Misconception: Wealth = Luck

[Russ H]

Mindfulness.

Life is a journey, not a destination.

Didn't appreciate the wisdom of this the first time I read it. But it really resonates with me now.

-Russ H.

 

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[Udt123]

"luck" is a very powerful word but remember, it is only man-made. If somebody feels that they are unlucky all their life, they are going to be negative and never achieve anything in their life whereas the ones who think they are lucky all the time stays more positive and will be able to see more opportunities.

To me, there is no such thing as bad luck. I am the luckiest person in the world. Sure, im not rich but im alive.

If I lost $2000 gambling, Im very lucky because I didn't lose $10,000

If I lost my arms in a car accident, heck, im very lucky because I didn't lose both my arms and my legs.

If I died in a car accident, im still lucky because atleast i died a quick death.

In this way, I stay positive and always in control of my future. I'd rather not attribute anything to unknown forces because that can really make you a negative person.

 

[Russ H]

Udt123-

Good points. I also consider myself a "lucky guy"-- but not in the way this thread talks about.

My friends say I have a variety of stories they call my "lucky bastard" tales. All of them are fun, and are true (they happened to me). And they all wind up with the listener shaking his/her head and saying "lucky bastard". I don't tell them to show off- but to share what an incredible life I've had, and that I truly appreciate it.

-Russ H.

 

[hatterasguy]

Luck has nothing to do with it, but being in the right place at the right time certianly helps.


Working smart is what you want to do, because just working hard won't get you anywhere.

 

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[PEERless]

Why is that not a link to your site or blog or something where you talk about this stuff? And you want to sell books?

LOL, alright...
Hey, everyone! See my blog for a lucky new article on chaos theory!

I also think there is something to be said for timing, but you still have to be prepared to take advantage of the opportunity when the time is right.

Ooh, yes! "Act with good timing." That's a section in Luck-Struck. In order for preparation and opportunity to mesh, the lucky person must have good timing.

"luck" is judged as a singular event in time.

Yes! That's like saying the fuel level in your gas tank is based on the moment you check the gauge. An optimist can check it right after a fill up and be elated that he has so much fuel. How will you view your fuel level when it reaches 50%? Half-full?

Where ever you go.... there you are.
What are you going to do about it?

I love this quote. Thank you.

 

[biophase]

The only event that matters is every single event. Learn to enjoy them... each and every one. When you learn to look at the events as just... the event.... without the judgement of "good" "bad" or "lucky" . . . it is easy to start to enjoy the moment...

Mindfulness.

Exactly, that's why it is very hard to judge whether an event that happens at this moment was good luck or bad luck in the long term. It's just an event that happens in your life that the physics of the world caused it to happen.

 

[John]

This discussion made me think of an argument I constantly have with a friend I grew up with. He's always commenting on how "lucky" I am to be in the situation I'm currently in. I argue that there's a little bit of luck involved in everything in life, but my success is 90% due to planning, hard work, and determination. I sacrificed years of my life to do literally nothing except work full time, go to night school for a graduate degree, and work 20+ hours per week on launching my business. Then I took a risk and quit my excellent job to work 50+ hours per week on my business. He doesn't buy it and seems to think that if he were only as "lucky" as me he could be where I am without putting in the work.

I recently had enough of it and threw the following argument at him.

Looking back at the paths we've both taken and at the choices we've both made, I think that he's the lucky one. Let's review:

Me:
High school graduate
Worked hard to pay my way through college with few student loans
Earned a Bachelor's degree
Earned a Master's degree
Never owned a credit card -- Never taken out a loan for anything other than house, car, or college.
Worked hard for years outside of my "day job" to start a business

My result: Successful business owner at age 30.
-------------------------------------------------------

Him:
High school dropout (with GED)
No college degree (partied way too much, passed enough classes to earn around 1 year's worth of credit over a 3-year period then quit)
High student loan debt
High credit card debt
Still owes money for multiple trashed rental properties during "college" years
Shady work history with many bad references
No extra work put in to start a business or better himself outside of his 40 hour per week day job. Every day after work he goes home, lights up a cigarette, and watches TV.
Over the last 2 years he's finally buckled down and worked his way up through several promotions at his job.

His result: IT professional with $60,000 salary and great benefits at age 29.

Based on the decisions we've each made and the actions we've both taken, which outcome seems more unlikely? Which of us is really more lucky to be where we are today?

He got upset, but I think that many of you here will understand and appreciate this.

 

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[Colbehh]

Meh, I personally hate the word "luck"

I think the things that happen and appear to be luck are all the small decisions we've made along the way to make thing click for us.

 

[CVentures1B12]

John,
I love it!

That is exactly what I was going to contribute to this awesome topic. Even thought I am 23 years old and the fruits of my labor have not exactly come to fruition yet...all of my friends are always saying how lucky I am! I always tell them that you create your own luck. Everything that has already been stated in this topic and I am sure that you all know where this is going. They seem to get mad when I bring up the fact that I work 10 hours a day at my day job, come home and eat spaghetti with bread and work for another 6 hours on my business at night. It is most definitely NOT luck when I make more money, am happier, enjoy life more because I own my own business. It is also reciprocal...it is NOT luck that you work your 8 hours and do one of the following everynight A) Drink beer, watch TV, blast cigs at home til you go to bed or B) Drink beer, watch TV, blast cigs at a bar til you go to bed.

Sorry...I get a little carried away when people don't take responsibility for their actions.

Best,
Josh

 

[Russ H]

Misconception: Wealth = Luck

Exhibit A:

Google Cash

(from another thread, thought the dialogue was hilarious, and totally fit this thread!)

-Russ H>

 

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[hatterasguy]

This discussion made me think of an argument I constantly have with a friend I grew up with. He's always commenting on how "lucky" I am to be in the situation I'm currently in. I argue that there's a little bit of luck involved in everything in life, but my success is 90% due to planning, hard work, and determination. I sacrificed years of my life to do literally nothing except work full time, go to night school for a graduate degree, and work 20+ hours per week on launching my business. Then I took a risk and quit my excellent job to work 50+ hours per week on my business. He doesn't buy it and seems to think that if he were only as "lucky" as me he could be where I am without putting in the work.

I recently had enough of it and threw the following argument at him.

Looking back at the paths we've both taken and at the choices we've both made, I think that he's the lucky one. Let's review:

Me:
High school graduate
Worked hard to pay my way through college with few student loans
Earned a Bachelor's degree
Earned a Master's degree
Never owned a credit card -- Never taken out a loan for anything other than house, car, or college.
Worked hard for years outside of my "day job" to start a business

My result: Successful business owner at age 30.
-------------------------------------------------------

Him:
High school dropout (with GED)
No college degree (partied way too much, passed enough classes to earn around 1 year's worth of credit over a 3-year period then quit)
High student loan debt
High credit card debt
Still owes money for multiple trashed rental properties during "college" years
Shady work history with many bad references
No extra work put in to start a business or better himself outside of his 40 hour per week day job. Every day after work he goes home, lights up a cigarette, and watches TV.
Over the last 2 years he's finally buckled down and worked his way up through several promotions at his job.

His result: IT professional with $60,000 salary and great benefits at age 29.

Based on the decisions we've each made and the actions we've both taken, which outcome seems more unlikely? Which of us is really more lucky to be where we are today?

He got upset, but I think that many of you here will understand and appreciate this.

Exactly, couldn't have been explained better.:iagree:

 

[Andrew]

I'm probably echoing the same opinions as others in the thread, but here it goes:

Luck is existing as a healthy human, mentally and physically. Everything else past that is you.

The idea that bam, you are hit with luck and become a multi-millionaire business owner is ridiculous. Its hard work getting to that point and its even harder work staying there. Any successful business owner will overcome one obstacle after another after another. For some these are yearly, others monthly, and others daily. For me every single day brings a new challenge.

The most important lesson I learned was that the world is made of rules and order, not fate, luck, destiny, or superstition. Once you understand that you can achieve so much more than the people who are bound by mental mirages.

If everyone knew that wealth was just about problem solving and the persistent overcoming of obstacles, the game might not be so easy. The fact that your friends think it takes luck to become "wealthy" is possible the greatest guarantee of your own success.

From my observations one of the fundamental reasons many people believe that luck is involved is because they believe not everyone can be wealthy. "If its too good to be true, it probably is" my Grandma once said (I believe this was during a no money down real estate infomercial running perhaps back in 2001 or 2002, oops.) Anyways, this is just a self-defeating mental fallacy. If everyone can't be a doctor, does than mean no one should even bother going to medical school?

Not everyone can be the richest person in the world. A single man gets that title. The 80/20 distribution rule? That probably holds up no matter what happens too.

Wealth is about organizing your life the way you want it. No matter how much money you have there will always be things out of your own reach. If you can wake up when you want, work when you want, be with your family when you want, then you are wealthy... and you'll probably end up making way more money than you would otherwise.

This month I've spent time in New York City, Las Vegas, and South Beach. I wake up in the morning without an alarm clock, I go to bed when I am tired. I wouldn't trade any of that for a giant mansion or a Lamborghini. Neither should you. None of this is out of reach of anyone here.

 

[PEERless]

Meh, I personally hate the word "luck"

In much of the beginning of Luck-Struck, I discuss how many people reject the word "luck," but not necessarily the notion of it.

The most important lesson I learned was that the world is made of rules and order, not fate, luck, destiny, or superstition.

Humbug! The Second Law of Thermodynamics dictates that entropy -- disorder -- is the natural state of any closed system. When a child neatly stacks blocks, every force in the universe is working to knock them down.

But it's not all bad news. We can work within this entropic system. Between catastrophes and collapses, genuine opportunity arises. What in the world would a block-stacker do with himself if all of the towers stayed standing? The collapse of the economy is making some people very wealthy. We cannot predict the actions of a chaotic system, but we can thrive within it.

 

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[PEERless]

Humbug! The Second Law of Thermodynamics dictates that entropy -- disorder -- is the natural state of any closed system. When a child neatly stacks blocks, every force in the universe is working to knock them down.

But it's not all bad news. We can work within this entropic system. Between catastrophes and collapses, genuine opportunity arises. What in the world would a block-stacker do with himself if all of the towers stayed standing? The collapse of the economy is making some people very wealthy. We cannot predict the actions of a chaotic system, but we can thrive within it.

Come on! No one wants to debate this?