Have you ever wondered how much luck plays a part in your investment success?
Sometimes, getting rich isn't just about skill and knowledge.
Luck matters. But, to get lucky, you must put yourself out there and swing at different investments before you hit it big.
In my own journey, luck has played a part.
I was in the right room when an event was going on. It introduced me to distressed mortgage notes.
I even learned about crypto at a house party!
My financial success and that of most famous investors was an intersection of luck, strategy, and hard work.
The Role of Luck in Success
Luck can be a game-changer.
Warren Buffett was born into a family with a stockbroker father and was exposed to the financial world early on.
Bill Gates had a rare opportunity to access a computer terminal in the 1960s at his private school.
Oprah Winfrey got a news anchor job despite little experience, which opened the door to her television career.
Jeff Bezos started Amazon in the early internet days.
A chance encounter with a QVC executive skyrocketed Sara Blakely's product, Spanx.
In 2011, one of my private lenders told me he was moving capital to another fund.
So, I decided to attend one of the events this company was hosting.
This started buying distressed, non-performing 2nd mortgages for the next decade.
It was a matter of luck and showing up and being present at events where opportunities are.
The next one was our move to Puerto Rico in 2014; we had no intention of buying assets there.
It would be one introduction to an awesome lawyer, leading us to buy over 150 properties there in the next 5 years.
Luck is also about networking, it is who you know in life and sometimes the more people you meet, the more luck you will have.
These stories show that while skill and effort are crucial, luck often provides that initial push.
Positioning Yourself for Luck
To increase your chances of getting lucky, you need to be proactive:
Expand your network, go to industry events, and join online communities.
Keep up with market trends, news, and emerging technologies. Diversify into sectors that tend to go well in the long term.
Learn from your mistakes and improve your decision-making. Be open to new ideas, experiences, and conversations.
Don't give up: investing is a long game. Stay persistent and focused on your long-term goals.
Lessons Learned
So, here's what I should tell you in your journey: Even the best investors benefit from luck, be it timing or connections.
Luck is not that random. Be around people who drive you up, and your chances of finding opportunities at a good time can be maximized.
Always stay informed and ready to seize opportunities.
If you have a gut feeling, follow it. Combine your intuition with data and good information.
Have discipline, learn from your mistakes, and create your own luck: build relationships, seek opportunities, take risks, and be ready to act.
My personal takeaway is that luck does matter, but it doesn't come without taking massive actions.
Don’t prejudge anybody along the way, you never know how someone may bring value in the future.
Be open to going to events and joining online communities like Investpreneurs, which I invite you to take a 14-day trial now.
Being prepared with cash to execute those deals over the decade led us to win bids.
Conclusion
Luck plays a role in investment success, but you can influence your luck through preparation, diversification, and persistence.
Remember, the greatest risk is often not taking one.
To all the hesitant investors, start small, research, diversify, and think long-term.
Learn from mistakes, trust your gut, and embrace new opportunities. The world of investing is full of possibilities.
By taking calculated risks, you unlock the potential for financial freedom. You also unlock a brighter future. So, don't let fear hold you back.
Take that first step, and who knows where it might lead you.
