For Most Of The Self-Made Rich, Luck Was A Huge Factor In Creating Their Wealth – 16 Types of Luck That Create Wealth

In my five-year Rich Habits study of 233 millionaires (177 self-made) and 128 poor individuals, one finding stood out clearly – luck played a massive role in wealth creation.

Eighty-eight percent of the self-made millionaires in my Rich Habits Study credited good luck as a major contributor to their success. They didn’t see themselves as purely self-made in the classic sense. Instead, they acknowledged that fortunate circumstances—combined with strong daily habits—enabled them to succeed and accumulate great wealth.

This challenges the myth that wealth comes only from hard work and intelligence. The truth is more nuanced.

According to my Rich Habits research, self-made wealth usually results from a powerful mix of personal effort and 16 distinct types of luck.

16 Types of Luck Critical to Creating Wealth:

1. High IQ – Being born with superior intelligence that makes complex problem-solving easier.
2. Warrior Work Ethic – Possessing an innate or envioronmentaly-forced drive to outwork everyone else.
3. Parent Luck – Having amazing success mentors as parents who instill discipline, values, and early guidance.
4. Innate Creativity/Ingenuity – Natural ability to invent solutions and see opportunities others miss.
5. Power Influencer Luck – Finding that rare influencer who opens major doors and propels your company or career.
6. Opportunity Luck – Creating opportunities for good luck to occur through persistent action and good habits.
7. Relationship Luck – Finding the right relationships, at the right time, which help you open important doors.
8. Spouse Luck – Finding a supportive spouse who actively helps build wealth.
9. Business Partner Luck – Finding a great business partner who complements your strengths.
10. Mentor Luck – Encountering mentors who provide critical wisdom and shortcuts.
11. Company Luck – Joining or growing a company that experiences explosive success.
12. Industry Luck – Entering the right industry at exactly the right time.
13. Career Luck – Choosing the right career at the right time.
14. Economy Luck – Finding yourself in the beginning of an economic boom, which enables you to build wealth quickly.
15. Trend Luck – Getting into the early stages of what later becomes a major, profitable trend.
16. Attractiveness Luck – Being good-looking, which often opens social and professional doors.

Luck and Effort Go Hand In Hand

These 16 types of luck repeatedly appeared in the stories of my self-made millionaires. Some are genetic. Others come from family, timing, or relationships. A few are created through daily habits.

Genetic and innate forms of luck (1, 2, 4, and 16) provide a head start. High IQ and creativity help solve problems faster, while a warrior work ethic fuels relentless execution and perserverance. Attractiveness draws people to you like a magnet and helps facilitate social interactions.

Parent Luck (#3) gave many a significant edge by helping them forge good habits at an early age. Guidance, modeling and encouragement come from good parenting. In my study, those raised with strong parental guidance often traced their success back to how they were raised.

Relationship luck forms another powerful cluster. Power Influencer Luck (#5), Relationship Luck (#7), Spouse Luck (#8), Business Partner Luck (#9), and Mentor Luck (#10) dramatically accelerate progress. As I often like to say, “relationships are the currency of the wealthy.” Eighty-six percent of the self-made millionaires in my Rich Habits research said surrounding themselves with the right people was critical. They practiced daily habits like the 5:1 listening rule and consistent networking with Power Influencers to increase their chances of finding these valuable connections.

Opportunity Luck (#6) stands apart because it is largely self-created. The self-made rich don’t wait for luck—they engineer it. Through daily goal-setting, continuous learning (88% read 30+ minutes a day for self-education), and relentless persistence, they expand their “luck surface area.” As one media article on my Rich Habits noted, persistence creates the conditions where good luck eventually finds you.

Timing luck often separates modest success from extraordinary wealth. Company Luck (#11), Industry Luck (#12), Career Luck (#13), Economy Luck (#14), and Trend Luck (#15) show how external forces can propel you to great success and wealth. Many of my self-made millionaires became wealthy after age 50, proving that being in the right place during the right economic cycle or trend can create massive upside.

The self-made rich in my Rich Habits Study were quick to point out that while luck is huge, bad habits invite bad luck. They avoided destructive behaviors like gambling (94% never gambled) and instead adopted keystone habits—daily exercise, healthy eating, and lifelong learning—that protected and amplified their good fortune.

The central lesson from Rich Habits research is clear: luck is real and often decisive, but it favors the prepared. The 16 types of luck listed above explain why some hard-working people skyrocket their wealth while others flounder financially.

By cultivating Rich Habits, anyone can increase their exposure to good luck.

Wealth creation is neither pure meritocracy nor pure randomness. It is a powerful partnership between daily disciplined action and fortunate events. For most self-made rich, acknowledging the huge role of luck fosters humility, gratitude, and smarter strategy—preparing relentlessly so that when luck arrives, they are ready to seize it.

Tom Corley

Tom Corley is an accountant, financial planner, public speaker, and author of the books “Effort-Less Wealth: Smart Money Habits At Every Stage of Your Life” and “RichKids: How to Raise Our Children to Be Happy and Successful in Life“.  Corley’s work has appeared on CNN, USA Today, The Huffington Post, SUCCESS Magazine, and many other media outlets and podcasts in the U.S. and 27 other countries. Tom is a frequent contributor to Business Insider and CNBC.