What a difference a year makes.  Less than a year ago we wrote about the number of millionaires in the world reaching a new record number of 10 million people.  A recent study by Gallup and Healthways reported that in the beginning of 2008 about half of Americans described their condition as “thriving”.  By the end of the year more than 24 million Americans shifted their condition from thriving to struggling.  Today, roughly two thirds of Americans are either struggling of suffering.

The groups mostly impacted by the current recession are African Americans, business owners and executives.  It is particularly noteworthy that business owners and executives, two groups that make up a significant portion of the financially successful, have been severely impacted by the current economic tsunami.  One could come to the conclusion that, in light of the current financial disaster, there is less successful people around.  Unless, of course, you redefine the meaning of success.

And that is exactly what is happening.  Another recent study sponsored by Northwestern Mutual asked Americans to define success.  Here is the list of items ranked the highest: 

• Spending time with family
• Having a good relationship with a spouse or partner
• Being healthy
• Maintaining a good work/life balance

And guess what come out at the bottom of the list?  Material things such as owning the home of your dreams and earning a high income.

 

Does this mean that money is not a factor anymore in defining success?  Not exactly.  Seventy five percent of the people participating in the study responded that financial security is important, despite of the fact that only 12% of respondents felt financially secure themselves.  What seems to be happening is that people are recognizing the fundamental difference between being financially secure and having the appearance of having money – and they are definitely emphasizing the former.

 

Despite of the extremely challenging financial environment, most people still believe in the American dream.  In a USA/Gallup poll taken recently, three out of four Americans said that they believe that if they work hard they could achieve the American dream.  The only aspect of the optimism towards the future that seems to have been impacted is one’s belief that the next generation will have a better life than their parents.  Ten years ago 71% of Americans believed this to be true.  Now only 59% do.

 

This recession is unlike any experienced by most people, except for those that were born before the Great Depression of the 1930s.  Its full impact on future generations is yet to be understood.  But Americans are generally very resilient and able to maintain a positive outlook despite of the many challenges that this nation has faced.  It is also important to keep things in perspective and realize that despite of all the doom and gloom, America is still one of the richest nations on earth, and one of the best places there is to find new opportunities for improving one’s life.

 

Perhaps there is a silver lining in this terrible economic environment.  People are refocusing their energies on what is truly important and looking at other metrics besides consumption and wealth to redefine happiness and success.  Maybe this is the wake up call that we all needed in order to grow.  Redefining success may not only help us better deal with the current economic environment, it may also turn us into better human beings.