Actually, I am in the middle. I think hard work you can do anything. I get that from my dad. He grew up in poverty (his parents didn't even finish grade school. HE was first generation college. Today he is doing quite well - on the verge of upper middle class).
I think in his case hard work and smarts got him where he is more than luck.
But by the same token I think most people take way too much for granted. A bout of bad luck can push you considerably backwards financially.
Likewise, sudden death or illness can wreak havoc on the best laid plans. OR just changes in industry or the economy. I Feel extremely lucky not to have suffered those kinds of setbacks. I think it is harder to deal with those when young. If you have time to build assets and prepare for setbacks is one thing. But it can really knock you off your feet if not prepared. I try to be prepared best as I Can (prepare for the worst; hope for the best). But I try to imagine what we would do if we lost our house if I became disabled. We're insured, but I don't find overall the insurance offered to us is terribly adequate. You hear too many stories of denied claims as well. For all you do right there is always going to be an element of luck.
We've had a lot of brushes with bad luck in the past. IT really doesn't take much for financial ruin. Thinking past lawsuits against family and needing more medical care than coverage. They worked out okay for our family (good luck I guess, in the end) but both of our parents have been on the brink of financial ruin with these kinds of circumstances. They are the people that did everything right. IT's very humbling to me.
|