Key takeaways
Many people think of luck as some random, mystical force, but there are different types of luck and you can actually influence the kind of luck you experience in your life.
When you have a unique set of skills, knowledge, or personality traits, you create opportunities that wouldn't exist otherwise. This is especially true in the world of property investment.
In property investment, having a keen eye for detail, understanding market trends, and anticipating changes in the market allows you to capitalise on opportunities that others overlook.
While luck will always play a role in our lives, by understanding the four types of luck you can take control of your own destiny and increase your chances of encountering luck.
When we talk about success, luck often comes up as a factor that can make or break a person's journey.
Many people think of luck as some random, mystical force—something entirely out of our control.
But what if I told you that there are different types of luck and that you can actually influence the kind of luck you experience in your life?
In one of his thought-provoking newsletters, Sahil Bloom discusses the four types of luck, a concept originally proposed by Dr. James Austin in his book Chase, Chance, and Creativity.
The idea is that luck isn’t just a random event but rather something you can cultivate and attract.
Understanding these types of luck can help you better position yourself to achieve your goals, whether you're investing in property, building a business, or simply trying to create a successful and fulfilling life.
1. Blind luck
The first type of luck is what most people think of when they hear the word "luck"—random chance.
Now, if you’re reading this, you’ve already experienced a form of blind luck because it includes where you were born, who you were born to, and the base circumstances of your life.
This means you’re probably living in Australia, the best country in the world and at the best time in history.
But given that, blind luck is the kind of luck that happens without any effort or intention on your part.
You’re walking down the street and find a $50 note lying on the ground, or you receive an unexpected inheritance from a distant relative.
Blind luck is entirely out of your control. It’s the roll of the dice, the luck of the draw.
You can’t plan for it, predict it, or create it—it's purely random.
While we all experience blind luck at various points in our lives, it's not something you can rely on.
Think of it as a bonus when it comes your way, but don’t base your strategy for success on the hope that blind luck will strike.
However, what’s important to remember about blind luck is that it is often fleeting.
It may bring short-term benefits, but without a plan or the right actions to follow it up, blind luck can easily slip through your fingers.
You might find that $50 note, but without a sound financial plan, it might just be spent without making any real difference in your life.
2. Luck from motion
The second type of luck is more within your grasp.
This luck comes from being in constant motion, from actively engaging with the world and putting yourself out there.
It’s the kind of luck that happens when you’re consistently taking action, meeting new people, trying new things, and exposing yourself to new opportunities.
These types of activities naturally increase your chances of getting lucky.
Consider the importance of networking in business.
The more people you meet, the more opportunities you create to form partnerships, discover new ideas, or even stumble upon a chance encounter that could change your career.
The same goes for attending seminars, participating in community events, or simply engaging in conversations with a wide range of individuals.
Each interaction is a potential doorway to an opportunity you might not have encountered otherwise.
This type of luck is particularly relevant in the world of property investment.
By being actively involved in the market—constantly learning and keeping track of the macro factors that affect our economy and their housing markets, building a team of trusted advisors regularly reviewing your property portfolio and staying informed and up-to-date —you put yourself on the path of opportunities that others might miss.
You’re more likely to outperform the average investor who thinks emotionally because you’ll put yourself in a strategic position to take advantage of the markets when they suit you rather than when the media tells you to.
You’ll be in the position to discover that undervalued property, negotiate that perfect deal, or identify a rising suburb before the crowd does.
Luck from motion is about creating momentum in your life.
The more energy you put out, the more you attract.
This kind of luck rewards the proactive, the doers, and those who are constantly moving forward.
It’s not just about being busy, but about being actively engaged in activities that can lead to serendipitous outcomes.
3. Luck from Awareness
This type of luck is about being observant and attuned to your environment.
It’s the kind of luck that happens when you see opportunities that others might miss because you have a unique perspective or a heightened sense of awareness.
- Also read:Everything you need to know about the state of Australia’s property markets in 20 charts – November 2024
- Also read:This week’s Australian Property Market Update – Latest Data, State by State November 19th 2024
- Also read:Melbourne property market forecast for 2025
- Also read:Sydney property market forecast for 2025
- Also read:Brisbane’s property market forecast for 2025
It’s not just about being in the right place at the right time, but also about recognising the significance of what you see when you’re there.
In property investment, this might mean having a deep understanding of market trends, a keen eye for detail, or an ability to anticipate changes in the market that others overlook.
Perhaps you notice the signs of a neighbourhood about to undergo gentrification, or you recognise the potential in a property that others have dismissed as too risky.
Your awareness, combined with your knowledge and experience, allows you to capitalise on an opportunity that others might overlook.
This type of luck often comes from being highly informed and continually educating yourself.
It’s about cultivating a deep understanding of your field, staying up-to-date with the latest developments, and always being curious. The more you know, the more you’re able to see opportunities that others might miss.
For example, imagine you’re at a property auction.
Most people might see just another house on the block, but because you’ve done your research and understand the macroeconomic environment as well as the micro - the local market, you recognise that this particular property is undervalued due to a temporary dip in market sentiment.
You’ve identified an opportunity that others haven’t—this is luck from awareness.
Luck from awareness rewards those who are prepared and observant.
It’s about having the knowledge and insight to recognize opportunities when they arise, and the confidence to act on them.
4. Luck from uniqueness
The fourth type of luck is perhaps the most powerful and the most within our control.
It’s the luck that happens when you have a unique set of skills, knowledge, or personality traits that set you apart from everyone else.
When you bring something unique to the table, you create opportunities that wouldn’t exist otherwise.
In the world of property investment, this might mean having a unique ability to see potential in properties that others overlook, or perhaps it’s a unique negotiation style that consistently gets you better deals.
It could be your deep understanding of a specific market niche or your ability to connect with people on a personal level, earning their trust and opening doors that would remain closed to others.
Luck from uniqueness is about differentiating yourself.
It’s about developing a set of skills or a perspective that is so distinct, it creates its own luck.
When you’re the best at what you do or when you offer something that no one else can, opportunities naturally come your way.
People seek you out because they recognise that you have something special to offer.
Think about entrepreneurs who have built successful businesses.
Often, it’s not just about being in the right place at the right time but about having a unique vision or approach that others couldn’t replicate.
This kind of luck is earned through hard work, dedication, and the continuous development of your unique skills and attributes.
In property, perhaps you’ve developed unparalleled expertise in a specific type of investment—say, commercial real estate or development of residential properties.
Your unique insights and experiences set you apart, making you the go-to person in your field.
This uniqueness attracts opportunities that others never even see.
Conclusion
Legendary chess champion Garry Kasparov has a brilliant quote on luck saying:
"The phrase 'it's better to be lucky than good' must be one of the most ridiculous homilies ever uttered. In nearly any competitive endeavour, you have to be damned good before luck can be of any use to you at all."
I guess he was saying that luck is floating around everywhere, but the ability to capitalise on it is rare.
While luck will always play a role in our lives, understanding the four types of luck can help you take control of your own destiny.
Rather than waiting for blind luck to strike, focus on creating motion in your life, staying aware of your surroundings, and developing your unique strengths.
By doing so, you’ll not only increase your chances of encountering luck, but you’ll also be better prepared to capitalise on it when it does come your way.
Remember, luck isn’t just something that happens to you—it’s something you can create.
As you continue on your journey, whether in property investment or any other pursuit, keep these types of luck in mind.
Position yourself to attract the right kind of luck, and you’ll find that success becomes much more than a matter of chance.
