Does it take luck to become a millionaire?

[Broken Arrow]

Well, I for one do not believe in "luck", but rather, "opportunities". Opportunities may or may not exist depending on a myriad of factors, some within our control, and most not....

However, when an opportunity does exist, it is vital that we are able to recognize it for what it is and take advantage of it.

With the Bill Gates example, an opportunity certainly existed for him to introduce DOS to IBM. However, if he had not had the foresight to see the need, and then the initiative and the willingness to pay tens of thousands of dollars for QDOS (an ungodly sum for something so arcane at the time) to be turned around into MS-DOS, and then have the balls to demand a nearly draconian licensing scheme to IBM, I don't think he would have been where he is today. He's also spent countless hours of sleepless nights working on projects to beat the competition.

It may be easy to say, "Oh, so-and-so got lucky." Maybe, but to me, just about every thing in life is a matter of probability of success. Through intelligence and hard work, we can greatly increase our probability of success on just about anything. If we only look at luck, I think we would end up selling ourselves short.

For better or worse, I'll make my own luck, thanks.

[jmjj215]

It may be easy to say, "Oh, so-and-so got lucky." Maybe, but to me, just about every thing in life is a matter of probability of success. Through intelligence and hard work, we can greatly increase our probability of success on just about anything. If we only look at luck, I think we would end up selling ourselves short.

Well put.

[The Budget Man]

I think it was Zig Ziggler who said "The harder I work the luckier I become".

We could also add "The smarter I budget the luckier I become".

This week I've been thinking about the stupidity of a statement I've heard so often and have even used myself. The statement goes... "your home is probably your greatest asset".

It sounds good until you realise that your home is paid by your income. Your lifeatyle is paid by your income and your whole life depends on your income. Now your income can be a government benefit, a wage, the business profits etc. The fact remains tha we often undervalue our income.

What does this have to do with becoming a millionaire? Simply that our chances of becoming self sustaining are directly related to how we value our income.



Enjoy Your Money
The Budget Man

www.personalitybudgeting.com
for the budget you need

[VJW]

Originally Posted by Broken Arrow

Well, I for one do not believe in "luck", but rather, "opportunities". Opportunities may or may not exist depending on a myriad of factors, some within our control, and most not....

However, when an opportunity does exist, it is vital that we are able to recognize it for what it is and take advantage of it.

With the Bill Gates example, an opportunity certainly existed for him to introduce DOS to IBM. However, if he had not had the foresight to see the need, and then the initiative and the willingness to pay tens of thousands of dollars for QDOS (an ungodly sum for something so arcane at the time) to be turned around into MS-DOS, and then have the balls to demand a nearly draconian licensing scheme to IBM, I don't think he would have been where he is today. He's also spent countless hours of sleepless nights working on projects to beat the competition.

Actually, it was less taking advantage of an opportunity than a combination of luck and nepotism.

As I mentioned previously, IBM originally went to see someone else about licensing their operating system. His name was Gary Kildall, and he had written CP/M. However, Kildall did not show up for the meeting. The IBM execs then went to see Gates.

The question is WHY did they go to see Gates ? The then president of IBM, John Opel, served on the national board of the United Way. Bill Gates Mother served on the national board of the United Way. Mary Gates had spoken with John Opel behind the scenes. Told him about the new breed of small companies in the computer industry (like Microsoft), which she felt were under-appreciated competitors of the larger firms with which IBM had traditionally partnered.

The first part was luck. The second part was nepotism.

#

[jmjj215]

The first part was luck. The second part was nepotism.

Put anyone else in Bill's position and the exact same result would have happened.

Nothing else came into play except luck and nepotism. We're all just tossed to and fro from one lucky break, to another swing of bad luck, mainly by well- (or not so well-) connected parents.

VJW, an infinite number of other variables came into play to have Bill Gates be where he is today. The way you write, it's as if luck and nepotism were the only two. How can you even begin to presume that?

[VJW]

Originally Posted by jmjj215

VJW, an infinite number of other variables came into play to have Bill Gates be where he is today.

I agree completely. That’s why Gates himself considers himself VERY lucky.

The way you write, it's as if luck and nepotism were the only two. How can you even begin to presume that?

I don’t. I merely described those two. Of course, even Gates considers them to be the major two.

#

[The Budget Man]

If luck is all it takes to become a millionaire then there would be far more millionaires. I think the same applies for nepotism. Many times when I see people in jobs they got because they "Knew thre right people" they fail badly and end up loosing out.

I think I'll keep working hard and see the results come when the time is right.

Enjoy your money
The Budget Man

www.PersonalityBudgeting.com
A budget to enjoy the money now and then

[TinyFish]

I think luck can have a part in becoming a millionaire (or 'rich', or however you want to put it). To be sure, if you have a lot of really bad luck, it can be difficult to get ahead financially. However, I think people need to bear in mind two things:

1. To a certain extent, you can 'manufacture' luck. I mean helping your chances by setting yourself up for success. If you are careful with your money and use your resources wisely, you have a much better chance than if you do not. So, I'd say you can 'open yourself up to luck' by pursuing education or training for your career, being a hard and conscientious worker, budgeting your money, avoiding debt, having an emergency fund...etc...etc...etc. That way, you are in a better position to avoid or recover from 'bad luck' and to take advantage of 'good luck'.


2. Sure, you might do everything right and then have bad luck knock you to the ground, but if you don't do ANYTHING right, what chances have you got? Probably very little. I knew someone who didn't save because she thought that maybe if there was 'a war or something' she could lose everything, like people with the nazis. I pointed out that if there wasn't a war, she was missing an opportunity to have financial success, and even if her worst nightmare scenario came to pass, having money could only help (she could bribe people to smuggle her out or something).


It is like driving. If you drive perfectly safely and plan your trip, you have a much better chance of getting safely to your destination. Yes, you could still be hit by someone else, but you are more likely to avoid an accident and injury if you take precautions. Likewise, some people drive recklessly and never ask directions, but still get there, but they are doing it against a stacked deck. So buckle up!

[The Budget Man]

I may have a strange group of friends but every one of them who has become a millionaire has been through a hard time at some stage or other along the way.

Enjoy Your Money
The Budget Man

www.PersonalityBudgeting.com
The budget to let you be a millionaire

[Duchesse]

Originally Posted by The Budget Man

I may have a strange group of friends but every one of them who has become a millionaire has been through a hard time at some stage or other along the way.

Enjoy Your Money
The Budget Man

www.PersonalityBudgeting.com
The budget to let you be a millionaire

I have to agree with you on this budget man. I think going through hell is a prerequisite for financial success

[LuxLiving]

For relevant thoughts on this line of thinking you might want to read and re-read the entire chapter on luck entitled Meet The Goddess of Good Luck in 'The Richest Man In Babylon' by George S. Clason. Pgs. 55-70 in my copy.

Good stuff!