We very much live in a “keeping up with the Jones’ ” society. Financial success for a lot of Americans means having tons of toys and making sure everyone sees them. Unfortunately, a lot of the time those people that outwardly look like they are financially successful are really living with tons of financial stress, debt and living paycheck to paycheck.
It’s important to really understand what financial success means to you. If you define it as by how much money you make or income you have, you are never going to be happy.
Some things to consider when identifying financial success include:
- Long term goals
- Short term goals
- Your values and whether you are putting your money towards those values
- What actually makes you happy
- The lifestyle you want to live during retirement and will your current saving and investing actually get you those numbers
- Your current financial stress level (0/10 – 10/10)
One quick exercise you can do is to identify your top 3 values.
It may be: your children, your church and your business. It could be: boating on the weekends, your children and eating healthy food/ exercise.
Take a few minutes to write down your top three values.
Now that you have your top 3 values ask yourself if you are putting your money behind those values. If you have a spouse or significant other compare your values with each other and talk about how you can better financially support those values.
Highlights of this episode:
- Studies show that your idea of financial success is double whatever your current salary is.
- The first step in understanding financial success is taking a look at what you are currently making and figure out how your current income can make you happy.
- To be financially successful you not only have to look towards long term goals and numbers but also look at nurturing what currently is making you happy and also eliminating what you are currently tolerating.
- Financial success is living the life that you want to live with meaning and intention.
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