Creating an Extraordinary Life Beyond Wealth In 2025

Recognizing the Illusion of Wealth Equals Happiness

Despite evidence to the contrary, far too many people continue to labor under the assumption that money – or lack thereof – is the only thing standing in the way of their dreams. This mindset makes sense within the context of our society, which often glorifies wealth above all else. True freedom and happiness, we are led to believe, can only come with great financial success, and as a result, we are forced into a never-ending chase for more.

In 2025 the narrative largely remains the same. Social media platforms like Instagram and TikTok often amplify this illusion by showcasing curated lifestyles filled with luxury cars, designer clothes, and exotic vacations. These images can create a false narrative that equates wealth with happiness. However, as many influencers and celebrities have revealed, the constant pursuit of material wealth often leads to emptiness and dissatisfaction.1 A study by Qualtrics on behalf of Intuit Credit Karma found that 29% of those surveyed felt insecure about their financial standing, despite how well or poorly they were doing financially.1

This feeling, termed “money dysmorphia”, is even more prevalent among younger generations; 48% of Gen Z and 59% of millennials surveyed said they felt behind financially while roughly 45% of both forementioned generations claimed to be obsessed with the idea of being rich.1

The Psychological Impact of Financial Stress

Many people feel a deep-seated anxiety around money. They worry about it constantly, afraid that no matter how hard they work, they may never acquire enough to establish or maintain a desirable lifestyle. This ingrained stress can, over time, lead to making potentially imprudent financial decisions that can destroy dreams.

In 2020, the COVID-19 pandemic exacerbated this stress for many, highlighting the precarious nature of financial stability. According to the Pew Research Center, approximately 9.6 million U.S. workers (ages 16 to 64) lost their jobs in the first three quarters of 2020.3 ??The pandemic was followed by increased inflation and economic uncertainty, political protests and riots, wars and threats of wars and more – all of which began to reveal a latent and widespread mental health crisis potentially fueled, in large part, by many of these proximate factors.

Poor mental health can impair cognitive capacity and impact an individual’s capability for making prudent financial decisions. Such choices can lead to impulsive spending, potentially imprudent investing decisions like speculating and gambling with money, and increased vulnerability to potentially risky behaviors such as investing in cryptocurrency, NFT’s, or REIT’s.4 According to a TIAA Institute Report, among those facing mental health challenges: 93% felt they spent more than usual, 92% found it harder to make financial decisions, and 56% took out a loan they otherwise would not have.4

By recognizing the triggers of financial stress – individuals have the opportunity to increase their awareness and can be empowered to make more mindful and value-based financial choices.

Aligning Financial Decisions with Personal Values

When it comes to creating an extraordinary life, the path forward begins with establishing a purpose for your life that is greater than money – no matter how much of it you currently have. Think of it this way: When the financial decisions you make align with your values, spending money should make you feel fulfilled, not anxious.

Consider the rise of the 'minimalist' and 'sustainable living' movements. Many people today are choosing to downsize their homes, reduce their consumption, and invest in experiences rather than material possessions. Why? While there is no correct answer, many may tell you they have discovered there is no correlation between material possessions and happiness.

Joshua Fields Millburn and Ryan Nicodemus, bloggers and stars of the Netflix documentary, The Minimalists, Less is Now, tell their story of creating a life built on value, rather than consumerism, and how they have found freedom and purpose living a minimalism lifestyle. 2 They concluded that amassing possessions only served to divert their attention from a deeper sense of unhappiness and dissatisfaction.2

While money, possessions, or materialism, in itself, is not inherently bad, it can trap families in a destructive cycle of wealth – a cycle that can lead to feelings of never having enough and always wanting more.

Building a Purpose-Driven Life Beyond Wealth

To build a fulfilling life, it's essential to focus on a purpose that goes beyond wealth. When you have discovered your purpose for your life, your financial decisions can drive you toward that purpose. This could involve dedicating time to causes you're passionate about, mentoring others, or even starting a business with a mission that aligns with your values. By doing so, not only can you create a positive impact on your community and the world, but you can also create an extraordinary life for yourself and loved ones.

Interested in learning more about discovering your true purpose for life and investing your money aligned with that purpose? Learn more about the American Dream Experience, our two-day educational event that can help transform your relationship to money and investing.

Sources:

1. Gen Z and millennials are obsessed with the idea of being rich, and it could be leading to money dysmorphia. Credit Karma. Published January 17, 2024. Retrieved January 17, 2025 from https://www.creditkarma.com/about/commentary/gen-z-and-millennials-are-obsessed-with-the-idea-of-being-rich-and-it-could-be-leading-to-money-dysmorphia.

2. D'Silva, Beverley. Have we got minimalism all wrong? BBC. Published 30 March 2021. Retrieved January 17, 2025 from https://www.bbc.com/culture/article/20210330-is-a-simple-minimalist-life-the-key-to-happiness

3. Bennett, Jesse. Fewer jobs have been lost in the EU than in the U.S. during the COVID-19 downturn. Pew Research Center. Published 15 April 2021. Retrieved January 17, 2025 from https://www.pewresearch.org/short-reads/2021/04/15/fewer-jobs-have-been-lost-in-the-eu-than-in-the-u-s-during-the-covid-19-downturn/

4. TIAA Institute report finds ties between financial stress and mental health. TIAA Institute. Published 28 February 24. Retrieved January 17, 2025 from https://www.tiaa.org/public/institute/about/news/tiaa-institute-report-finds-ties-between-financial-stress-and-mental-health

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