Are the rich lucky or do they work harder than the rest of us?

[sarahh]

I always used to think that the rich were rich because they had a better work ethic than others, but as I get older, I see how much luck and relationships come into play as well. What do you think? Did the rich just have better luck than a lot of others who worked just as hard or do they really work harder than you and me?

[rennigade]

Sometimes they work harder, sometimes they're lucky. Sometimes its both. I only know two self made people, one came into a family real estate business...the other started a financial firm by himself. One was lucky, the other worked hard.

[BuckyBadger]

Define "rich" for me.

People can do very very well with hard work and perseverance, but to reach those crazy upper echelons of REALLY RICH there usually is some amount of luck - even if it's just being in the right place at the right time with the right idea - involved.

[disneysteve]

I'm not quite sure what people say when they use the term "luck". Certainly, some people have a natural skill that others don't. Is that luck?

No matter how hard I practiced as a kid, I don't think I ever would have been as good a basketball player as Kobe Bryant. And being only 5"10", I wasn't destined to be a pro basketball player anyway. Does that mean he was "luckier" than me?

Andy Warhol was a visionary artist. I don't possess that skill. Does that mean he was luckier than me?

I think people often confuse luck with skill or natural ability. I know how to play the piano but I'm not Liberace or Vladamir Horowitz. Does that mean I was unlucky?

I think hard work is important, but I know plenty of poorer folks who work far harder than I do. They do back-breaking work for long hours under less than ideal conditions. They just don't make much doing so. Of course, I worked endless hours studying and getting into a good college, then a good medical school, then internship and residency to become a physician. I had the intelligence and aptitude to accomplish that. Does that make me luckier than someone who devotes their efforts to build bridges instead?

[rennigade]

I'm not quite sure what people say when they use the term "luck". Certainly, some people have a natural skill that others don't. Is that luck?

No matter how hard I practiced as a kid, I don't think I ever would have been as good a basketball player as Kobe Bryant. And being only 5"10", I wasn't destined to be a pro basketball player anyway. Does that mean he was "luckier" than me?

Andy Warhol was a visionary artist. I don't possess that skill. Does that mean he was luckier than me?

I think people often confuse luck with skill or natural ability. I know how to play the piano but I'm not Liberace or Vladamir Horowitz. Does that mean I was unlucky?

I think hard work is important, but I know plenty of poorer folks who work far harder than I do. They do back-breaking work for long hours under less than ideal conditions. They just don't make much doing so. Of course, I worked endless hours studying and getting into a good college, then a good medical school, then internship and residency to become a physician. I had the intelligence and aptitude to accomplish that. Does that make me luckier than someone who devotes their efforts to build bridges instead?

I think having the talent is only half the battle. The other part is usually the chain of events that lead up to how the person becomes famous/successful. Of course this isnt the case each time but for famous actors/musicians...its usually the case of having a lot of luck.

[Reggie]

I'm sure every wealthy person's situation is very different, just like "poor" people. I don't think all poor people are unlucky or lazy.

I think sometimes it's sacrifice and RISK. I sacrificed for years to go through college while others just got a job and were able to pay for things that I could not afford - better food, entertainment, clothing, etc. Then I sacrificed what I really enjoyed by getting a degree in something in demand. Then, I sacrificed instant gratification of a new car by saving up and driving a beater for a few years. I'm not rich. I am in the top 5% for salary, but not even close to rich. Maybe if I had more risk in addition to those sacrifices, I would be rich. Starting a business even if it may fail. Investing my own money trying to be successful and risking losing it all.

[bUU]

Certainly, some people have a natural skill that others don't. Is that luck?

Yes, in the context of the typical "luck" versus "work harder" question in society.

I think people often confuse luck with skill or natural ability.

I disagree. I don't think many people ever confuse those things together. They may casually group things that people didn't have to work for together under a general category (and casually use the word "luck" to describe the whole category) but they practically never actually confuse those things with each other. The concept of "deserving" something (which is often tied up in discussions where matters of luck, natural ability and hard work are substantial considerations) is generally aligned in common sense with having worked for it, and so having it come some other way, whether it is through natural ability or through luck, is regarded the same.

[Like2Plan]

I always used to think that the rich were rich because they had a better work ethic than others, but as I get older, I see how much luck and relationships come into play as well. What do you think? Did the rich just have better luck than a lot of others who worked just as hard or do they really work harder than you and me?

I've always liked Oprah's definition of luck--when preparation meets opportunity. I've never felt "the rich" have a better work ethic-- maybe more preparation and more opportunities. And, some may be more wiling to take on risk. And sometimes it is what has been built up over a long career (or many generations).

[kyoko]

I don't know about "rich", but the relationship certainly play a big role for being successful. Successful people work "smart" rather than "hard". Having a good relationship with others is a great leverage.

I also think successful people believe their unlimited possibilities and take actions eve though they require some risks.

[moneybags]

This reminds me of the book "Outliers". It examines how/why some people are more successful (like Bill Gates the Beatles, etc.). The book says luck is definitely a factor in success; being in the right place at the right time.

[eanderson651]

I don't think the rich work harder per se, but I think they they work smarter.

The rich continue to do the things that made them rich, where as the poor continue to do things that keep them poor.

The other factor is having the resources to exploit opportunities. If you do not have the means to take advantage of opportunities, then they blow right by.

Also, of course, some luck plays a role. I've done fairly well I think for my age, but I attribute most of that to the actions I've taken, certainly not dumb luck. But to say there hasn't been any luck my way as of late would also be a bit of a stretch.

[cschin4]

Success is when opportunity meets preparation.

[feh]

It really doesn't make sense to paint all "the rich" with such a broad brush. There are many factors, and each circumstance will be unique.

[corn18]

What's your definition of rich?

I make a lot of money. I spend a lot of money. Many would say I am rich.

My grandfather in law never made more than $35k in a year. Never spent more than half of that in any one year. He was very frugal. He died a multi-millionaire. Most people thought he was poor.

My mom lives off of $1,200 / month social security. No debt. $30k of savings. Not sure what people would say she is.

Which one is/was rich?

I guess the more important question is which one is/was happiest? I know the answer between those three.

Tom

[dczech09]

I think it is important to seek out opportunity rather than money. My dream is to become a financial speaker and teach classes for a living. My mentor, someone who is doing exactly what I want to do, told me that when he started out he was seeking opportunities rather than money. So what I have been doing is offering my services for free. By doing so, I get many more opportunities than I would if I were to start charging. Obviously I am working towards that, however not before I am able to build myself up. The opportunities will be worth more in the future.

I like Dave Ramsey's idea of living like nobody else so that later you can live like nobody else. Most people are in constant search of the next buck. And in the search, they overlook and miss opportunity.

So ultimately I think opportunity is really the defining point. Seek opportunity, create opportunity. That allows you to work smarter.

Most people work hard; that is not difficult to do. But it is important to work smart to. I could work hard by trying to lift a boat out of water, but that would not be smart.

Luck is a crutch. People think you either have or you don't. If you have it, you're lucky. If you don't, then it is an excuse.