“How do I make my own luck?”
If you’re reading The Psychology of Money, and you’ve reached the chapter on “Luck and Risk,” you probably see that this chapter’s big idea is that both luck and risk play a huge role in outcomes—and that’s what I want to explore here.
In that chapter, the author explains the concept of luck. And it really is exactly that: luck. Sometimes you’re just born into, or placed into, a situation you have no control over. The example he gives is Bill Gates and how he started Microsoft.
What made Bill Gates lucky was that he happened to attend a school that was one of the few at the time with a working computer. He had no control over that. His parents had some control, but they probably didn’t think of it that way — or maybe they did. Either way, he was placed in a school with one of the few working computers in the country, which sparked his interest in programming. Pure luck. And he even credits his luck for that.
The author explains that some people are lucky and some are not, and that is where risk arises. Anyone successful has some luck, though we don’t like to admit it. Humble people do admit it, because it’s true: even giving 100% doesn’t guarantee results. Sometimes luck just happens.
And if you know me, I’m stubborn. So, of course, I asked myself: Is there a way to make my own luck?
As I was reading, it was a scary thought — that even if I put 100% into myself, things still might not work out the way I want. Part of me was excited by that, but another part was scared. I’m excited because I’m trying to see life as a game, and if you’ve ever been a gamer, you know the unexpected parts are the most fun. But it’s scary because there are no cheat codes, no redos.
Then the author talks about risk. He gives the example of one of Bill Gates’ friends who sadly passed away in an accident when they were in high school. Bill Gates’ success is one in a million, but his friend’s death was also a one‑in‑a‑million accident. That’s luck versus risk right there.
Feeling unsettled by these stories, I instinctively sought comfort. As always, I turned to research and typed: “How do I make my own luck?”
Now I could just tell you the usual - follow your dreams and never give up, think positive, and the works. Yes, this works, but I see a lot of posts on these subjects on Tumblr, sooooooo... we are going to keep going.
PSA: I am no expert; just a girl with thoughts and experiences
Generosity. Not something I expected, but from my experience and from what I observed in its absence. It makes sense to add it here. When I say be generous, I mean within REASON. Give it where you can and are able, even if it is small, BUT do not stretch yourself thin or be someone's fool. Ex: Yes, I will, and I had rushed across campus to make an event to celebrate my friend, and yes, I would help a stranger carry an ungodly amount of cupcakes if I see them slightly struggling, even when I want to sleep, but I am not going to drop an opportunity of any kind just because you ask me to. I'll help you after.
But I wanted to emphasize the importance of generosity because, even when small, sparing your time, attention, and energy can make someone's day. In turn, they will think of you and have something positive to say when interacting with you again, or mention you to someone else, or that person would also do something generous for you. You may even get a long-time friend from it.
2. Don't be TOO greedy and know that it is enough. To emphasize, it is ok to want - I want a lot, but when you see people having their downfall, it is when they get too greedy. Now, doing this won't exactly make you lucky, but it will make you very unlucky, as you expose yourself to more negative outcomes. Just know when to stop and be patient.
Ex: A general example would be the intense rise in plastic surgery. I am not against surgery (only the illegal and life-threatening), but it gets bad when an already beautiful person gets it and ruins their face or body, making them look worse. I don't want to say the name, but most can already envision someone who fits the mold.
Ex: Rajat Gupta. While richer than most, with a network of 100 million. I would say he is doing VERY well for himself, but to Gupta, it wasn't enough: he wanted to be a billionaire. Did he get his wish? No, or at least I do not think so, since he would be imprisoned for insider trading.
Now, if you read this and believe you can be a billionaire or that surgery can make you look better than all the power to you. For me, I know my limits: I am not the smartest, the most athletic, nor the prettiest, and I'm happy with that. I fully believe in the concept of karma and things being 'too good to be true'. Are there exceptions? always, but for the best results, I will assume exceptions do not apply to me.
3. Ask. If you have a question about almost anything, just ask and know what to ask. Remember, people love to talk, especially about themselves. If they did something great, you can almost count on them itching to spill the beans. Typically, older people love to share with younger people; well, they always complain that younger people never listen. Be an ear for them and take notes, too. In general, ask someone who is in the position you want to be - well, you probably shouldn't go up to your boss and say that you want their position (depends on the relationship). I find it better to ask when the person has accomplished so much more, so that you don't seem like a threat.
Yes, time did change some things, but human nature's core messages rarely do.
Similar to the section on generosity, you would leave a good impression, and asking can open doors to new information that I would take a lifetime to get and understand. Anyone could run into the right person, but not many ask....Yes, I understand your chances of running into the right person are determined by positioning (let's make that #4), but if you do nothing with that luck, then what is the point?
5. Know that the season change. This is me riffing on the standard "never give up" pipeline, but it's more realistic. There will be summer (your highs), and there will be winter (your lows). Depending on when you are born, you may believe that winter comes first or summer, but what matters is that one follows the other, and it has been like that for thousands of years, and it will probably stay that way for thousands more. While I do belive in affermations, I also like to call things out for what they are: "Wow, im having such a sh*t day today" than keep going "Atleast, by defult, tomaorrrow/next week/next month will be better."
How does all of this play into luck or increase luck? People. Relying on people strategically will play into luck. When I think of all the times I was ‘lucky,’ it was because of what other people did for me. Most of us live in a society where we interact with people daily, so this makes the most sense. I went to a good school because of my parents. I have a good financial plan because of what I was taught by others; the majority of the things I have are gifts or things set up for me by others. I would say I am very lucky because of other people, and I don’t see that changing, since I have no plans to live outside of society. So the statistic is people.