According to CFPs, here are three money moves you can make today to feel wealthier.

A 2024 Northwestern Mutual study reveals that only 1 in 3 millionaires feels wealthy, so if you're chasing the $1 million mark to feel like you've made it, you may need to reevaluate your definition of success.

Feeling wealthy is not determined by the amount of money in your bank account but rather by your mindset towards the money you currently possess.

"According to Paul Morrone, a certified financial planner in North Haven, Connecticut, wealth is a relative term that depends on individual lifestyle, spending needs, and sources of income. Your ability to feel wealthy is influenced by your experiences and perceptions on money."

Anyone, regardless of their budget, can boost their confidence in managing money.

Financial planners suggest three strategies for feeling wealthy, even if you have less than $1 million in savings.

1. Embrace your personal financial journey

Determining a defined and achievable savings goal is the most crucial step to feeling wealthy, according to Rachel Elson, a CFP in San Francisco, California.

Understanding your needs, goals, and roadmap is the key to success, according to Elson.

Letting go of a well-known number like $1 million and embracing your personal financial journey, she suggests that achieving goals such as establishing an emergency fund or improving your credit score can make you feel wealthy without having to accumulate a large net worth.

By setting individualized wealth and savings targets that align with your specific goals, you can create a clear path to achieving your personal wins. This approach encourages you to focus on maximizing the impact of your money, rather than just accumulating more of it.

Striving to accumulate as much money as possible without a strategy can lead to feelings of inferiority among peers who appear wealthier. Morrone compares this to being an athlete, where there will always be someone faster, stronger, and with more.

2. Take advantage of time

In your 20s and 30s, you may not have a lot of money, but you have a valuable asset: time. By saving early and investing consistently, time and compound interest can turn a small amount of money into a significant sum.

You don't need to have $1 million in hand today to feel wealthy; all you need is a plan to increase your wealth over time.

Elson suggests automating your savings process through pre-set 401(k) contributions or payroll deductions to a savings account that is untouchable.

Implementing a process or system that requires minimal thinking will benefit you, according to her.

Small contributions can have a huge impact on your future savings, even if you feel like you don't have much money to spare.

"According to Elson, engaging in self-care activities during youth will improve one's overall well-being in the future. The most significant aspect of this is the flexibility it provides."

3. Work with a financial pro

If you don't know how to manage your $1 million, it won't make a difference. But, regardless of your income level, being aware of your finances and options can help you stretch your money further than you expect.

An advisor will typically guide you through your financial situation, present available strategies, and help you make informed decisions about resource allocation, according to Elson.

Financial planners can help you stay on track and focused on your financial goals by providing guidance and keeping an eye on your individual strategy, Morrone says. This allows you to feel confident that you have some flexibility in your budget even when things in your life do not go as planned.

Financial planning is about optimizing your money to achieve your goals, such as buying a house, saving for retirement, or reducing financial anxiety, according to Elson. She emphasizes the importance of understanding your unique financial roadmap.

Acknowledging small financial wins can help you feel wealthy even when your goals seem far away, Morrone suggests. These wins can range from improving your credit score to implementing auto-pay for a monthly bill.

According to him, feeling rich is more likely to result from celebrating victories on the way to achieving larger objectives than simply observing a large sum of money in the bank.

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