Jim Collins said, "The important question isn't always whether you'll have luck, but what you will do with the luck when you get it".
I don't know why two different books by two different authors keep pulling up in the same direction. Morgan Housel had already taught me to identify the role of luck and risk or circumstances in my financial endeavors. And Jim Collins is currently tilting me in the same direction
Source
Morgan Housel might have stopped in one chapter, but Collins is prepared to use every chapter in his book to nail the presence of luck and circumstances in my head so I don't abuse luck when I have it.
I tend to abuse luck, and I think a lot of us do too. Whenever someone talks about Bill Gates and Paul Allen and how they were lucky to go to a school that gave them access to computers early on, no one really expatiates Bill and his friend's actions when they had this luck.
They did leave everything behind and focused on working with the luck they had and getting an ROI on that luck. Most people squander their good luck, and they often failed for lack of superb execution, Collins said.
And those who utilize their luck are often caught up in showing a strong iota of resilience, they deepen their purpose by recommitting to their values. They increase their discipline by being creative and becoming paranoid about their productivity level.
Do you know the shocking part about Jim and Morgan? It's how much their thought pattern aligns and are very similar. Previewing the chapters of Great by Choice, I stumbled on an inked portion that said the same thing Morgan said in his book when I read throughout last month.
Morgan mentioned we should be paranoid with our money and make sure that we work around the margin of safety so that we can stay in the game long enough for luck to shine on us. And now, Morgan is saying the same thing.
Jim Collins points out that if we stay in the game long enough, luck tends to return in our favor. But if we get knocked out, we might never be lucky again. Therefore, luck favors those who persist. And just like Morgan, he mentioned, it's only possible to persist if you survive.
And that my friend, is a similar thing, Morgan Housel said in his book, The psychology of money.
Digging deep, whether you get a lucky break now or not and never giving up gives you a chance to be lucky. So, you must understand what to do with your luck when you get it. Some people squander theirs, your story should be different.
Winning the game of wealth building using empirical evidence
A legitimate form of discipline needed to build wealth
Why financial pessimist tend to have more audience than optimist
When people buy the top they are mostly chasing performance
Everything has a price including your desire to reach financial independence
Plan for emergencies for they are an inevitable part of our existence
Striking a balance in your investment portfolio reduces future regrets
Invest in something cared about, and there can't be a loss
The quickest way to have less money is to spend it to show people how much you have
Controlling your time is the biggest dividend money pays
The Surprising Role Luck Plays in Building and Sustaining Wealth
The Key to Thriving in Financial Turmoil and Uncertainty: Having a Solid Plan
Don't Wait for Tomorrow: Start Making Money Today and Secure Your Financial Future!
