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What’s Your Definition of Financial Success?

Posted On: February 23, 2015

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Paying for Junior’s college education? Affording a vacation home? Retiring at age 55? Getting a good night’s sleep?

A recent survey found that 39% of Americans define financial success as being debt-free.* Although that’s an admirable goal, it’s important to also focus on saving for long-term goals, such as education and retirement.

Start by defining what financial success means to you.

Financial freedom. Being debt-free certainly delivers its own level of financial freedom. But building and maintaining a solid credit rating through borrowing and repaying money can also lead to financial success. For example, a good credit score may help you get approved for a lower, more affordable interest rate on a mortgage to achieve the dream of homeownership. Making room in your budget for investing allows you to benefit from the long-term effects of compounding your savings in order to secure a financially fit retirement.

Peace of mind. If your idea of financial success includes sleeping peacefully at night without worrying about debt or your investments’ volatility, being true to your tolerance for risk comes into play. Consider taking a risk tolerance quiz to see where you stand.

Worthwhile goals. Building up a hefty rainy day fund, starting a successful business, paying for your children’s higher education and saving for retirement are all important financial goals signifying success when achieved.

A Successful Arrival

Need help getting started? We can help you define your goals and provide tools you need for success. Contact us today.

*Source: TD Ameritrade Holding Corporation.

next post: Helping You Save for What’s Important

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