Rethinking What Money Success Means

We all need a certain number of dollars to live a happy and content life. This amount varies from person to person based on the lifestyle they want, where they live, and other personal ambitions.

But what happens when we make decisions that result in having less money. Maybe we work less, save less, send more, or give a large chunk of it away. Does that mean we’re failing with our finances?

I think too many of us have absorbed the idea of getting rich and staying rich as the only form of money success out there. But that’s a far too narrow definition.

In fact, when we allow our lives to be dominated by our plans for getting or preserving wealth, it comes at a cost. We’re more stressed and distracted from the very things that actually matter to us.

Here are some alternative definitions of financial success. Maybe one or more of these resonates with you. If so, why not lean into that vision, and rethink what it means to be good with money.

Enjoying the Money You Already Have

My wife and I have made some big financial decisions recently that involve spending more of the money we’ve saved up. We’re both in our mid 30’s and many of our peers are building up their nest eggs and planning for retirement, but we see ourselves in a different season.

We want to do things we love now while our kids are young. There will be years ahead for us to save and invest, but we’d hate to think we missed out on the present because we were planning for the future.

In our book, spending money wisely on the things that matter to you is a form of financial success too.

Giving Generously to Others

When you give money away it doesn’t just disappear. It goes to support an organization you love, or makes someone else’s life a little bit easier. Giving is a way of saying that all the happiness in the world isn’t wrapped up in us getting what we want, but sometimes it comes from seeing money in the hands of others.

If you’re in a season of life where you have extra to give, then go ahead and give. There’s my financial rule that says you have to hold it and grow it as long as possible. Go ahead and make your investments in the people and causes you love while you still can.

Lowering Your Risk Tolerance

A few years ago my wife and I left our relatively stable jobs to start our own business and we took a huge pay cut in the process. From the outside it looked like a financial failure. We went from two salaries to one and were barely making ends meet.

But from the inside it was an incredible financial success. You see, we were in our mid 30’s and still young enough to take a risk like this without it messing up our life plans. With that bit of money, we bought ourselves a once in a lifetime adventure, all while lowering our risk tolerance for the future.

As we moved forward, we only needed to meet our expenses to feel like things were working out. It turned out we slowly began to thrive and find our way, but I’ll never forget how much fun it was along the way.

Having Confidence You’ll Always Have “Enough” Money

Not everyone feels like they can afford to take financial risks. For certain personalities, there’s something deeply satisfying about knowing your expenses are covered and you’ll always be able to afford the things you want to do.

Richer people don’t necessarily have that mindset because they spread their money across all sorts of time sensitive ventures that might pan out. But you can prioritize using your money to build a safer foundation first, knowing that later on you can figure out how to add more adventure back into your life.

Financial success doesn’t have to mean taking on too many risks and having things work out in your favor. What if it meant having the confidence in knowing you’ll always have enough?

Being Able to Do What You Love

My wife and I spent a few years living lean and making less money than we could have in traditional careers. We did this so that we could have great flexibility over our time and energy. We wanted to enjoy those years and spend them doing what we loved.

At the time, it felt like we were pressing pause on our finances, but I now see it differently. By lowering our expenses slightly, we were able to afford the thing in life that mattered most to us— time. In our book, that was a huge success and something we’re proud of.

Money can do many things for you, but it can’t buy back time. You have to figure out a way to make that possible within your own priorities.

Investing In Meaningful Experiences

Building wealth is a great goal, but it shouldn’t be your only financial success criteria. What if you spent your money cultivating rich and meaningful experiences in your life and for your family?

My parents, who are retired, are continuing to work part-time. Not because they need the money, but because they want to use it to take their kids and grandkids on vacations and other memory making events.

I can’t imagine a more success story with money than being able to use it on things that matter to your loved ones.

Leaving a Legacy That Outlives You

If you really wanted to, you could probably make a lot more money than you do now. You might have to work another job, move to a more expensive city, or travel more than you like, but it could be done.

Instead, many people leave money on the table, so to speak, but spend their efforts in other arenas.

One example is my grandparents. Though they didn’t have large sums of money, they invested generously and sacrificially in their church and faith. This is a form of leaving a financial legacy that doesn’t involve hundreds of thousands, but in their own way, they passed down something more important than money to their descendants.

Leaving behind a legacy in the hearts of those you love is, in my opinion, one of the few worthy ends of human ambition and therefore a great success.