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I’ve been thinking a lot about success. I’m not quite in a mid-life crisis, but I reevaluate my definition of success from time to time. When I was younger, I thought success was the combination of a wife, some kids, a nice home, an expensive car, and a net worth of a million dollars.
Now that I’m older and have reached some of those goals, my definition of success has changed. Sure, having family is important to me, but some of the other aspects aren’t as important to me as I thought they would be.
Recently, I came across a great infographic, by ThermoSoft. They interviewed 2,000 Americans on what success meant to them. They compared and contrasted their current situations, the “now”, versus success “making it” in the future. The results were eye-opening.
Money
Source: ThermoSoft
Right off the bat, they discussed success in terms of money. “Making it” meant having a salary of $147,104. That was nearly 3x what the average respondent currently makes.
On top of that, the average respondent thought “making it” meant being able to:
- Afford medical bills.
- Loan money to friends and family.
- Contribute large amounts of money to charities.
Personally, those probably wouldn’t be on my list. Not that I’m against any of that, but “making it” for me would probably be not worry about money anymore. I would be able to buy virtually anything, whenever, no matter what the cost. I’m not anywhere close to that right now.
The most shocking part of this money graphic was that 77% wouldn’t want more than $1 million if they were offered it. To me, this doesn’t pass the sniff test. Or, I must be in the minority. If somebody is offering free money without a catch, I would have a serious problem turning it down.
Property
Source: ThermoSoft
This one really baffled me.
The current average household value of these respondents is $248,000. In order to “make it”, the value of the home needs to nearly double to $461,000. In contrast, the average car value is $15,789, but to “make it”, this would need to nearly triple to $41,986. What does it say about us that we want to triple a depreciating asset like a car, but only double an asset that is more prone to appreciating, like a house?
Personally, I think this is a little backwards. I would much rather triple my house value rather than my car value, but to each their own. Plus, if you buy a used car, you can enjoy the benefits of an affordable car while not compromising on reliability.
Status
Source: ThermoSoft
This was an eye-opener for me. I had no idea that the Northeast was so hungry for fame, while the West Coast was so hungry for wealth. I would have thought that it would have been flipped, given Hollywood’s location. Maybe Silicon Valley may have generated the skew towards more wealth. Then I also remembered Broadway in NYC, so that makes a little more sense.
The flyover states interestingly enough want more more respect and recognition. Having never lived in the Midwest, I don’t have any experience with this. However, I do think at times both coasts receive too much attention.
Finally, the Southeast wants to have less responsibility in life. This shouldn’t be all that surprising with the number of retirees in Florida and the rest of the Southeast. Plus, who wouldn’t want to drink sweet tea and watch the sunset on the front porch every evening?
Lifestyle
Source: ThermoSoft
Let’s say you make it. What would you do with your time? I know that I’d like to pursue my passion of personal finance full-time. I love sharing with people how to optimize their situations, so I’d continue to work, albeit at my own pace. Interestingly enough, it appears that most men would like to relax, while women would like to help those in need.
I’m sure it won’t surprise any of you in the Rockies, but people around there would like to explore more, while those in the Northeast would like to continue working.
The stat that most warmed my heart was that the #1 way that people would like to spend their time is with friends and family. This is such an important aspect to me. It’s why I’m so thankful to live close to family. Because of that, I don’t have to wait for retirement to spend more time with them.
Haven’t Made It?
Source: ThermoSoft
Finally, the survey asked respondents why they hadn’t “made it” yet. Two-thirds said that they hadn’t achieved the necessary income level.
If these people are anything like me, the goal posts for income will move. I remember I had a certain number that I wanted to reach when I first graduated from college. After I reached that number, I decided that I wanted more. I’ll be surprised if the “making it” income level doesn’t change at least once, if not a few times, for them.
22% reported that they hadn’t landed their dream job yet. Not surprisingly, more men look for their dream job, while women seek more money.
I’m in that boat with my fellow men. As I mentioned above, my dream job would be doing financial education full-time. I would love to do more around personal finance/coaching, but I haven’t landed enough clients to make a full-time go of it. I’m working on it, but I still have awhile to go. If you’re interested in working with me, click on my contact page for more information!
“Making it” means different things to different people. But, in general, people want more money and want to land their dream job, while receiving the respect and recognition that they deserve. That should all be achievable, right?
I am a little surprised that 2/3 people say that income is the reason that they haven’t made it yet. As you proved it in a few posts ago that you don’t need a six figure salary to become a millionaire. On top of that, you did it on one income. I think this group of people need to realize that even if you have more income, you will need to control your spending to make it.
Leo T. Ly @ isaved5k.com recently posted…10 Simple Ways To Save On Utility Bill
I totally agree with you, Leo! Not having a six figure income is not a legitimate excuse for not saving money.
It is of course difficult to build wealth on a low income. But if someone who makes 70k or 80k a year keeps whining about not being able to save any money and resenting the rich, then that’s their problem.
Ms. Frugal Asian Finance recently posted…Can We Ever Not Worry About Money?
I’m right there with Ms. FAF!!! If you make a really low income it might not be possible, but having a decent salary where you live there’s no reason not to be able save and make it 🙂
I’m right there with you. Too many people think that more money will solve things but we both know that isn’t always the case.
I like the first graph from a summary standpoint. It seems to capture how the average American thinks for better or worse. More money, more time, more house, more car, more travel, more/better relationships. The problem is they contradict. More house, more car, more travel mean more need for money and work and less time. Tom
Tom @ Dividends Diversify recently posted…The “Fine Art” of Saving Money
You are absolutely right!!! When you spend more, it takes time away from the things that you actually care about. I think that’s a huge problem where I live now 🙂
Interesting post!!! My idea of making it has always been making a six figure salary, and I still think that is a major mile stone to reach for. Before getting more into financial education, I also thought having a mansion and a Mercedes was the key to “making it” as well. That has definitely shifted! It is interesting to see how other people define success!
I’m right there with you!!! Having a big house, nice car and a six figure income was “it” back in the day for me. Now…that is definitely not what success looks like to me anymore.
” Not surprisingly, more men look for their dream job, while women seek more money. ”
I am interested in why you think this is not surprising? The only thing I can think of is that women routinely feel like they are not getting paid adequately or fairly for their work. I am interested in what you think, because beyond that I can’t really pinpoint why a man would want a dream job versus a woman wanting money.
The stat most interesting to me is the Southeast wanting to help people more. Not to infuse politics too much into the conversation, but it seems strange that conservative blocs see themselves as wanting to help more (presumably through charities and direct assistance versus government assistance) than liberal areas. Very interesting.
Heather @ bizewife | livelihood redefined recently posted…Our First Month Making Money With AirBnB
I can’t speak for all men, but I feel like a lot of my friends have gone into jobs looking to make the most money vice following their passions. Over time they become disillusioned wishing that they would go after their dream job instead of money. The friends that I’ve had take dream jobs, over time wish they made more money. So I feel like on both sides the grass isn’t always greener.
What struck me was the expensive homes and cars that people wanted.
I’m the opposite – I want the smallest home that is comfortable and the cheapest car that works. I’m probably and outlier. 🙂
Mr. Freaky Frugal recently posted…Automation is coming to a job near you
Hahhaah….i’m right there with you. I’d rather have a small house with a big yard with some privacy 🙂
Wow, these infographics are fascinating. I live in Los Angeles, and I think you’re right about Silicon Valley and Silicon Beach overtaking Hollywood in terms of influence and prestige. With skyrocketing home prices, I hear a lot more people wanting to be rich, rather than famous. And if you’re rich enough, you can be both (Elon Musk).
I agree with you on the fancy car–that would be far down the list of “making it” indicators to me. I’d feel as if we’d made it if we had a paid-off ~2500 square foot house in an excellent school district, which would cost at least $1.5 million in these parts.
Wow $1.5m to live in a 2500 square foot home in an excellent school district. That seems so expensive to me, but you all do have amazing weather year round 🙂
I wouldn’t take free money, either. Not that I have a good reason other than guilt. There are so many people who deserve it more than me, I don’t want money I didn’t work for. I wouldn’t judge you, though. I just can’t. People are not logical all the time!
BusyMom @ CountdownToTranquility recently posted…Are You Sacrificing Your Weekends For Work?
Yeah I can’t take free money…just not in my nature. I figure since I can earn it, I might as well 🙂
I actually am surprised by the whole fame thing in the Northeast because of Los Angeles, but I guess it makes sense like you said!
This is a really interesting post, and a great share and find. Thanks!
Erik @ The Mastermind Within recently posted…Assessing a Business Idea and 8 Things to Consider Before Starting a Business
Thanks Erik!!! It was a fun article to put together 🙂
It would be interesting to do the same survey once they “make it” as per their definition. We all adjust our definition of success along the way and they would do.
Caroline recently posted…Rental Insurance Claim Refund, My Ethical Dilemma! What Would You Do?
That would be really fascinating to see how we adjust success along the way. I’d love to see how it shifts up and down over time.
I’m surprised that my fellow North-easterners want fame as well. Just doesn’t seem like a big value of this area. Maybe people want what they don’t have most.
Yeah maybe they have it all but fame at this point. I know I do not desire fame at all 🙂
The big one is the disconnect on money given and income. After all if you need a half million dollar home and a fifty grand car your going to need more then 1 million.
As for me I’m happy with what I have which I believe is the key.
FullTimeFinance recently posted…The Impacts of and Dealing with Sleep Deprivation
Being content with what you have is key. I’m with you that if you NEED a million dollar home and expensive car that you’re going to need a ton more money along the way.
I love it- wealth vs fame as a success criteria. But plain old happiness and contentment doesn’t feature?
Ms ZiYou recently posted…The cost of free – what price are you really paying?
Hahaha…I’m right there with you. What people think will make them happy, normally isn’t the truth.
This was all really interesting to me. I think the biggest surprise to me was the fame from the Northeast versus wealth in the Pacific Coast. Sure, we do have Broadway, but I assume there’s way more people reaching for acting in films or being singers etc.
I also found the house versus car think baffling and silly. Although, I knew SEVERAL people who either drive luxury vehicles or aspire to do so in the short-term who don’t even have a house at all. I think it’s more of a status symbol to the outside world than anything else. More people see your car than see your house. I don’t know, that’s the only logic I can put with that.
The house value attributed to “making it” is also a bit funny to me. Coming from Westchester County, a house that’s worth $466k is average and in some surrounding towns even below-average. When I think in terms “making it” in relation to a house, I think more along the lines of square footage and features in the house (i.e. walk in closets, en suite, marble, etc.) than the actual cost of the house itself.
Was this survey done across the U.S. do you know?
Thanks for stopping by Courtney!!! The survey was done across the whole US. Where I live you can’t get new homes for less than $900k unless you live an hour outside the city. It’s crazy how expensive things are these days.
Interesting statistics. Seems like a lot of people are pretty materialistic and are looking for the traditional “American Dream” lifestyle. Big house, fancy car, married with kids. The keep up with the Jones situation. Although I like seeing that 37% defined making it as not answering to others and having freedom to live on their own terms. Even though most still want to be working even though they have “made it”. Thanks for sharing!
Thanks for stopping by Dividend Daze!!! I agree…I’d love to make it and have freedom to live on my own terms. I’d rather punch my paycheck when I want versus needing to 🙂