Can you remember back when you were a young child and you were talking with your friends about wealthy people? If you were like me, you would always think that people were lucky to have money and you would always wish that you could be so lucky someday as well. Fast forward to adulthood and you still hear people from time to time comment “I wish I could be lucky and be rich.” It is a very common belief that wealth is all about luck, but is that necessarily true?
Although we like to think wealth is as simple as being lucky enough to receive an inheritance or win the lottery, it really is not that simple. Consider some of these statistics from Thomas Stanley’s The Millionaire Next Door*
- 80% of millionaires are first generation rich
- Two thirds of millionaires are self-employed
- Two thirds of millionaires work between 45 and 55 hours a week
- It takes the average millionaire a little bit over 17 years to reach that status
Note that winning the lottery was not among the stats, nor was receiving an inheritance. What was on the list is hard work and patience.
A lot of people think wealth is all about being lucky, because they do not feel it a level that they themselves can reach. My experience is that being wealthy can be obtained by anybody in America today and all you have to do is be weird with your money. You must have a plan, live on less than you make, eliminate debt, not use credit as a way to make purchases, and invest in things that go up in value with a long-term mentality. If you do those things, over the long haul you can become wealthy. So wealth is not about being lucky, it is about being wise, disciplined, and patient with your money.
So do you agree with me that wealth is not about being lucky? Or do you disagree? Please let me know in the comment section below.