Measuring Success
“Success is a measure decided by others. Satisfaction is a measure decided by yourself.”
Wow! Did you see that guy’s car? He must be rich and successful. I want to be just like him when I grow up!
Yup, that was me when I was a teenager. Heck, that was probably me in my 20’s as well.
Back then, I equated fancy and expensive things with success. Do they wear designer clothes? I bet they have a lot of money. Are they living in a huge house? They are probably loaded. Do they drive around in an expensive car? They must really be successful!
The equation was easy when I was younger.
Expensive stuff = Success
My guess is that a lot of this thinking came from the fact that my family was on the lower end of the income spectrum. We really didn’t have fancy things, so my brother and I were always dreaming about them. Growing up, I had a poster of a Lamborghini on my wall. Why would a 14 year old even dream about Lamborghinis?? I can’t even drive yet! 😂
I started in the financial industry when I was 21 years old. Many of my colleagues were wearing expensive suits and driving around in nice cars. I didn’t want to be the advisor showing up to a client’s home in cheap clothes and my dad’s Oldsmobile.
What would they think? I’m sure the first thing that would cross the client’s mind is that this financial advisor is not successful. They can’t even afford a decent suit or a nice car! Maybe we shouldn’t work with him.
So I bought a bunch of suits on my credit card and leased an Audi A4. The car wasn’t too expensive, but it was good enough to pass the first impressions test. Did I have the money to pay for these things? Not really. I had just started my practice and was barely making ends meet.
But I “had to look the part” as my supervisor told me. Come to find out that all of my colleagues were just trying to look the part and “fake it till you make it” as it’s commonly known. Most of them were in debt and struggling to survive in the industry.
Fast forward 27 years later and success has a whole new meaning to me. Back in 2020, my good friends Brian Portnoy and Joshua Brown asked me to participate in a book they were putting together, called How I Invest My Money. I ended up writing the last chapter of the book where I shared that true wealth is not measured by money.
In the book, I explained that my definition of wealth is Health, Time and Options. Money is the tool that is needed to help make sure I can keep my family healthy, give them time to do the things they enjoy and the ability to have options in whatever it may be in life.
Visual Credit: Carl Richards
Carl Richards, creator of the Sketch Guy column, which appeared in The New York Times, sketched this wonderful image based on my definition of wealth. He sent me a signed and framed copy of this image, which I cherish to this day.
I recently stumbled upon this image that was shared by the Six Seconds organization and it got me thinking.
Visual Credit: Six Seconds
When we enter the workforce, we equate success with job titles and salaries. Typically, the better job title and higher salary someone has, the wealthier they are. At least, that’s what we are programmed to think early on in our career.
But a better way to measure success is to take a look at how much free time you have, if you’re able to make a difference in other people’s lives, if you love what you do, have a good relationship with your family members or if you are in good health. Once you accept that success can be measured in many different ways, not just your job title or salary, that’s when your life will change for the better.
Regardless if you are just starting out and not making a lot of money or if you’re the CEO with a large compensation package, you can still feel successful in your life.
Action Items
Redefining success for yourself is a personal journey that involves introspection and aligning your life with your core values and aspirations.
Here are some steps to help you measure success on your own terms:
Reflect on Your Current Definition: Consider what success currently means to you. Is it based on societal standards, or does it align with your personal values and happiness?
Identify What Truly Matters: Make a list of the things that are most important to you. This could include relationships, personal growth, health, or making a difference in your community.
Align with Your Core Values: Ensure that your definition of success aligns with your core values. These values act as a compass that guides your decisions and actions.
Envision Your Ideal Life: Imagine a life where your actions and achievements reflect your values and what you've identified as truly important. How does this vision make you feel?
Set New Goals: Based on your redefined definition of success, set new goals that are Specific, Measurable, Achievable, Risky, Timebound, Exciting, and Relevant (SMARTER). These goals should help you move towards your ideal vision of success.
Embrace Growth and Learning: Recognize that success is not a destination but a journey. Embrace the learning process and view challenges as opportunities for growth.
Practice Gratitude: Cultivate a sense of gratitude for your achievements and the progress you make. This can shift your focus from what you lack to what you have accomplished.
Seek Balance: Strive for a balanced life where you give attention to all facets of your well-being, including work, relationships, health, and personal fulfillment.
Remember, success is deeply personal, and it's okay for your definition to evolve over time. What's most important is that your definition of success brings you a sense of fulfillment and joy.
See you next week!
~Alex
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