How do Americans define success? It's not about being super rich or a famous celebrity. Instead, a new Empower survey revealed that 59% of Americans have a simple definition of what it means to be successful.
According to those Americans, success is measured by happiness, or "being able to spend money on the things and experiences that bring the most joy."
But not everyone is in a position to be happy. Let's take a look at some of the obstacles that prevent people from achieving that kind of success and some solutions that can get you into a position where you can spend on the things you love.
What barriers do people face?
The same Empower survey revealed some of the biggest barriers people face against success. These include:
Overspending and failure to budget effectively (37%)
Procrastination or delaying financial decisions (26%)
Lack of money management knowledge (20%)
Credit card debt in the U.S. hit a record $1.21 trillion in the fourth quarter of 2024, per the New York Fed, and around a quarter of all households are living paycheck to paycheck, according to an analysis by Bank of America.
It's clear many people are struggling to make ends meet. When you're worried about paying bills or sending hundreds of dollars of interest a year to creditors, you may be less inclined to spend money on things that bring you happiness.
The good news is that there are steps you can take to move toward a level of financial security that allows you to spend money based on your desire for joy.
First, you'll want to try to increase your income as much as you can. The more you earn, the easier it is to cover the basics and have some cash left over. If you can find a side gig that fits into your schedule, especially one you enjoy, you can bring in a little extra income.
You'll also want to budget your money carefully, which starts with trying to keep extra costs down. There will always be fixed items, such as rent and car payments, so keeping other expenses to a minimum can leave you with more money to do things that make you happy. Following a budget also ensures you're using funds wisely in a conscious effort to buy things that improve your life.
These first steps can be the start of your journey to success. You work hard for your money, and spending it on things that make you happy is absolutely a worthy goal worth working towards.
Christy Bieber has 15 years of experience as a personal finance and legal writer. She has written for many publications including Forbes, Kilplinger, CNN, WSJ, Credit Karma, Insurify and more.
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