Friday, April 1
Sometime last week USA Today had a snapshot that asked people how they defined financial success. While I've tried and failed at finding a digital version of the snapshot, an overwhelming 40% of the respondents defined it as being debt-free while less than 10% defined it by means of their net worth. Which got me thinking about how I would define my own financial success.
I don't want to be buried in monthly payments, but at the same time I am willing to take on a mortgage or a student loan if it translates to an increase in assets. Net worth is important, but is a number, at times, needs to be taken with a grain of salt. Ideally, I would define financial success as not being a slave to my job. I want to work because I enjoy it, not because I have to. (Which was an answer given by a small percentage of respondents).
For me, this encapsulates all the other obvious choices. In order to achieve this kind of success a person must have little to debt, a healthy savings (i.e. net worth), and not be living paycheck-to-paycheck.
Now, if only I had one the Mega Millions jackpot....
How do you define finacial success?