Luck favours the persistent

We Did It!“Luck favors the persistent.” — Jim Collins.

Thirty-three percent of the self-made millionaires in my Rich Habits study had accumulated $4 million or more during their lifetime.

Ten percent had accumulated more than $5 million.

What I found interesting, however, was that 93% of the self-made millionaires in my study did not accumulate that wealth until after age 50.

And 79% did not ring the bell until after age 55.

That’s a long time pursuing a dream.

In describing these millionaires, I often like to say — They survived until they thrived.

Literally every month these future millionaires battled just to stay in the game.

In fact, some were tossed out of the game — 34% of the self-made millionaires in my study failed at least once in business.

But they were in my study because they got up off the ground and went at it again.

Failure teaches a lot of lessons. 
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Hard lessons.

Lessons that are like scar tissue on the brain.

Those lessons are only learned, however, if you keep trying.

You figure out what to do only after you figure out what not to do.

For those who did pick themselves up after failing, there’s another very interesting little factoid I discovered in my research — the persistent eventually get lucky.

Eighty-seven percent of the self-made millionaires in my Rich Habits study said they would never have become rich if not for luck.

At some point during their very long march towards success, luck found them.

And boy did it transform their lives.

They went from struggling to pay their bills and fighting to make payroll, to a financial windfall that seemed to come out of the blue.

But that windfall did not come out of the blue.

We Did It!

It was something each self-made millionaire in my study was building up to year after year.

Success is a process.

A big part of that process is persistence.

You never get lucky if you quit.

You get lucky when you persist.

Luck is the reward for persistence.

Never quit on your dream.

Luck does not visit quitters.



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About

Tom is a CPA, CFP and heads one of the top financial firms in New Jersey. For 5 years, Tom observed and documented the daily activities of wealthy people and people living in poverty and his research he identified over 200 daily activities that separated the “haves” from the “have nots” which culminated in his #1 bestselling book, Rich Habits – The Daily Success Habits of Wealthy Individuals. Visit the website: www.richhabits.net


'Luck favours the persistent' have 2 comments

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    March 9, 2018 @ 10:18 am Ben Loveday

    I would prefer it if you said: “Success is the reward for persistence”. I say this because “luck” does not really exist; it is an idea based on not knowing something- in this case not knowing in advance how to succeed. Not knowing something can be remedied in many ways other than just trial and error: by pre-emptive analysis and planning, by education, by using the experience of others (mentoring, collaboration, partnering, or just asking), and finally by logical deductive reasoning which in layman terms is called “visualization” or “vision” of a future situation. “Vision” however is a rare commodity in the thinking of most people, but my experience suggests that people can be trained to visualize. It’s worth being trained, because its the “fast track” method of determining a business plan, if done well.

    Reply

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      March 9, 2018 @ 11:38 am Michael Yardney

      Well said Ben, however I feel occasionally there is some luck involved, unfortunately most people aren’t the “right” people with the “right’ mindset to appreciate it and take advantage of it.
      But luck is not something successful people count on

      Reply


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