I love this question because my answer to this is ‘Yes’ without a shadow of hesitation. The only point to be noted is the different definition of ‘LUCK’. I am a great fan of Dr. David Schwartz and his wonderful book, ‘The Magic of Thinking Big’. In this book, Dr. Schwartz defines 'LUCK' as ‘Labour Under Correct Knowledge’. I wish the dictionaries change the meaning of ‘LUCK’ as defined by Dr. Schwartz.
Now let us see how ‘LUCK’ plays a role in Personal Finance. We have covered many of these topics before, but each of those topics bear repetition. Let us give five major examples:
- ‘Pay yourself first’: This simply means ‘save first, spend later’ on getting your income every month. Those who don’t will call those who do as ‘LUCKY’.
- Utilising the Power of Compounding: The smartest way is to start saving early and utilise the magical ‘Power of Compounding’. Those who don’t will call those who do as ‘LUCKY’.
- ‘Invest in the education of the market before investing in the market’: Study and keep learning about the market such as Stock Market from various sources such as books, audios, internet etc. Those who don’t will call those who do as ‘LUCKY’.
- ‘Managing Risk instead of avoiding Risk’: I came across a beautiful statement, “The greatest risk in life is not taking any risk.” There are wonderful tools available to manage risk including having a good Financial Mentor. Those who don’t will call those who do as ‘LUCKY’.
- ‘Associate with ‘LUCKY’ people’: To get and remain in positive vibration, associate more with ‘LUCKY’ and you will also become ‘LUCKY’. Those who don’t will call those who do as ‘LUCKY’.
I immensely thank Dr. Schwartz for giving this new definition as well as the Universal Intelligence for guiding me to apply this definition in Personal Finance through this Blog.
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