News & Trending Money News

If You Can Answer ‘Yes’ to These 8 Questions You’re Wealthier Than You Think

You might not need to be as stressed about your finances as you think.

Close up of woman hands with wallet and money.
Updated Nov. 14, 2024
Fact checked

We receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our editorial policies.

Worrying about finances is a natural part of everyday life, but it’s hard to know if you’re overreacting when you only know what’s in your wallet and not how it compares to your peers.

Are you drastically behind everyone else? Should you be panicking, saving to get ahead financially, and worrying more than you already are — or are things a little better than they seem?

Below, we’ve compiled a list of questions you can ask yourself to determine if you’re doing better financially than you think. If you answer yes to most of these questions, breathe a little sigh of relief and relax: Things are far from as dire as you might worry they are.

If you’re over 50, take advantage of massive discounts and financial resources

Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.

How to become a member today:

  • Go here, select your free gift, and click “Join Today”
  • Create your account (important!) by answering a few simple questions
  • Start enjoying your discounts and perks!

Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.

Become an AARP member now

Can you go on the occasional vacation?

oatawa/Adobe summer beach

Can you afford to spend a weekend or two a year at a nearby vacation destination of your choice? If so, whether you’re traveling to the French Riviera or a nearby state, having that disposable income indicates that you’re doing better financially than you think.

Can you make active choices about how you spend your money?

cherryandbees/Adobe couple toasting wine at dinner

A certain portion of your paycheck automatically goes toward paying bills, and some of it goes toward necessities like groceries.

But once you’ve allocated money toward these necessities, do you have a little left over to choose how to spend? For instance, can you treat yourself to a nice dinner once a month if you want to?

No matter how much (or how little) money you can spend on yourself, as long as you have that money, you probably have more financial flexibility than you think.

Have you been able to find creative ways to make ends meet?

YURII Seleznov/Adobe woman with laptop resting outside vacation home

You’ve probably had your fair share of financial ups and downs. Sometimes, it was harder to make ends meet than others, but the real question isn’t “How many times have you experienced financial difficulty?”

Instead, it’s whether or not you were able to weather the storm, either by picking up a side gig, being more frugal with your spending, or downsizing to a smaller home.

If you’ve gotten through periods of financial stress by finding creative solutions, there’s a good chance you’ll be able to do so again when times get tough.

Resolve $10,000 or more of your debt

Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.

National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1

How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.

Try it

Do you have at least a little money in savings?

Bits and Splits/Adobe savings and finances

Any savings amount, no matter how small, is better than having an empty account. Sure, it’s better to have a hefty nest egg for retirement — but if you’ve been able to put some money away already, odds are good that you can continue the trend in the long term.

Can you make the occasional impulse buy?

Leika production/Adobe shopping in a modern mall

Generally speaking, impulse buying is often a waste of cash. But if you’re at the grocery checkout and decide you really want that pack of gum, can you afford to give in to the impulse every once in a while, or would doing so substantially set you back?

If you can occasionally purchase something small on impulse, just for fun, you’ll probably be OK — just don’t make a habit out of it.

Do you have more than one source of income?

bnenin/Adobe retired woman working at laptop on side hustle

A steady job to pay the bills is just one component of growing your wealth. If you have other revenue streams to fall back on when times get tough — an investment property or Etsy shop — you’re in a better place financially than someone who depends on just one income stream to stay afloat.

Can you choose to use credit instead of having to rely on it?

PhotoAlto/Adobe Customer paying with credit card

Most of us have credit cards in our back pockets, but there’s a difference between actively choosing to buy something on credit and having no other option.

If you can use credit strategically instead of feeling forced into it just to buy groceries, that’s a good sign that you’re doing well.

Can you offer the occasional helping hand to someone in need?

Rawpixel.com/Adobe donating to charity

Do you have enough cash in your bank account to occasionally donate to a local charity or help out a close friend or family member in need? If you’re offering help more often than asking for help, you’re probably in a solid financial position.

Bottom line

fizkes/Adobe happy woman reviewing bills using phone

If you answered yes to most of these questions, congratulations! You’re likely in a better financial spot than you’ve been worrying you were. But if you weren’t able to answer yes, don’t panic.

There’s plenty of time for you to make the financial changes that will help prepare yourself financially. Use this questionnaire as a guide to work toward that future success.

Lucrative, Flat-Rate Cash Rewards

5.0
info

Wells Fargo Active Cash® Card

Current Offer

$200 cash rewards bonus after spending $500 in purchases in the first 3 months

Annual Fee

$0

Rewards Rate

Earn unlimited 2% cash rewards on purchases

Benefits and Drawbacks
Card Details


Author Details

Michelle Smith

Michelle Smith has spent a decade writing for and about small businesses. She specializes in all things finance and has written for publications like G2 and SmallBizDaily. When she's not writing for work at her desk, you can usually find her writing for pleasure near large bodies of water.