Rags to riches
Or so they say

from Guns N' Roses – Paradise City Lyrics on Rap Genius

Meaning

American culture is full of stories where an impoverished character strives for wealth; the “happy ending” is when the character gets rich — a genre exemplified by the “Ragged Dick” series in the late 19th Century

Axl realizes that “The American Dream” is not always a reality

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