How do you measure financial success in your life?

[iShater]

As you grow in your career and life, how do you measure your progress and/or success (or failure) financially?

I see having a steady job, no debts, some savings, and planning for retirement as signs of good progress,.

On creature comfort levels, a decent home, and decent car to meet my needs.

What about you? do you consider a fancy new car as a sign of success? bigger houses? traveling around the globe? being able to tell your boss to buzz off?

(Of course there is more to life than $$, I'm specifically asking about the financial successes).

 

[MacDawg]

If I am able to pay all my bills on time by the end of every month

Seriously

Tough times

Woof, Woof - Dawg

 

[iShater]

So just making it? I think that deserves to be in the poll. Dunno how to add to the poll though.

 

[iGary]

Not being in debt (aside from home) with 8-10 months of reserves in savings.

 

[iShater]

Not being in debt (aside from home) with 8-10 months of reserves in savings.

Isn't it stressful how the 6 months of savings used to be a nice to have until the economy hit rock bottom? now if you don't have 6 months to prepare for unemployment you are basically screwed.

 

[redwarrior]

I'm so deep in debt, I would probably go to prison if they still did such things. So what though? It's hard for me to put the word "financial" and "success" in the same sentence, especially after all I went through with my son. For me, money has so little to do with success in life.

But, to answer the question, I measure financial success in how much I can give away. When I am able to be a part of housing and feeding people, I will be a success. I am working toward that, and am giving to help with this already.

 

[Unspoken Demise]

If I am able to pay all my bills on time by the end of every month

Seriously

Tough times

Woof, Woof - Dawg

+1. As long as the bills are paid, I can take care of myself and my family, and I am saving at least a little of my pay checks, I'm happy. Gotta live within your means in an entry level position and your 19 and on your own.

 

[sushi]

Not being in debt (aside from home) with 8-10 months of reserves in savings.

With the way things are now, my wife and I are working on having more savings. Used to be 6 months. Moving that up to 1 year, or possibly more.

As far as the OP's question, these come to mind:

• Being debt free.
• Living within your means.
• Able to choose what you want to do work wise.
• Being able to survive without a job, with no change of lifestyle, for at least a year.
• Being able to contribute back into society via charities or volunteer work.

 

[miniConvert]

I voted all of the above, but I suppose financial success boils down to financial freedom, ultimately.

However one has to appreciate that calculated borrowing can often-times be necessary to advance aspects of your life that would otherwise not be possible.

That said, being a slave to repayments+interest indefinitely would != happiness for me.

 

[iShater]

I voted for #1, because for me that brings the peace of mind that helps me do things I want to do.

What is interesting is that my wife would probably vote "All of the above".

redwarrior, that is a very interesting way of measuring it. I have to admit that my "philanthropy" did drop recently with my new lower-paying job. And I think that might be one of the reason that I do not feel as good about my finances as I should be.

 

[Dr.Chris]

I would be satisfied with a paid for house, paid for car, no debts of any kind, enough money invested that I could live comfortable off the interest, or maybe some paid for rental houses to provide a little spending money. But paying off loans would be my #1, so that is how I voted.

 

[iGary]

With the way things are now, my wife and I are working on having more savings. Used to be 6 months. Moving that up to 1 year, or possibly more.

As far as the OP's question, these come to mind:

• Being debt free.
• Living within your means.
• Able to choose what you want to do work wise.
• Being able to survive without a job, with no change of lifestyle, for at least a year.
• Being able to contribute back into society via charities or volunteer work.

I like your list.

 

[mscriv]

I voted financial freedom, but let me explain further. To me, financial success = financial responsibility. It doesn't matter how much money you make or what your income level, the question is are you a good steward of what you have? Living within your means and being debt free is a foundational principle here. Additionally, as RedWarrior pointed out, are you contributing to your community and giving back? There is a big difference between seeing money/finances as a tool vs. seeing it as a possession.

 

[Melrose]

I would describe financial success as being able to afford a nice home, not ostentatious or anything but a nice place, a mid-range car, no debt, and a vacation once a year or so.

Financial success doesn't equal material extravagance.

 

[Heilage]

I had to be honest and answer "All of the above".

I'm one of those who will never be satisfied with what I have, and always wanting more. So unfortunately, even if I get insultingly rich, with a huge house, 20 cars and a gigantic swimming pool, I'll never be satisfied. It's my curse, I suppose.

 

[Unspoken Demise]

I had to be honest and answer "All of the above".

I'm one of those who will never be satisfied with what I have, and always wanting more. So unfortunately, even if I get insultingly rich, with a huge house, 20 cars and a gigantic swimming pool, I'll never be satisfied. It's my curse, I suppose.

Why do you feel that way? I'd be happy with 1 house and a steady income with job security. Success isn't measured in material possessions, IMHO.

Kudos for your honesty though. I wasn't bashing your views, just asking a simple question.

 

[Zombie Acorn]

Being able to work the least amount possible and still be financially viable. Whats the point of having money if you have to work all of the time? 2 week vacation a year is what is suppose to motivate me for a whole year? no.

 

[Heilage]

Why do you feel that way? I'd be happy with 1 house and a steady income with job security. Success isn't measured in material possessions, IMHO.

Kudos for your honesty though. I wasn't bashing your views, just asking a simple question.

I think it's because my mind is incapable of understanding anything else than material possessions. I know it sounds really shallow, but I can't help it.

I'm having professionals looking at it, though. So maybe I'll be able to change.

 

[dmr727]

As long as my wife and I don't have money as a source of worry (present or future), I'm happy.

 

[Unspoken Demise]

I think it's because my mind is incapable of understanding anything else than material possessions. I know it sounds really shallow, but I can't help it.

I'm having professionals looking at it, though. So maybe I'll be able to change.

Good luck then heilage. I'm not going to say you need help, because everyone thinks differently. But if YOU feel as though you need help, then congratulations on seeking it!

 

[iShater]

As long as my wife and I don't have money as a source of worry (present or future), I'm happy.

Are you and your wife on the same page when it comes to these items?

I for example thing a car that is still running and is in a good shape is perfect, my wife thinks that not having a new car means falling behind

 

[edesignuk]

When I have it I'll let you know

 

[bartelby]

As long as my wife and I don't have money as a source of worry (present or future), I'm happy.

That's all I ask for too.

 

[sushi]

Financial success doesn't equal material extravagance.

Agree.

Even BG with all his wealth can't buy everything in the world.

Somewhere along in life you learn to be satisfied with what you have. That doesn't mean that you don't strive for more. It just means that you can be content with what you currently have.

Also, I think material things become less important as you get older in that family, health and other things replace material things to a certain degree.

 

[dmr727]

Are you and your wife on the same page when it comes to these items?

Not always, but we're pretty close. I don't need much. Like you, I'll drive my car until the wheels fall off. But we live pretty modestly compared to what comes in, so the money is there if she needs to spend.