52% of Americans say there is a secret to success, according to new study

For most, financial success means being able to pay bills on time, owning a home, and affording luxuaries like travel abroad and attending entertainment events.

Photo: Christina Morillo/PEXELS

BPT - Is there a secret to financial success? Most Americans (52%) say "yes" — and the average salary considered successful is $270,000 per year, and $5.3 million in net worth, according to new research from Empower, a financial services leader in investing, planning, and advice.

But it's not just money — it's what money can buy. Only 27% rank wealth as the highest measure of financial success. Rather, most Americans say happiness (59%) is the most important benchmark — being able to spend money on the things and experiences that bring the most joy, doing what you love, followed by the luxury of free time (35%) to pursue personal passions.

People say success is about the "Factor of Four": hard work (84%); talent (65%); who you know (55%) or The Network Effect; and luck and circumstance (51%). The secret is to be a visionary (36%) — and then outwork everyone (32%), a belief held most firmly by those with incomes over $100k, rising to 40%. Pay yourself first, say over one third of people (35%), by putting money away and saving for retirement. For 1 in 5 younger generations (Gen Zers and Millennials 19%) a secret to success is "fake it 'til you make it."

"Fortune favors the bold, and people feel success is within their grasp with the right combination of dreaming and planning," says Rebecca Rickert, head of communications at Empower. "It's about disciplined, smart money choices, but overall people define financial success as very meritocratic, and a little serendipitous. There's a sense that effort and outperformance will take you far."

Still, nearly half of Americans (47%) feel they'll never achieve the level of success they're seeking. Just 37% of people consider themselves financially successful right now — with higher numbers of men than women (42% compared to 33%). Only half (50%) of people state they are or will be better off financially than their parents, a long-held meterstick for generational success.

Barriers to success

More than one third say the economy (35%) and income instability — irregular or insufficient income streams (30%) — is a culprit, along with lack of knowledge about managing finances (20%). Nearly a third say the biggest obstacle to success is not setting clear financial goals (28%). Over 1 in 4 (26%) say procrastination or delaying financial planning or decision-making gets in the way. People see a lack of savings (35%), overspending and not budgeting effectively (37%), and debt (36%) as barriers to success.

Despite hurdles, most Americans (58%) believe that they will achieve financial success in their lifetime, with the younger generations most optimistic (Gen Z 71%, Millennials 70%, Gen X 53% and Baby Boomers 45%).

Success, realized

For most people (63%), financial success is found in tangible wins: being able to pay bills on time, owning a home (52%), and affording experiences like travel and entertainment (47%). For 40%, it's about retiring at a goal age — and while they are working, enjoying the job (42%).

Having a financial plan (45%), building up retirement plan savings like 401(k) investments (30%), and investing in stocks (27%) are top money moves people say propel greater success. One in 3 people (30%) say getting good financial advice is worth its weight in gold.

More key findings from Empower's report, "Secret to Success":

  • Making it: People say the surest path to success is a well-paying job (51%), saving as much as possible and the power of compounding (46%), along with making smart investment decisions (46%). Some 36% say it's financial education. People reveal that a secret to success is never spending more money than you make (52%).
  • Risking it: Nearly 1 in 4 (23%) say taking risks is an important money move to get richer. A third (34%) believe success means prioritizing your efforts because Time is Money.
  • Society says: Americans say their personal definition of success is often at odds with what society prizes. Less than half of people (43%) define financial success as having a certain amount of money or assets. Conversely, people say society equates success with wealth (59%), power (44%), and fame (35%). Just 6% say they value "power" as a measure of success for themselves.
  • Success through the ages: Almost half of Americans (49%) feel less financially successful compared to others. 60% say that for their generation, financial success is much harder to achieve than for other generations — a sentiment highest among Millennials at 69%, and lowest among Boomers at 49%. Still, the definition of success may be evolving, as 83% agree that each generation has its own idea of success.
  • Success is in the eye of the beholder: Most Americans agree (71%) that there is no single measurement for financial success. One point of agreement: 61% say you can never have enough money.
  • Health = wealth: Over a third say success is just as much about physical well-being (35%) as it is how much money they have (27%).
  • More money, more problems: 47% agree with the adage "more money, more problems." The majority (71%) say being rich has a positive connotation, and 61% say being rich is more than dollars and cents.
  • Success at work: People say the definition of success at work is how much money they earn (38%), benefits like healthcare, insurance and time off (36%) — but it's also about the intangibles: finding the right job fit that aligns with their values and personality (35%) and receiving recognition and appreciation (35%). A third say having a good boss is worth its weight in gold (29%), and people view success in the workplace as flexibility (26%) and autonomy (20%).
  • The value of a degree: 35% say the college you attend is a big determinant of how rich you are (vs 65% who say it isn't).

Visit The Currency™ to read Empower's full research report, "Secret to Success."


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Cool dog-friendly National Parks to hike this summer

Photo: Thirdman/PEXELS

While most parks allow dogs, they typically have trails specifically designated as dog friendly.
by Kim Salerno
TripsWithPets

Hiking is so much more enjoyable when you can take your four-legged sidekick along. Finding the perfect place to hike with your pup may require a bit more digging, but it’s certainly time well spent.

While it may be intuitive to think that all hiking trails allow dogs, that’s not always the case. While most parks allow dogs, they typically have trails specifically designated as dog friendly.

In addition, some trails require dogs to be leashed while hiking, while others allow dogs to be off-leash. Another consideration is the dog-friendly trails’ rating. They can range from easy to very strenuous. You need to determine if your dog (and you) are a beginner, intermediate, or advanced hiker.

The good news is that there are many dog-friendly hiking trails in parks across the United States.

Here are some fan-favorites – from coast to coast!

Pisgah National Forest

Pisgah National Forest is located in western North Carolina in Brevard, NC. However, it surrounds almost all of the ever popular pet-friendly destination, Asheville, NC. Pisgah National Forest boasts over 500,000 acres of some of the most majestic and rugged mountain scenery, as well as the best outdoor exploration in eastern North America. In addition, you and your pooch will find whitewater rivers, waterfalls, along with hundreds of miles of hiking trails.

One of the more popular dog-friendly trails is Sam Nob Trail. It’s a moderate trail that is 2.5 miles and takes about 1.5 hours to complete. It’s well maintained, has beautiful views, and has a stair portion. Dogs must be on-leash.

Acadia National Park

Located in the bayside town of Bar Harbor, this spectacular park is Maine’s only National Park…but it sure is a must-visit for hikers and their pups. Located on Maine’s amazing coast, across from the infamous Mount Desert Island, this park is sure to please two and four-legged visitors. Dogs are welcome on almost all trails and carriage roads. With approximately 100 miles of dog-friendly hiking trails – you’ll find trails from beginners to advanced.

One of the more popular dog-friendly beginners’ trail is the Wonderland Trail. It’s a short, 1.5 mile trail that takes you out to the ocean and through Maine’s lush forest. Hiking pups must be on a leash no longer than 6 feet.

Shenandoah National Park

Shenandoah National Park is located in the glorious Blue Ridge Mountains of Virginia. It lies just west of Washington, D.C. The Park stretches 105 miles with entrances at Waynesboro, VA and Front Royal, VA. This scenic park boasts towering waterfalls, lots of wildlife, and spectacular views. They have approximately 100 miles of hiking trails. And the good news is dogs are permitted on almost all of them. However, the general rule is that dogs must be on-leash. However, some trails do allow dogs to be off-leash.

A popular dog-friendly trail is the Hawksbill Loop Trail. It’s considered a moderately challenging route. It takes approximately 1 ½ hours to complete. Dogs may be off-leash in some areas of this trail.

Cuyahoga Valley National Park

Cuyahoga Valley National Park lies along the Cuyahoga River between the Ohio cities of Cleveland and Akron. Dog-friendlyCuyahoga boasts over 100 miles of trails that welcome dogs. Known as a refuge for native plants and wildlife, the dog-friendly park provides visitors with a plethora of discoveries. The spectacular winding Cuyahoga River sweeps into deep forests and rolling hills.

Top rated moderate dog-friendly trails to hike in Cuyahoga Valley National Park include Salt Run, Kendall Lake and Cross Country Trails. For an easier jaunt, take the ever-popular Towpath Trail to follow the historic route of the Ohio & Erie Canal. Dogs must be leashed.

Olympic National Park

There’s something for everyone (and dog) at Olympic National Park. In addition to plenty of hiking trails, this popular spot has beaches, waterfalls, and breathtaking, lush rainforests. Located near Port Angeles and Squim, WA,Olympic National Park allows pups on a number of hiking trails as well as various sections of the beaches.

Devils Punchbowl via Spruce Railroad Trail is a great dog-friendly hike. It takes you along the shoreline of the lake. This trail is considered easy and takes about 50 minutes to complete. Dogs must be on-leash.

Grab your four-legged hiking buddy and hit the trails!


Kim Salerno is CEO/Founder for TripsWithPets, Inc. TripsWithPets is a leader in the pet travel industry – providing online reservations at pet-friendly hotels across the United States and Canada.

Like to travel? 4 pro tips from seasoned travelers on luggage

Brandpoint -Travel is back big time and whether you're racking up the miles for work or planning a relaxing getaway, there's one staple that travelers must have: luggage that can keep up with the journey. The right bag and approach to packing can make your trip a breeze, while the wrong luggage and poor planning can cause unnecessary frustration.

To uncover what luggage will last and still be easy to use, look to the advice of those who are always traveling for work and leisure — like Ofelia Silva and Ken Sosko, executives of Travelpro, the pilot-founded luggage brand used by airline professionals from more than 90 airlines globally.

Photo provided

From what to look for in quality and features, to how to effectively pack your suitcase, Silva and Sosko share their top four tips and tricks that every traveler should know.

1. Quality over trend

Before buying that trendy suitcase you’ve been eyeing, take the time to research the quality of the item and the brand. Look at the materials and check it has reinforced stitching, resilient zippers that stay on track and closed, and handles sturdy enough to not bend or buckle when in use.

With its professional and clean design, Travelpro’s best-selling Platinum Elite collection is Silva’s top pick for business travelers while the new Maxlite Air collection is ideal for leisure trips with its lightweight build, allowing you to pack everything you need and more. Both collections are rigorously tested for durability, while remaining sleek and stylish.

2. Softside vs. hardside luggage

The debate between softside and hardside luggage is red hot among travelers, but it really boils down to packing style and personal preference. Looking for a little extra packing space? Softside luggage easily expands, allowing travelers a bit more packing flexibility. Searching for a suitcase that is incredibly sleek in its design yet ultra-resilient to damage? A hardside suitcase with its clean lines and strong polycarbonate shell is the go-to option.

To make sure the brand’s luggage withstands the toughest travel conditions, Sosko’s testing team works hand-in-hand with airlines to go behind the scenes at airports, examining what luggage really goes through. This insight informs the brand’s 15 durability tests, including a rolling test, cold drop test and a handle strength test, which all result in luggage that is crack, scratch and moisture-resistant.

3. The art of packing

Even if you have lightweight luggage, overpacking is a common pitfall for travelers. Prior to each trip, take ample time to think about what you need and how you will pack everything. Think of a capsule wardrobe you can bring, meaning interchangeable clothes that complement each other. Keep in mind, shoes are often heavy and take up space, so either wear your heavy shoes on the plane or think of leaving them at home for something lighter.

As for the act of packing itself, some travelers opt to roll clothing to save space and eliminate wrinkles, while others swear by packing cubes, allowing you to divide your suitcase into specific compartments. No matter the strategy, consider doing a practice run in the week leading up to your trip to see how everything fits.

4. Luggage set advantages

Since you’ll probably need both a checked bag and a carry-on suitcase at some point, why not buy both as part of a set? Not only will your luggage match, but the price is usually less than buying two single bags. This also gives you the flexibility to choose the right-sized suitcase depending on your packing needs and destination.

travel luggage
Photo provided

If you’re traveling light, a carry-on suitcase will likely hold all of your items and spare you the hassle of checking a suitcase. You'll also save time if flying with a carry-on because you’ll avoid waiting at the baggage carousel, not to mention it reduces the risk of lost luggage. Just make sure you know the size and weight limits for both checked and carry-on luggage before flying to avoid overweight fees.


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