Does it take luck to become a millionaire?

[Ima saver]

Re: Does it take luck to become a millionaire?

It does require a lot of hard work. Luck can't hurt, like staying healthy so you can work hard. But i don't every expect to get rich from luck alone, that is why I don't bother with the lottery or gambling.

[disneysteve]

Re: Does it take luck to become a millionaire?

Now you can only get 3% or less from a bank.

This statement got no response surprisingly. If you are earning 3% or less from your bank, you need to move your money. HSBC, Emigrant and numerous other online banks are paying 5% and a little above now. There is no reason to settle for sub-3% returns today.

Check this thread:

http://www.savingadvice.com/forums/showthread.php?t=19240

[jmjj215]

Re: Does it take luck to become a millionaire?

This statement got no response surprisingly. If you are earning 3% or less from your bank, you need to move your money. HSBC, Emigrant and numerous other online banks are paying 5% and a little above now. There is no reason to settle for sub-3% returns today.

Check this thread:
http://www.savingadvice.com/forums/s...ad.php?t=19240

Well, to Robby's credit, he did say that on the 30th of January 2005

This is a resurrected thread at its finest!

[disneysteve]

Re: Does it take luck to become a millionaire?

Well, to Robby's credit, he did say that on the 30th of January 2005

This is a resurrected thread at its finest!

Thanks. I hadn't noticed that.

[Ima saver]

Re: Does it take luck to become a millionaire?

That is funny!! I have been getting over 4% for well over a year now and I will open up one of those 5% accounts as soon as this house sells.

[VJW]

Re: Does it take luck to become a millionaire?

luck? I don't believe in luck. I don't think things happen without an underlying reason, maybe we can't comprehend the reason but there is still a reason.

The only interview that Warren Buffett and Bill & Melinda Gates gave after the announcement of Buffett’s gift was with Charlie Rose. During that interview, both Warren Buffett and Bill Gates said they got where they were now because of "luck".

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[The Budget Man]

Re: Does it take luck to become a millionaire?

The only interview that Warren Buffett and Bill & Melinda Gates gave after the announcement of Buffett’s gift was with Charlie Rose. During that interview, both Warren Buffett and Bill Gates said they got where they were now because of "luck".

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Few people remember that Bill Gates did not invent the operating system that became windows. He was in the right place BUT he did have the ability to see the opportunity. Unfortunately the opportunity is often hidden under lots of work.

Bill didn't invent "Excel" either but he knew when to buy it.

The biggest challenge I find is knowing what is just hard work and what is work that will pay well.

Enjoy Your Money
The Budget Man

https://www.PersonalityBudgeting.com

for when a budget has to work

[VJW]

Re: Does it take luck to become a millionaire?

Few people remember that Bill Gates did not invent the operating system that became windows. He was in the right place BUT he did have the ability to see the opportunity. Unfortunately the opportunity is often hidden under lots of work.

Yes. He and Paul Allen bought QDOS and adapted it to work on IBMs new personal computer, which begat MSDOS, which begat Windows. The really interesting part of the story is that IBM originally went to purchase a competing OS from somebody else, but the guy was late for the meeting and the IBM execs got tired of waiting for him, so they then went to see Gates.

I really like that commercial that is currently airing that talks about the guy who invented sliced bread. They say that he didn’t invent bread, and he didn’t invent slicing, he just adapted an existing technology to a different product.

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[jmjj215]

Re: Does it take luck to become a millionaire?

None of us have the proper perspective, or requisite infinite intelligence (even those we're talking about) to attribute any event in our lives to any one thing. There are way too many variables in this world that indirectly affect us, of which we had absolutely no idea. We go about blissfully thinking we're in control of everything, and have no idea what's really going on.

[Broken Arrow]

Re: Does it take luck to become a millionaire?

Well, I for one do not believe in "luck", but rather, "opportunities". Opportunities may or may not exist depending on a myriad of factors, some within our control, and most not....

However, when an opportunity does exist, it is vital that we are able to recognize it for what it is and take advantage of it.

With the Bill Gates example, an opportunity certainly existed for him to introduce DOS to IBM. However, if he had not had the foresight to see the need, and then the initiative and the willingness to pay tens of thousands of dollars for QDOS (an ungodly sum for something so arcane at the time) to be turned around into MS-DOS, and then have the balls to demand a nearly draconian licensing scheme to IBM, I don't think he would have been where he is today. He's also spent countless hours of sleepless nights working on projects to beat the competition.

It may be easy to say, "Oh, so-and-so got lucky." Maybe, but to me, just about every thing in life is a matter of probability of success. Through intelligence and hard work, we can greatly increase our probability of success on just about anything. If we only look at luck, I think we would end up selling ourselves short.

For better or worse, I'll make my own luck, thanks.

[jmjj215]

Re: Does it take luck to become a millionaire?

It may be easy to say, "Oh, so-and-so got lucky." Maybe, but to me, just about every thing in life is a matter of probability of success. Through intelligence and hard work, we can greatly increase our probability of success on just about anything. If we only look at luck, I think we would end up selling ourselves short.

Well put.

[The Budget Man]

Re: Does it take luck to become a millionaire?

I think it was Zig Ziggler who said "The harder I work the luckier I become".

We could also add "The smarter I budget the luckier I become".

This week I've been thinking about the stupidity of a statement I've heard so often and have even used myself. The statement goes... "your home is probably your greatest asset".

It sounds good until you realise that your home is paid by your income. Your lifeatyle is paid by your income and your whole life depends on your income. Now your income can be a government benefit, a wage, the business profits etc. The fact remains tha we often undervalue our income.

What does this have to do with becoming a millionaire? Simply that our chances of becoming self sustaining are directly related to how we value our income.



Enjoy Your Money
The Budget Man

https://www.personalitybudgeting.com

for the budget you need

[VJW]

Re: Does it take luck to become a millionaire?

Well, I for one do not believe in "luck", but rather, "opportunities". Opportunities may or may not exist depending on a myriad of factors, some within our control, and most not....

However, when an opportunity does exist, it is vital that we are able to recognize it for what it is and take advantage of it.

With the Bill Gates example, an opportunity certainly existed for him to introduce DOS to IBM. However, if he had not had the foresight to see the need, and then the initiative and the willingness to pay tens of thousands of dollars for QDOS (an ungodly sum for something so arcane at the time) to be turned around into MS-DOS, and then have the balls to demand a nearly draconian licensing scheme to IBM, I don't think he would have been where he is today. He's also spent countless hours of sleepless nights working on projects to beat the competition.

Actually, it was less taking advantage of an opportunity than a combination of luck and nepotism.

As I mentioned previously, IBM originally went to see someone else about licensing their operating system. His name was Gary Kildall, and he had written CP/M. However, Kildall did not show up for the meeting. The IBM execs then went to see Gates.

The question is WHY did they go to see Gates ? The then president of IBM, John Opel, served on the national board of the United Way. Bill Gates Mother served on the national board of the United Way. Mary Gates had spoken with John Opel behind the scenes. Told him about the new breed of small companies in the computer industry (like Microsoft), which she felt were under-appreciated competitors of the larger firms with which IBM had traditionally partnered.

The first part was luck. The second part was nepotism.

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[jmjj215]

Re: Does it take luck to become a millionaire?

The first part was luck. The second part was nepotism.

Put anyone else in Bill's position and the exact same result would have happened.

Nothing else came into play except luck and nepotism. We're all just tossed to and fro from one lucky break, to another swing of bad luck, mainly by well- (or not so well-) connected parents.

VJW, an infinite number of other variables came into play to have Bill Gates be where he is today. The way you write, it's as if luck and nepotism were the only two. How can you even begin to presume that?

[VJW]

Re: Does it take luck to become a millionaire?

VJW, an infinite number of other variables came into play to have Bill Gates be where he is today.

I agree completely. That’s why Gates himself considers himself VERY lucky.

The way you write, it's as if luck and nepotism were the only two. How can you even begin to presume that?

I don’t. I merely described those two. Of course, even Gates considers them to be the major two.

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