The New Benchmark for Financial Success?!?! What It Means to 'Make It'

00:00 Intro
00:26 Income or Net Worth - What does financial success mean to you?
01:13 Income to feel financially successful (by generation)
03:52 Median Income
05:56 Net worth to feel financially successful (by generation)
08:31 Financially Comfortable
10:35 Bloopers

What does it really take to feel financially successful? In this video, we explore generational differences in income and net worth goals, insights from Empower's recent survey, and how perceptions of success evolve over time. Learn why financial success is deeply personal, why comparison is the thief of joy, and how living below your means and focusing on your goals can lead to lasting financial security.

Disclaimer: Please note that this video is made for entertainment purposes only and not to be taken as financial advice. Always make sure to do your own research.

Thanks for watching, I appreciate you!

[ljosephdumas]

"I feel financially comfortable because I live below my means." BINGO!

[philipdefrancisco]

At age 67, I am free of the worry of losing my I live below my means and I am perfectly content. Feeling content and relaxed is the goal for me.

[dustinquinton]

Debt free is being financially successful.

[Eric-wclx]

The “4% rule” is very sobering. There are many households bringing in over $100k in the US, but not many with the net worth to maintain that same lifestyle in retirement - especially if Social Security is compromised. I tell my children often that they shouldn’t think of the money in the IRA as a lump sum, but as the 4% rule income stream that it can generate.

[yhckelly]

Any group of people that says they need to clear 50k a month to be financially successful has not put any thought into the question at all.

[odizcvw]

I am impressed with the wisdom expressed by someone who is early in their journey.
Best advice is to live below your means and live your life without benchmarking against others.
Maximize your income, live below your means and save consistently while making conservative long term investments.
As someone who came into this world modestly and retired comfortably I have to say I never had a specific number in mind. I knew generally what it took to live my life so I always strove to exceed that number and save the difference. As a boomer, it was relatively easy to build net worth through home ownership. I saw a mortgage as an acceptable leveraged investment and avoided debt everywhere else. Servicing debt is a millstone.

I realized early that if it is meant to be it is up to me. In my first years working I realized governments might go broke and pay no retirement benefits. I also assumed I'd never inherit anything so it made me self reliant very early. Now that I am receiving some government retirement income it is like a welcome windfall. In hindsight this was a useful attitude.

[paulmartin]

Best advice, live below your means. Get out of debt as soon as possible. Don't try to keep up with the "Jones's". I'm 70+, debt free when I retired. Great goal. I have less than 1 million net worth and can give 10k+ to charities every year and vacation as much as I want. Start early in life to take advantage of compound interest.

[chemquests]

The answer gets more accurate as you sample more people who have actually been successful. Few really know what it would take to feel something before experiencing it.

[nilsalmgren]

Do you have a roof over your head? Do you have plenty to eat? Then you are more successful than most people in this world.

[Azel]

You are spot on Erin!

Feeling successful has very little to do with actual numbers. Rather, it's how you feel you compare to those around you (which includes the people you follow online). If you're 25 and you see 25 year old influencers flying private jets and driving lambos, you'll feel extremely behind. GenZ need an ultra high income to feel successful because that's the income required to live that (fantasy) lifestyle. I imagine this will change rapidly if those influencers are required to put a disclaimer when the planes, cars, and homes they are showing are rentals.

[JasonBay-RealEstateInvesting]

So many people say $1M is nothing now days. It's still VERY hard to reach this milestone. The median salary is $80K
Even if someone could save $1, 000 without ever failing to invest this amount, and assuming a 7% rate of return: it STILL takes 30 YEARS!
I am not arguing to not invest, I am merely pointing out $1M is still significant and anyone who reaches this number should feel very proud.
Gen Z wanting almost $10M can be done but now you're looking at close to 60 years.

[djcoolrule]

Between 300 to 500k in my TSP is all I need. If I can grow it higher puts more icing on the retirement cake. Merry Christmas to you and your family Erin!

[scottthomas]

Great video Erin. I think the ultimate sign of success is being a YouTube content creator and having 113, 000 subscribers.

[alexanderlyon]

Congratulations on 100k subs!!!! Seems like you really blazed past it. _Onward!_

[neverclevernorwitty]

Genz wanting 600k/yr!? 🤣🤣. Ladies and gentlemen, I give you the influencer generation.

[biovmr]

Maybe I am old-fashioned, but I have always looked at financial success as being able to live one’s life without relying on someone else to help you financially. That’s it. By this measure, I have been financially successful since I was 17. This does not mean that I did not need to work

[leftwingersareweak]

This lady is smart, wise, and really attractive! Great combination.

[mymodely]

So basically GenZ doesn’t have the life experience to understand how life works. Their income number are unrealistic.

[gerardleslielutz]

I needed this video! We’re soon retired - in our 50’s and I’m very worried about our income. We have no debt and our retired income will be $120k/yr. Time to relax and travel.

[AndyTempleman-otlu]

People need to find satisfaction in saving and not just buying and spending.