years ago, I believed in the classic immigrant dream:

Work hard, stay out of trouble, and you’ll eventually have everything you need.

And for a long time, I lived by that. Hustling non-stop. Working full-time, side gigs, paying taxes, doing everything “right.”

But still… the bills never stopped.

Credit cards became my emergency fund. Then they became my food budget. Then just… a way of life.

The wild part? Even people I saw with “good jobs” were also drowning. I had one of those jobs too. But I realized:

Good is the enemy of great.

My expectations rose faster than my income. I was spending money I hadn’t even earned yet.

 

How Debt Quietly Took Over My Life

The American Dream is still alive. But now it comes with interest.

Literally.

Don’t get me wrong—I love this country. It’s given me opportunities I never imagined. But along the way, I started to see that something wasn’t adding up. So in this post, I want to break down how my view of wealth in the U.S. changed after a decade of living here.

We’ll talk about:

And maybe even football (seriously, why is it mostly hands?).

Credit Cards: Convenience or Trap?

When I first got to the U.S., I thought credit cards were just convenient. A way to not carry cash. I had no idea they could quietly wreck your finances.

I once paid $8 a month for a card I didn’t use, just to avoid an inactivity fee. That charge was on autopay, so I didn’t even notice.

Pro tip: always enable autopay—but make sure you check it too.

Here’s the reality as of late 2024:

  • Americans owe $1.211 trillion in credit card debt (source).
  • 48% of cardholders carry a balance.
  • 71% of them believe they’ll pay it off in five years.
  • Average APR? Around 21%.

Carrying debt at those rates makes it almost impossible to build wealth. 64% of people with credit card debt have delayed other financial goals because of it.

So yes, credit cards can be useful—if used wisely. But for most people? It becomes a monthly leak. And leaks sink ships.

Car Loans: A Shiny Trap

Back then, I believed that driving an old car meant you were losing money. But guess what loses even more?

A brand-new car with a 6-year loan at 10% interest.

That was me.

I was 3 years into life in the U.S. when I walked into a dealership with a 630 credit score… and walked out with a brand-new Honda Civic.

I was proud. Grateful, even.

But here’s the issue:

  • Over 79 million Americans have car loans.
  • U.S. auto loan debt is over $1.6 trillion.
  • Average payments: $737/month for new cars, $520/month for used.

In hindsight, I should have saved the $3,000 down payment and waited. I could’ve bought a solid used car outright. Instead, I locked myself into years of payments.

That money could’ve gone toward investing. Instead, it went to depreciation and interest.

Student Loans: Not Always Worth It

Growing up in Ukraine, a college diploma didn’t mean much. But here in the U.S., it seemed like the ultimate golden ticket.

At one point, I thought about culinary school. Two years, $42,000. And thank God I didn’t do it.

Making $20/hour, how would I have paid that off?

Quick stats:

  • 43 million Americans have student loan debt.
  • Total student debt = $1.6 trillion (Federal Student Aid).
  • Average borrower owes around $29,000.

And many spend decades paying it off.

If you’re going to take out a student loan, love what you study. Make it worth the investment.

Mortgage: The Only Debt I Don’t Regret

Everyone calls it “good debt.” And in many ways, it is.

I own a condo now with a 30-year fixed-rate mortgage. It wasn’t part of some master plan—more like a lucky accident. But it turned out to be the one debt I don’t regret.

Why?

  • Every payment builds equity.
  • I’m owning instead of renting.

Even with high interest rates, it still beats rent that disappears into someone else’s pocket (HUD data).

This is the kind of debt that actually grows your net worth. Just don’t overstretch yourself getting there.

Social Security: Not the Golden Years You Think

I used to think retirement in the U.S. meant:

Corvette, Florida, margaritas, and a tan.

Now I know the truth:

You’ll get $1,300/month and be expected to survive on that (SSA).

Social Security was never designed to be your entire retirement plan. It’s just a supplement.

If you don’t invest and save on your own, you’re in for a rude awakening.

 

 

The Big Problem: You Can Finance Everything

In the U.S., you can finance your car, your degree, your mattress, your lunch. Even your mail.

Bad credit? No worries. “0% interest for 6 seconds!”

It’s not that America is broken. It’s that we’ve normalized debt.

You want something? You can have it today. Pay for it later.

That’s the trap.

It feels good now. But month by month, bill by bill, you trade freedom for convenience.

And you don’t even notice until it’s too late.

Final Truth: It Wasn’t America’s Fault

It took me 10 years to realize this:

It wasn’t America’s fault that I wasn’t building wealth. It was mine—for not seeing the system for what it was.

When your expectations rise faster than your income, you will never feel rich.

And that quote I mentioned earlier?

“It’s hard to see the world as it is.”

But once you do—that’s when things start to change.

Your Takeaway:

If you’re on your own journey to build wealth in the U.S., take this advice:

  • Question easy credit
  • Don’t compare yourself to others
  • Invest early, even a little
  • Know the difference between good debt and lifestyle debt
  • And most of all: slow down your expectations

Freedom isn’t about having everything.

It’s about owning your life.

If this hit you, share it. And check out the full video on YouTube.

Learn. Build. Invest. Repeat.