Luck. We come across that particular word pretty much on a daily basis. You missed the bus today. Bad luck. You found a $100 note this morning. Good luck. You stepped on dog poo today. Bad luck. The girl you liked for so long finally starts to notice you. Woohoo! Very good luck indeed.
So, is there a correlation between luck and your wealth-creating efforts? If you ask me, I’d say nope. You could be the luckiest person in the world and you would suck at investing. You could be the UNLUCKIEST person in the world but with proper planning, you can do pretty darn well at investing. There, I said it. I believe that when it comes to investing, luck doesn’t really have a say in it. It all comes down to how well you plan for it.
If you decide to invest in something, plan, plan, plan. Make plans on how you’d enter the investment and how you’d exit. Make contingency plans for those “rainy days” as well. Make sure that you have reasons for your decision to invest in something. Don’t just pick something out of the haystack and hope for the best. It just doesn’t work that way. It might work for some, but I doubt it works for the majority of us.
If at the end of the day, you still rely on LUCK in your wealth-creating efforts, then I’m afraid you’re nothing more than a gambler.
(Photo courtesy of Wikipedia.com)