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How Will You Know When You’ve Reached Financial Success?

How Will You Know When You’ve Reached Financial Success?

By Pat Flynn on

This was a post I wrote over two years ago, but I think it’s important to highlight again because it asks a question all of us entrepreneurs should be asking often:

“How will you know when you’ve reached financial success?”

My answer two years ago was different than my answer today, as it should be. My goals have changed over time. As we grow in our business and level up in our financial life, this change is inevitable—and should be welcomed with open arms!

For me, many of goals from two years ago have been met already. So, I created a new definition for financial success:

Now that I’ve achieved much of the financial success that I had hoped for and more, such as being able to happily say that I’ve donated more than six figures to charities and organizations that I love and believe in, my new definition of financial success is when I get to the point where I am 100 percent confident in my income sources, and where I am able to more fully diversify my income in other things like real estate.

Because a majority of my income still comes from affiliate marketing, it’s important that I make this shift toward income I can control versus something that another company could do away with at any moment’s notice.

One last thing I’ll reiterate before you can get to my original post: It’s important to remember that we need to continue to change and evolve what financial success means to each of us, and remember that money is money. We can always lose it and get it back if we really wanted to. After being on this entrepreneurial journey for a little while now, I’ve learned that money is just a thing. It’s the path to our successes (and sometimes failures) that truly matter.

Now, how would you like to see my original post from two years ago? I hope it’s as interesting to review and compare as it was for me. Be sure to read to the bottom for your chance at a $50 Amazon gift card too!

Original Post

“How will you know when you’ve reached financial success?”

This was a question that was asked on twitter by Jay (@jasonvo), who is one of the co-founders of the Internet Business Mastery Podcast and Academy. It was a question that really had me thinking for almost an hour about how I would know when I’ve reached financial success.

I’m sure the answer to this question is different for everybody. Here’s Jay’s answer:

Picture 6

For some, it might be a specific net worth, i.e. “When my net worth is over $1,000,000.”

For others, it might be a feeling or situation they aim for, i.e. “When I don’t ever have to worry about paying bills ever again,” or “When I don’t have to live paycheck by paycheck anymore.”

And for some, it may be a specific goal, i.e. “When I am debt-free,” or “When I have enough money to retire.”

There are thousands of answers, and here is mine below:

“I will know when I have reached financial success when I have fully paid off a house that I own, fully paid for my children’s education, and live each day without a trace of worrying whether or not I have enough money available for my family and me. I don’t need a big house, fancy cars or millions of dollars. I just want to be worry-free and financially independent.”

Some of you may think I’ve already reached financial success based on my income reports. I say that I have been successful financially, but have not reached financial success just yet.

So, I’m very interested in what your answer to the question is. How will you know when you’ve reached financial success?

One random lucky person, who leaves a comment answering this very question, will receive a $50 Amazon Gift Card from me. Why Amazon? Because Amazon rules!

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Be sure to leave your comment by October 10, 2016 for the chance to win. I’m looking forward to your answers! Cheers!

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