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Luck plays a significant role in financial success from "summary" of The Psychology of Money by Melody Jefferson,Morgan Housel
Luck, whether we like it or not, is an undeniable factor in achieving financial success. Many successful individuals attribute their accomplishments to hard work, determination, and intelligence - and to some extent, these qualities do play a role. However, it's crucial to acknowledge the role that luck plays in our financial outcomes. Consider the example of two individuals starting their careers at the same time, with similar backgrounds, education, and skills. One might go on to achieve great success while the other struggles to make ends meet. What sets them apart? Luck. It could be landing the right job at the right time, meeting the right mentor, or even being in the right place at the right moment. These are all instances of luck that can significantly impact one's financial trajectory. Moreover, the concept of luck extends beyond just individual circumstances. Factors like economic conditions, market trends, and global events can all influence financial success. For instance, someone who invested in the stock market during a bull market might see significant returns compared to someone who invested during a bear market. This is not solely a result of their investment strategy but also a stroke of luck based on timing. It's important to recognize that luck is not a controllable factor. While we can work hard, make smart decisions, and plan for the future, we cannot control or predict the element of luck in our financial journeys. This realization can help us approach our finances with humility and gratitude, knowing that success is not solely a result of our efforts but also of external forces beyond our control.- Acknowledging the role of luck in financial success can help us navigate our financial journeys with a sense of perspective and understanding. While hard work and determination are essential, luck also plays a significant role in shaping our financial outcomes. By embracing this concept, we can approach our finances with a sense of humility and gratitude, knowing that success is not solely within our control.
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