Here is a question to ponder: What does financial happiness mean to you?
Not everyone has the same answer. Recently, financial services company Empower surveyed 2,000 Americans aged 18 and older as part of its “Financial Happiness” study and asked them several questions.
Among these was a query asking them to define financial happiness.
Surprisingly, just 17% of respondents equated financial happiness with achieving a specific net worth. Instead, recipients were more likely to name the following factors.
Paying bills on time and in full
Survey respondents who equated this with financial happiness: 67%
Staying on top of your bills is a good feeling. Not only are you living up to your obligations, but you also are eliminating the daily fear that you are one or two missed bills away from wrecking your credit score — or triggering something worse.
If you want to avoid trouble, learn the lessons in “5 Costly Mistakes People Make When Paying Bills.”
Being debt-free
Survey respondents who equated this with financial happiness: 65%
Debt is a wealth killer. Many people have to endure the miserable and stormy seas of being in arrears before they get to the land of financial happiness.
No matter how deeply in debt you are, there is almost always a solution for getting out of the red and into the black. For tips, listen to the advice of Money Talks News founder Stacy Johnson in the podcast episode “10 Steps to Get Out of Debt Now and Stay Out of Debt Forever.”
Enjoying ‘everyday’ small luxuries without worry
Survey respondents who equated this with financial happiness: 54%
Some folks find that indulging in small luxuries brings them tremendous joy each day. But others simply cannot afford life’s little pleasures.
Other definitions of financial happiness
Here are the other factors that defined “financial happiness” for survey respondents:
- Being able to afford experiences with loved ones: 53%
- Achieving financial freedom: 51%
- Affording big purchases without worry: 51%
- Buying/owning a home: 45%
- Having a good work/life balance: 44%
- Being able to retire when I want: 37%
- Not having to work for a living: 22%
- Having nice things: 20%
- Reaching a certain net worth: 17%
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