Helen Keller once said, “I am only one, but still I am one. I cannot do everything, but still I can do something.” 

Similarly, the roles of luck, strategy, and skill combine in your financial journey. No single aspect dominates over the others. 

Instead, a well-rounded approach leads to long-lasting economic success. 

In this article, we’ll guide you on the path to economic success, showing you how to move beyond luck and build a solid foundation.

The Misconception About Luck In Financial Success

Wouldn’t it be wonderful if money just fell into our laps? No! Unfortunately, the reality is quite different. 

Many believe that economic success is reliant on luck, however, this mindset offers an oversimplified and inaccurate picture. 

While elements of luck definitely come into play, it is not the sole factor of your financial success and stability. Do you know the stat of how many lottery winners go broke? If you were simply handed money, without the knowledge of how to manage it, it doesn’t matter how much you were given. Eventually you’ll lose it. 

There’s a Chinese proverb, “Wealth does not pass three generations”. It’s not meant to say you can’t have generational wealth, but it does touch upon the importance of understanding how money works and the value of a hard-earned dollar. 

If you simply inherited money as the third generation without any of the principles of how to maintain or acquire wealth, you will end up broke. 

After all, your financial journey is not a game of roulette (unless of course, you have a tendency for gambling, in which case, that’s an entirely different discussion!)

Lessons from the Sushi Chef

Let’s delve into the world of gastronomical delights to understand this concept. Basically, fancy food!

You might have seen the show ‘Billions’. In one episode, Wags chastises a young, overzealous newcomer for disrespecting a sushi chef. 

Wags points out that it took the chef ten years to master preparing just one ingredient — the tamago (or egg). Isn’t that fascinating?

Just as it took the chef ten years of tireless hard work to perfect his craft on something we think is so simple, achieving economic success requires learning, understanding, and gaining mastery over your finances.

It requires building skills and fostering a growth mindset. And yes, it will TAKE TIME! That’s why I often say, overnight success is really just the accumulation of years and years of hard work that you didn’t see.

And yes, though it doesn’t hurt to have luck on your side, relying solely on it won’t get you very far.

Financial Success is a Forged Path, Not a Game of Chance

Think of your financial journey as the longest, most intense game of Monopoly. Each player begins at the start, albeit with varying levels of resources. Yes, bestie, we’re talking about privilege. 

While some might begin their journey with an inheritance, many start from scratch or negative (if you’re in debt). Some might seek the quick route to wealth by jumping on the latest trend of forex or cryptocurrency trading. 

However, while these can indeed be legitimate ways to grow your wealth, they are not without their own risks. And it’s high risk so you have to be able to stomach it and hope that you didn’t start with your rent money or bet on it with your emergency fund. They require a certain level of understanding and skill that doesn’t come instantly and requires practice.

First Step: Self-evaluation

Begin your journey with a healthy dose of introspection. What do you already know about money and personal finance? Where are the gaps within your knowledge? 

Without understanding the basics, having a financial strategy is akin to traveling without a map — ultimately useless.

Take a moment to review your relationship with money. Analyze your comfort levels in different areas of finance and identify which parts make you most nervous or which ones you wish you knew better. That becomes your starting list.

The Hamburger Analogy

For all the foodies out there, here’s an interesting way to frame this concept. 

If your wealth-building journey were to be compared to making a hamburger, where your skills and mindset form the patty, what would you be left with if the patty was absent? 

Just two buns, signifying no substance, no growth, and no taste of success. You’d be missing the sauces, the lettuce, the onion–all the layers that make it what it originally was. 

Ultimately, it would be a rather bland experience, wouldn’t it?

Start by dreaming of your most desirable hamburger (aka your financial goals). 

Break down that burger into essential components, figure out which ones you already possess and which parts you need to work on for the perfect combination.

Still don’t have that burger (goal) in mind? That’s fine. Start looking for inspiration. Research different burger recipes for ideas. Look at the people whose lives you want to live, your role models, etc. 

This may sound silly, but it’s actually a fun and effective exercise. It parallels the method of creating your own customized learning plan, equipping you with the necessary financial literacy skills to better manage your finances.

Economic Success – A Symphony of Skill, Strategy, and Luck

Building economic success is similar to enjoying the perfect burger. Both require a balanced combination of various elements rather than a single component. 

One cannot ignore the impact of luck in financial success. However, it is equally important to realize that luck alone cannot be the catapult to financial stability. 

It must be coupled with an informed strategy, a determined will, and a skillful execution. Basically, be patience, learn, and make damn sure you’re putting in the work to practice. To savor the taste of prosperity, you have to patiently create your own recipe for success, one that is tailored to your unique needs and ambitions.

While other claims around this topic may sound more appealing (like get rich quick), the reality can be different. 

As the saying goes, “It’s not about having the right opportunities. It’s about handling the opportunities right.” Mastering personal finances is essential, creating a buffer against economic challenges throughout life.

Don’t forget to keep your financial literacy game strong, not because it’s trendy, but because it’s necessary. Cultivate the wealth-building mindset, utilize your skills, strategize effectively, and remember- enjoy the process!

Happy Wealth-Building!