You’re going to be able to afford to retire as planned
Retirement is expensive. Experts say that to live lavishly in retirement, you need to replace about 70%-80% of your current income (although that number is disputed). Even if you’ve downsized, and maybe even relocated to an area with a low cost of living, retirement is still a prolonged period of supporting yourself on little or no income.
Traditionally, “retirement age” is 65, but that’s changing as more Americans find they’re unable to float 20-plus years of living without a paycheck. Bloomberg reports on data from the US Bureau of Labor Statistics that found nearly 20% of Americans age 65 and older are still working, and points to a finding from the TransAmerica Center for Retirement Studies that finds about half of those still working are motivated by financial issues.
If you can afford to retire when you want to, it’s a luxury.
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You aren’t motivated purely by money
One common thread you’ll find among self-made millionaires and those who study them is that “rich people” tend to focus on something other than the dollar signs: They’re solving a problem, or following a passion, or striving to build their business as much as possible.
That, right there, is a luxury. If you can’t make ends meet, you can bet you’ll be focusing on the dollar signs over the intellectual fulfillment of your job.
This doesn’t mean you can’t be happy to earn a sizable paycheck or you can’t be excited to watch your investments grow, but money isn’t your chief motivator or source of joy. If you have the luxury to focus on something other than the money, you’re in a good place.
You view money as an ally
“Most people have a dysfunctional, adversarial relationship with money,” writes self-made millionaire Steve Siebold. “After all, we are taught that money is scarce — hard to earn and harder to keep. If you want to start attracting money, stop seeing it as your enemy and think of it as one of your greatest allies.”
The reason wealthy people earn more wealth is because they’re not afraid to admit that money can solve most problems, Siebold says: “[The middle class] sees money as a never-ending necessary evil that must be endured as part of life. The world class sees money as the great liberator, and with enough of it, they are able to purchase financial peace of mind.”
If you aren’t scared of money — if you view it as an ally, and a tool that can help you achieve what you want in life — you’re ahead of the game.
You aren’t stuck
“What I have realized over time is that in many ways, money spells freedom,” self-made millionaire and NastyGal founder Sophia Amoruso wrote in her book, “#GIRLBOSS.” She continued:
“If you learn to control your finances, you won’t find yourself stuck in jobs, places, or relationships that you hate just because you can’t afford to go elsewhere. … Being in a good spot financially can open up so many doors. Being in a bad spot can slam them in your face.”
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