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The American Dream is thoroughly woven into the American life and has broad individual and cultural implications. At its heart, the American Dream represents opportunity and prosperity but has recently developed into a hyper-consumption ideology. Because of the current state of economic and environmental conditions, new ideas of what the American Dream should be are emerging. The current study investigates how the American Dream is perceived among college students and whether the traditional values of the Dream are still relevant among this generation. Results showed that, overall, college students are split as to whether the American Dream is outdated (47% vs. 47%). The results also suggest differing levels of buy-in to the American Dream among college students. Specifically, there are three different groups which vary in their amount of buy-in to the Dream: Disillusioned who make up 47% of the total respondents, Reformers who are 16% of the total respondents, and Status Quo who make up 31% of the total respondents. Those who are Disillusioned believe the traditional Dream is outdated and new values need to be added. In direct comparison, those who advocate a Status Quo American Dream, support the traditional Dream and do not think new values need to be added. In the middle, are Reformers, who advocate new values be added to the American Dream but do not think that the traditional Dream is outdated. These different clusters vary on the factors used in life decisions, their individual values, environmental concern, and frugality. The American Dream will probably continue to evolve as new generations change their beliefs as to what constitutes important life goals. If it remains a flexible construct, the American Dream may never be outdated but may need continual updates as to what exactly the American Dream represents.