Key Takeaways:
- How you define success may depend on your age, your gender and your level of wealth.
- As their net worth increases, people are more likely to define a life of significance as one where they have a purpose bigger than themselves.
- Think deeply about what matters most so you can pursue “the best life” for you.
“The proper function of man is to live, not to exist. I shall not waste my days in trying to prolong them. I shall use my time.”
– Jack london
Chances are, you—like the above-mentioned Call of the Wild author—want to live a great life, not simply exist your way through it. Achieving a life of success and significance is one of the biggest reasons why many of us seek to grow and preserve assets; we want wealth so that we can use it to support the type of life we most want for ourselves and the people we care about most.
Trouble is, too often we spend the bulk of our energy on the asset growth side of the equation and never get around to really defining what a successful “life of significance” actually means to us. That can be problematic for a few reasons. For one, if we don’t know what we value in life, it’s much harder to feel fulfilled by the decisions we make and the actions we take. We may do a lot of things, but they might never really satisfy us at a foundational level.
Another issue: If you don’t have a good handle on what type of life you want to lead, you can find it harder to know whether the amount of wealth you have is too little, too much or in the sweet spot. Lack of clarity about an ideal life can lead to uncertainty about the net worth you may need to be aiming for.
With that in mind, CEG Insights asked more than 1,200 individuals about their views of success, significance and living their best life. Their answers may help you in your own quest to find meaning in the years and decades ahead.
How different generations view success
Not surprisingly, people have varying definitions of which factors constitute success. It means different things to different people, and its definition varies based on (among other things) generations, wealth levels and even genders.
Take generational differences. The way we define each generation can be seen in Exhibit 5.
Some key findings:
- For many investors (44.2%), being honest and ethical and acting with integrity are integral to their definition of success—a percentage that increases among older generations such as baby boomers (47.7%) and the WWII generation (53.8%).
- Gen Xers are more interested than other demographics in working hard and persevering (22.2%)—not surprising given that it is the generation that most intensely experienced the transition from an analog to a digital world, making members of this generation adept at adapting to new and challenging situations.
- Gen Xers are also even more likely than millennials to put emphasis on achieving a healthy work/life balance (21.7% vs. 15.3%), as many of them are sandwiched between raising their own children and caring for aging parents.
- Millennials place a big emphasis on making a positive impact on the world around them (24.4% vs. 9.8% of the WWII generation) and on personal growth and development (16.3% vs. 1.4% of the WWII generation).
- Baby boomers place a high level of emphasis on having integrity and living an honest life (47.7%) but much less emphasis on prioritizing continuing growth and education (just 0.7%).
Gender differences
Gender can also impact how people define a successful life. Having close friends and family is virtually equally important for men and women (close to 60% for both). But differences emerge in other areas:
- Nearly a quarter of men (21.2%), versus only 14.6% of women, feel a successful marriage is a definition of success.
- Men overall place a greater emphasis than do women on having financial security (39.0%), having children or raising a family (14.6%), pursuing personal goals (13.3%), being able to pursue leisure activities (8.6%) and developing a financial legacy (6.5%).
- Women overall place higher emphasis than do men on living a healthy lifestyle (42.4%), finding inner peace, happiness and contentment (27.6%), having the ability to travel (21.3%), finding spiritual fulfillment (7.9%) and owning a home (7.1%).
Views of success based on wealth levels
Our net worth can also influence how we define success (professional success, in particular). Investors with $10 million to $25 million in net worth are more likely than those with a net worth of $1 million to $2.9 million to define success as being respected by and respecting colleagues and peers (45.1% vs. 36.6%). Those with lower net worth are especially focused on achieving a high income and having job security and stability—while simultaneously maintaining the work/life balance that younger investors now demand.
Among higher levels of net worth, we see higher business development and education goals. Investors with a net worth of $10 million to $25 million are more likely than those at lower net worth levels to have business development goals (11.9%) and educational goals (13.5%); however, they are less likely to have health/fitness goals (61.1%).
Defining a life of significance
An even deeper level of success involves living a life of significance. That tends to involve achieving goals aligned with their values and priorities—and continually striving for improvement and happiness.
But what criteria do people use to determine whether they’re living their “best life”? Research suggests that:
- The most common definition of living their best life is being financially stable and secure and enjoying fulfilling relationships with family and friends. Additionally, investors also place importance on maintaining good physical and mental health.
- Fewer than 20% of people define success based on their professional success or career.
- People who have inherited wealth are more likely to describe living their best life as living a life that aligns with their values (57.3% vs. 48.1%), being able to afford leisure activities (57.3% vs. 52.3%), leaving a financial legacy (25.3% vs. 17.1%) and having money for unexpected expenses (56.8% vs. 49.6%).
As their net worth increases, people are more likely to define a life of significance as one where they have a purpose bigger than themselves—and they are less likely to describe it as being a good role model or developing family and friend relationships.
Next steps to consider
As you review these findings, consider your own answers and conclusions about how you define success and what factors go into a life of significance for you. No response is either right or wrong, of course. But understanding how your peers think and feel can potentially help you gain clarity on your own path. Perhaps you’re extremely aligned with people of the same net worth or gender—or maybe your view of success, significance and living your best life is very different.
Or maybe you need to do some deeper thinking about these issues. Consider the following action steps:
- Start with open-ended questions. Ask, for example, “How do I define success in my life?” or “What does success mean to me?”
- Push yourself to think deeper. Ask yourself probing questions to delve deeper into your definition of success. For example, think about specific achievements or milestones that have made or would make you feel successful. Try to focus in on your values, goals and aspirations.
- Don’t overjudge yourself. Avoid passing judgments about your definition of success. Instead, respect your unique goals and desires—“own” them.
- If you’re married or have a significant other, discuss these issues together. Often, individuals in a relationship will have some shared goals and ideas, along with their own beliefs about issues like success and significance in life. When was the last time you compared notes about what you both want from life? Most people’s goals for themselves as individuals and as a couple change at least somewhat over time, so a check-in is a good idea. You can even make separate lists of big goals, rate them 1 to 10 in terms of importance and compare your lists.
Conclusion
For most of us, success isn’t just about money—it’s about life outside of our account statements or investment balance sheets. Many of us know that already, but we don’t always have a good idea of what we really want that life to look like. Taking the time to ask important, sometimes challenging, questions about what a life of significance means to you can potentially help you align your wealth with your deepest values so that your money supports what you truly care about most.
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ACKNOWLEDGMENT: This article was published by the VFO Inner Circle, a global financial concierge group working with affluent individuals and families and is distributed with its permission. Copyright 2024 by AES Nation, LLC.
This report is intended to be used for educational purposes only and does not constitute a solicitation to purchase any security or advisory services. Past performance is no guarantee of future results. An investment in any security involves significant risks and any investment may lose value. Refer to all risk disclosures related to each security product carefully before investing. Securities offered through Fischer Financial Services. Vern Fischer is a registered representative of Fischer Financial Services. Vern Fischer and Fischer Financial Services are not affiliated with AES Nation, LLC. AES Nation, LLC is the creator and publisher of the VFO Inner Circle Flash Report.
