5 top signs you’re doing well financially in America (even if it doesn’t feel like it)

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in retirement.

Even individuals with high incomes can quickly blows through their paychecks, or they may feel pressure to "keep up with the Joneses," spending beyond their means. Others might use credit cards to fund a lifestyle they can't afford otherwise, accumulating debt and lowering their credit score, which can have lasting consequences later on.

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Being financially successful is largely about developing good financial habits that can benefit you throughout your life. Here are 5 signs that you're doing well financially in the United States, even if things don't always seem that way.

1. You’re financially literate

.

Once you understand this concept, you'll know how to plan for retirement while considering inflation, and if you're familiar with inflation calculators, you can figure out how much time and monthly savings you'll need to achieve your objectives.

You have a budget in place - and actually stick to it

for full-time workers in the U.S. was $1,139 a week as of the first quarter of 2024, according to the U.S. Bureau of Labor Statistics. That amounts to $59,228 per year.

As you increase your income — then you're developing healthy financial habits that will contribute to your long-term wealth accumulation.

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3. You recognize good debt versus bad debt.

And good debt, and having bad debt, aren't mutually exclusive.

every Saturday and Sunday — on payment.

Increased by 10% compared to the same time last year.

Credit cards aren't inherently bad. In fact, you can use them to build credit by making on-time payments in full, rather than carrying any outstanding balances.

But if you only pay the minimum payment every month, you'll likely be paying part of the growing interest on your increasing debt - not the main amount you owe. This could damage your credit score, making it more difficult to get approved for loans in the future or possibly get offered less desirable loan terms.

are often considered good debt, as it's expected that you'll receive a good return on your investment.

4. You're stashing away your money.

You'll never miss a month.

Ideally, you'll want to have at least a few thousand dollars readily available in an emergency fund and a portion of your income going toward retirement savings.

Here's another sign you're doing well: You're able to build wealth over time with calm confidence, staying level-headed even when market ups and downs occur - refusing to panic or act impulsively when the market dips.

5. You understand that money is a objective used to achieve a goal or satisfaction

The problem with money is that it's never quite satisfying. Success with finances isn't just about accumulating dollars in a bank account. And it's not about continually earning more money to purchase increasingly more possessions you don't really need.

It's about understanding how much is enough to live the life you want, leaving time and energy to focus on what truly matters like being with loved ones or pursuing your passions.

You may not feel wealthy, but if you're succeeding in these five areas, you're doing a lot better than you might think.

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Please note that the information contained in this article is provided for general information purposes only and should not be taken as professional advice. It's given without any implied or explicit warranty of any kind.