1. Making it: People say the surest path to success is a well-paying job (51%), saving as much as possible and the power of compounding (46%), along with making smart investment decisions (46%). Some 36% say it’s financial education. People reveal that a secret to success is never spending more money than you make (52%).
2. Risking it: Nearly 1 in 4 (23%) say taking risks is an important money move to get richer. A third (34%) believe success means prioritizing your efforts because Time is Money.
3. Society says: Americans say their personal definition of success is often at odds with what society prizes. Less than half of people (43%) define financial success as having a certain amount of money or assets. Conversely, people say society equates success with wealth (59%), power (44%), and fame (35%). Just 6% say they value “power” as a measure of success for themselves.
4. Success through the ages: Almost half of Americans (49%) feel less financially successful compared to others. 60% say that for their generation, financial success is much harder to achieve than for other generations – a sentiment highest among Millennials at 69%, and lowest among Boomers at 49%. Still, the definition of success may be evolving, as 83% agree that each generation has its own idea of success.
5. Success is in the eye of the beholder: Most Americans agree (71%) that there is no single measurement for financial success. One point of agreement: 61% say you can never have enough money.
6. Health = wealth: Over a third say success is just as much about physical wellbeing (35%) as it is how much money they have (27%).
7. More money, more problems: 47% agree with the adage “more money, more problems.” The majority (71%) say being rich has a positive connotation, and 61% say being rich is more than dollars and cents.
8. Success at work: People say the definition of success at work is how much money they earn (38%), benefits like healthcare, insurance and time off (36%) – but it’s also about the intangibles: finding the right job fit that aligns with their values and personality (35%) and receiving recognition and appreciation (35%). Nearly a third say having a good boss is worth its weight in gold (29%), and people view success in the workplace as flexibility (26%) and autonomy (20%).
9. The value of a degree: 35% say the college you attend is a big determinant of how rich you are (vs 65% who say it isn't).
Over half of Americans say there is a secret to success – and reaching it takes $270,000 per year.
Source: Empower
Details: https://www.empower.com/the-currency/money/secret-success-research