Intuit recently did a study on the power and the pursuit of prosperity in the United States, diving into how Americans feel about prosperity.
Is it attainable?
Is it out of reach?
Is it still possible to achieve the American Dream? - Obtaining a successful and thriving career all while starting and growing a family?
Is there still hope to arrive at the destination of prosperity?
The short answer: Yes, there is still hope.
With more than 10 million American households holding a net worth of more than $1 million, prosperity is not completely out of reach.
There is hope, but there are certainly barriers blocking the way from Americans feeling confident that they can achieve prosperity. One of these three shared barriers is personal finance.
The Intuit study found that 55 percent of U.S. citizens lack confidence when it comes to managing their finances. This lack in confidence leads them to hold off on pursuing life changes like buying a home, starting a family, or even starting their own business.
On the flip side, Intuit found that there is an alarming number of Americans who are taking control of their finances. This confidence allows them to form a strong relationship with their money, leading to better sleep [36 percent], less stress [44 percent], and overall, general happiness [44 percent].
Financial independence is the first step to prosperity. So what will it take to get there? Well, Intuit found that the aspiration to achieve prosperity came from three commonalities that are great to consider:
Managing Your Money
Living out the hope of being an entrepreneur
Attitude, attitude, attitude
Managing Your Money:
Learning how to manage your money is one of the first steps of financial independence, eventually leading you to prosperity.
When you manage your finances, you’ll have a better understanding of:
where your money is going,
what your savings account looks like,
the current status of your retirement accounts,
and how much debt you have.
There are small steps that you can take in learning how to manage your money, like creating a budget and choosing some security options to ensure you’re financially protected. Each step will help you feel a little more confident in how you’re handling your finances.
Living Out the Hope of Being an Entrepreneur:
Young entrepreneurs are finding that their dreams are bigger than the barriers that can come along with starting their own business. Thirty-eight percent of these entrepreneurs feel that they’ve already achieved prosperity, in comparison to 19 percent of non-business owners. These self-starters are willing to go to all ends to make their dreams come to life. But you don’t have to be a business owner to reach prosperity. Your attitude, regardless of your job, can change more than you think.
Attitude, Attitude, Attitude:
Attitude is everything!
Small business owners might actually be more likely to face hurdles in their business ventures or road to prosperity. But it’s their attitude that helps them overcome them. Being around the right people and setting some time aside to #treatyoself might help you to stay positive well past the point of prosperity.
Prosperity is possible and attainable! We can’t wait to hear about what you learn along the way to prosperity.
Philadelphia native and Penn State alumna, Kate Hynson, always had a flair for marketing. During her college years, Kate took on several brand ambassador roles and even a President role for the Penn State CHAARG chapter, which held over 275 members. Her ability to command a room and deliver a clear message aligned perfectly with the myWorth mission as we aim to provide clear financial guidance to women on a mission. Through myWorth, Kate has been able to help women feel empowered by fearlessly own their finances.