The American Dream relates to contentment in one's life as well as being successful. For example, celebrities may have money but aren't happy; they crave more money, more friends, more publicity, more something. Though it sounds pessimistic, nobody can rightfully say they have achieved the ever-changing American Dream because it is never completed. That's part of the beauty of life.
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Yes it is possible to achieve the American dream, although the way in which is achieved has nothing to do with what many believe. So many people think that if they study hard, work hard and are financially responsible that they have combined the three ingredients required to achieve the American dream. Wrong, the three ingredients required (although not exclusively) are, luck, placing profiteering about all other, and sometimes lineage. Some people eventually squeak through the cracks and achieve the dream, and they a praised as role models. People are told that that person somehow worked harder and longer than the average person. Not true. If success was based on hard work and motivation there would be a lot of millionaires out there.
You are more likely to win the lottery than achieve the American dream. But a very small group of people sometimes do.