4 Tips To Get Financially ‘Lucky’ This St. Patrick’s Day
If you want your financial luck to change, start by considering yourself lucky.
In 2003, a psychologist, university professor and author named Richard Wiseman published a landmark report on the nature of luck in the “Skeptical Inquirer.” It followed 10 years of research, studies and experiments. Wiseman’s research showed that while superstitions arose from people trying to control luck through rituals, those who are truly able to bend luck in their favor tend to be the people who believe that luck is real — and in their corner.
The report found that: “Lucky people generate their own good fortune via four basic principles. They are skilled at creating and noticing chance opportunities, make lucky decisions by listening to their intuition, create self-fulfilling prophecies via positive expectations, and adopt a resilient attitude that transforms bad luck into good.”
Here’s how you can use those principles to get financially lucky.
Get Lucky by Recognizing and Seizing Opportunities
The first principle of manufacturing luck is to notice chance opportunities when they arrive and grab them while they last. A great example of this came last year when millions of workers quit their jobs in what came to be known as the Great Resignation.
Although the movement touched many areas of the economy, it was, according to the Pew Research Center, a low-wage worker’s revolution. Although they were the ones who could least afford to miss even a single paycheck, low-wage earners quit their jobs in droves even when they didn’t have another one lined up.
They recognized the opportunity in a rapidly changing labor market and — as luck would have it — many of them were able to trade up for something better.
Also Read: 9 Ways To Become Rich in 2022
Create Good Luck by Going With Your Gut
Wiseman’s second principle of making your own luck is to listen to your intuition. Early last year, thousands of small-time investors loosely organized on Reddit became aware that Wall Street was betting against the troubled gaming retailer GameStop.
The smart money should have been placed on the hedge fund bosses and investment bankers who got rich by calling these plays correctly countless times in the past — but the Redditors smelled a brewing revolution that hadn’t yet wafted over to Wall Street.
They went with their guts and bet it all on what might have been the greatest underdog in Wall Street history. The result? They pulled off one of the wildest short squeezes of all time, sending GameStop soaring and costing the big dogs millions.
The third rule of creating luck is to create self-fulfilling prophecies through positive expectations.
There’s no shortage of CEO superstars who amassed 11- and 12-figure fortunes by believing so completely in the next big thing that they created it themselves. Elon Musk with electric vehicles, Jeff Bezos with online retail, Mark Zuckerberg with social media and the list goes on.
For you, it might be flipping your first house, launching your side hustle or earning a degree. All of those endeavors could certainly benefit from a little bit of luck — which you can help along by going all in. Like the billionaires before you, your luck will certainly improve if you become so all consumed with willing your financial goal into existence that no other outcome is possible.
The fourth and final principle of favorable luck is to “adopt a resilient attitude that transforms bad luck into good.” In other words, be optimistic and stay that way even when the going gets tough.
In 2021, home prices were rising so quickly that many credible industry insiders were calling it a bubble, but optimistic buyers endured bidding wars, put down offers and closed on their homes anyway. There was no bubble. The value of their homes went up and up and continues to rise to this day.
At the start of the pandemic in 2020, the stock market crashed in March, compelling legions of pessimistic investors to pull their money out of the market and keep it as cash in the bank, where it would be safe. The optimists, on the other hand, saw an opportunity in a bad situation and bet big on companies like Amazon, UPS and Zoom, which would go on to rule the pandemic.
The pessimists sold at the bottom, locking in their losses — and their bad luck.
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