Forget fame and fortune, this is what success really means to most people

According to a survey published by Citizens Financial Group, less than 40% of young people expect to be more successful than their parents, and only 26% want to climb the corporate ladder.

Instead, they are redefining what success means. Instead of focusing on a specific job title or income level, they care more about three signs of success: living debt-free, supporting a family, and being able to afford a stress-free lifestyle.

1. Live without debt

With more than 100 million adults in the United States carrying some credit card debt, it’s no surprise that 64% of young adults rated living debt-free as their highest measure of success. To work to live debt-free:

• Build emergency savings: Without savings to cover unexpected expenses, even a $500 car repair can grow into hundreds of dollars in interest payments. Start putting money in a high-interest savings account, even if it’s only $25 to $50 a month, to build a reserve for emergencies.
• Pay off high-interest debt: There are many options for paying off high-interest debt such as credit cards. Consider using snowball or avalanche methods or taking out a debt consolidation loan to streamline your payments.
• Have a planThink strategically about the debt you take on. If you have student loans, consider an income-based repayment plan. If you get a mortgage, look at the potential monthly payments, not just the amount the bank will approve.

2. Family support

Family support was one of the most important signs of success for 60% of study participants. But with the latest estimates showing that the average cost of raising a child from birth in 2015 to age 17 was $310,605, it may seem as if starting a family is only possible for the already wealthy.

However, you don’t have to give your children every possible good or opportunity to be a good parent. instead of:

• Live within your means: Living within your means is not just a way to avoid debt. It can also reduce your daily financial stress, which may lead to improved behavioral outcomes for your children and increased enjoyment of family life.
• Pursue work-life balance: For some parents, an overemphasis on materialism can lead to weaker relationships with their children. While there is nothing wrong with working to provide for your loved ones, supporting a family does not necessarily mean continuing career growth and income at all costs.
• Know what your children need: You may feel pressured to always buy the latest toys, gadgets, or expensive experiences for your kids. But emotional bonds and fun moments with parents are more important for children’s happiness than material goods.

3. A stress-free lifestyle

58% of survey participants rated that providing a stress-free lifestyle is a significant sign of success. In addition to having enough income to meet your basic needs, a “lifestyle” is something you can choose to make as stress-free as possible. Try to:

• Avoid lifestyle inflation: If your daily costs are always increasing, your current income will never seem enough. Additionally, lifestyle inflation can put you in a precarious position if you lose your job unexpectedly.
• Think about new expenses carefully: Before incurring new expenses, think about whether you really need them. If your family manages one car well, is it worth it to take out a car loan or dig into savings for a second car?
• Know enough: Just because you can afford something doesn’t mean it’s worth buying. A bank might approve you for a mortgage of $600,000. But if you don’t need that much from the house, why pay for rooms you won’t use, larger heating and repair bills, and extra cleaning hours? Instead, buy only as much home as you need and will enjoy on a daily basis.